摘要
我国资本市场历经近20年发展,成就令人瞩目,但资本市场重股市轻债市发展的跛脚现象也愈加明显。本文认为,应同时注重债市与股市的齐头并进,以增强我资本市场国际竞争力。债市发展首先是要梳理并重视债市的制度建设,其次是要将债市发展作为健全资本市场功能的重要一环来抓,使之真正发挥起为实体经济服务的作用。此外,要同时研究债券市场自身建设的一些核心问题,比如统一标准和协同监管问题,对内对外的进一步改革开放问题,等等。而在这一建设进程中,更要积极推进并认真落实我国债券市场的统一互连问题,惟此才能使形成的利率较真实地反映市场实际供需,进而彻底改变目前银行间市场的卖方市场特色和交易所市场的买方市场特色,最终为形成更贴近市场的可供参考的中国收益率曲线打下基础。
After nearly 20 years development in China＇ s capital market, remarkable achievements have been shown, but the unbalanced development in stock market and bond market has become more obvious. We believe these two markets should be equally developed in order to enhance the international competitiveness of China＇ s capital market. To develop the bond market, first of all we should emphasis on the construction of the system; second, we should treat the development of bond market as an important part of improving capital market functions, which really play the role of servicing the really economy. In addition, we should carefully study some core issues about the bond market building, such as the uniform standards and collaborative regulation, further reform and opening up internally and externally, and so on. In the process of construction, we should actively promote and also seriously implement the unification and interconnection of China＇ s bond market, thus the interest rates truly reflect the actual market supply and demand, the seller＇ s market characteristics of the inter-bank market and buyer＇ s market behavior of the exchange market can be completely changed, and ultimately, China＇ s yield curve which reflects the market and is more realistic can be achieved.
出处
《证券市场导报》
CSSCI
北大核心
2010年第4期4-8,共5页
Securities Market Herald
关键词
债券市场
资本市场功能
债市功能
债市发展
Bond market, capital market functions, bond functions, bond market development
作者简介
陆文山，中国证监会发行监管部副主任。
