Studies On Efficiency Of Chinese Treasury Bond Market

It is basic request for market economy to make interest decide by market. When interest deviates from equilibrium, it will affect whole interest system through risk-frame and term-frame. The interest of treasure bond is basic interest because it has no credit risk, it cannot be disturbed by default, and only reflects the relationship between yield and term. The efficiency of treasure bond interest depends on an efficient treasure bond market. This article is to discuss how to improve the efficiency of treasure bond market.Chapter one as an introduction of this dissertation, revealed the background, the objects, train of thoughts and main conclusions of my study. It also explains some important concepts.Chapter two analyses the efficiency of treasure bond issue market. First, we introduce the concept of the efficiency of treasure bond issue market. Secondly we discuss how to complete mechanism of information revelation and issue-price revelation, including contract and auction. Finally, we discuss other factors that affect the efficiency of issue market, such as the character of monopoly, the term-frame, the middle -aim of monetary policy.Chapter three, we analyze the efficiency of circulative market of treasure bond. First analyze the efficiency of information revelation in circulative market. Information includes personal information and open information. Secondly discuss the concept of circulation and its index, and analyze the main factors affecting circulation. This is the basic content of the below. Thirdly, analyze the change of circulative character in stock exchange market, and try to discuss its reason and my suggestion, Fourthly, analyze the change of circulative character in bank-bond-market, and try to discuss its reason and my suggestion. Fifthly, analyze the change of circulative character of the bond listed both in stock exchange market and bank-bond-market, including the deal amount and deal price. The point of this chapter is that although the efficiency revelation has been enhanced, reform is needed partly. Circulation is an important factor of bond market efficiency, and administrator should take action to enhance circulation.The efficiency of treasure bond market will act on the yield-curve of treasure bond necessarily. So in chapter four, we introduce the concept of treasure bond's yield-curve and its conformation. We also introduce the basic factors to affect treasure bond's yield-curve. Secondly, analyze American treasure-bond's yield-curve. Thirdly, discuss treasure bond's yield-curve of our country. Fourthly, I make suggestion complete treasure bond's yield-curve of our country. The main idea of this chapter is that it is a microcosmic basic for an efficient treasure bond market.