中國國債市場流動性、國債政策與經濟發展關係之探討

Research of economic development relations derive from market liquidity and policy of Chinese government bonds

劉澄清(Cheng-Ching Liu)

指導教授 ： 丘邦翰

元智大學/管理學院/管理研究所/碩士(2009年)

摘要

自1981年中國財政部首次發行國債以來，中國國債市場雖然出現了持續、快速的擴張，卻仍是一個分割的市場，市場流動性較低。流動性是衡量國債市場發展的重要指標，也是國債功能得以實現的基礎。歷經國債發行長期的演變以及全球的金融危機後，得知市場流動性在金融債券市場中，扮演著重要的角色。
市場流動性可作為衡量市場品質和運行效率的一個重要指標，在先進國家中，國債是證券市場的基準金融工具，而國債市場是證券市場的核心之一。提高國債市場流動性不僅可以降低國債的發行成本，而且有助於改善中國金融市場體系，更是有利於中央銀行利用公開市場進行貨幣政策操作。
在經濟發展過程中，運用好的國債政策，及發揮好的國債投資作用，強化國債市場更佳的流動性，以達到經濟成長效益。在國家經濟的歷程，隨著不同財政政策、貨幣政策的推行，國債政策絕對是搭配其成功推展的最佳主角。彼此間緊密配合與應用，隨著不同需求利用國債政策來調控經濟運行，促進經濟穩定、健全與繁榮。
綜合以上所述，國債市場的流動性好壞、國債政策的彈性運用，都是影響一國金融市場穩定及整體經濟成長不可或缺的要因，現在及未來必然的做法與趨勢走向。

關鍵詞：國債市場、市場流動性、國債政策、經濟成長

關鍵字

國債市場 ； 市場流動性 ； 國債政策 ； 經濟成長

並列摘要

ABSTRACT

Since MOF issues the first government bond in 1981, Chinese government bond market is expanding continuously and gradually. However, it is divided with low market liquidity. Market liquidity is the key target to judge the development of government bond market and the foundation to embody government bond function simultaneously. Uedergoing the economic crisis worldwide, we deeply experience that the market liquidity plays so important role in the bond market.
Market liquidity is the key target to judge market quality and evaluate circulation efficiency. In the market-oriented economy developed country, government bond is the criterion financial instruments in the securities market. Government bond market is the main and core of securities market.
To enhance the market liquidity, it does not only help to reduce the emission cost but improve China financial market system. Furthermore, good market liquidity is best for the central bank to proceed monetary policy operation by the activities in public market.
To make use of good government bond policy, raise investment efficiency and strengthen the better market liquidity to achieve economic growth performance during the economic development process. With the different financial policy and monetary policy, government bond policy is the best leading role to promote policy successfully. Co-operate and perform them closely to judge economic demand then push ahead prosperity and strength.
To sum up, good market liquidity and flexibility government bond policy are the necessary key point to make the stabilization of whole finance market and economic prosperity. Put government bond policy into practice to encourage economic growth is the very important process during economic development.

Key word： government bond; market liquidity; government bond policy; economic growth

並列關鍵字

government bond ； market liquidity ； government bond policy ； economic growth

參考文獻

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