Study Of T-bonds Issuance System

Since 1994,China has seen an eye-catching phenomenon: T-bonds issuance has increased drastically and securities market developed rapidly. With the enlargement of the bond scale, a progressing healthy market will directly depend on a high efficient issuance system. This dissertation, started with issuance mechanism, encircled tightly with supply and demand, sale's process, types of bond and issuance pattern, has discussed how to build a relatively reasonable issuance system. That is execution of fixed issuance table, primary dealer system, various types of bond and auction. There are four parts in the text, in addition to introduction and references.Part One Theoretical Analysis of T-bonds Issuance SystemMarket microstructure theory mainly focuses on mechanism and efficiency in securities market. It characteristically studies how specific mechanism has influenced the formation of the price in order to indicate the dominant effect of the mechanism to the market efficiency; Through normative analysis of issuance system, the paper establish the way and guideline to measure the efficiency of the primary market, point out the factors that influence the issuance system, and build a relatively reasonable one accordingly.Part Two Issuance in foreign countriesWhat the more developed countries on securities market have done provide a further study of the thesis mentioned above.Part Three China's T-bonds Issuance In Practical ReviewPositively analysing China's T-bonds market, the paper studies the background of the extremely developing T-bonds market in recent years,and explicates the evolution of the issuance system in the four aspects listed above.Part Four Conclusion and Policy AdvicesThe dissertation argues that it must be started with the factors that influence the market mechanism, combined with the specific situation in our country in order to better and optimise the mechanism and raise the issuance efficiency, namely the low-cost and short-time issuance.