摘要
银行间市场屡禁不止的违法违规现象说明了制度设计缺陷必然引发债券市场多样化的利益交换向利益输送转变。而制度设计的核心是市场透明度与市场分层之间的平衡。欧美债券市场在发展中找到了自身的平衡点,美国市场相对扁平和高度透明,欧盟市场高度分层和透明度低。我国债券市场则是高度扁平却极不透明,且没有相应监察、行政和执法监管体系。因此,我国债券市场的问题,不是丙类户问题,而是市场定位及监管隔裂、监管套利等制度的整体设计问题。为此,本文提出了相应的政策建议。
The repeated illegal phenomenon in inter-bank market illustrates the defects of system design, which inevitably leadsto the change among bond market from interests exchange to profit transformation. The core of system design is to balance markettransparency and market segmentation. The U.S. and European bond markets have established their balance points. Namely,the U.S. market is relatively flat with high transparency, while the EU market is highly stratified with low transparency. Underno corresponding supervision, administration and enforcement system, China bond market is highly flat without transparency.Therefore, the problem of China bond market is not from the Class C security account, but from the overall design issues, such asmarket positioning, regulatory split and regulatory arbitrage. To this end, we present a four-step policy recommendation.
出处
《证券市场导报》
CSSCI
北大核心
2014年第8期4-12,共9页
Securities Market Herald
关键词
债券市场
市场监管
市场分层
透明度
bond market, market surveillance, market segmentation, market transparency
