摘要
分析了债券交易市场模式的历史及其现状,比较了场内与场外债券交易市场的微观结构。场内交易具有市场透明度高的优势,场外市场虽然交易透明度、流动性均较低,但适合于机构投资者交易,两者各有优劣。并以美国债券交易市场历史演变为例,证明了投资者结构变化与流动性外部性是债券主体交易市场由场内迁移至场外的动因。最后,结合中国实际,分析我国债券交易市场的模式选择与发展对策。
The paper analyzes the history and status quo of bond trading market, and compares the microstructure of organized exchanges with that of OTC market. Organized exchanges have better market transparency and liquidity. In contrast, OTC market has low transparency and liquidity, but it is fit for institutional investor. Both organized exchanges and OTC market have some advantages and disadvantages. Based on the case study of bond trading market in USA, it proves that the change of investor structure and the liquidity externalities push the volume from one venue to another. Finally, it gives some idea about how to develop bond trading market in practice in China.
出处
《天津商业大学学报》
2011年第6期11-16,共6页
Journal of Tianjin University of Commerce
基金
浙江省高校人文社会科学浙江工商大学金融学重点研究基地项目
2007年度浙江省"钱江人才计划"择优资助人员项目(C类)"我国债券市场的微观结构与透明度研究"资助
关键词
债券交易市场
模式演变
流动性迁移
bond trading market
trading venue change
liquidity migration
