Bond Pricing In China Study

There is two factors restrict our country national debt the market's developed: One is a system problem; the other is a technique problem. This dissertation, started with technology (pricing issues) of treasury securities, according to the investment theory, information economics and financial engineering, accounting principles and philosophical thinking, combined with active treasury security system, mainly is issue system and exchange system, has discussed theory foundation, restrict condition and method of treasury securities, at the same time make a comparatives research on the issue system and exchange system of the developed countries and areas. Based on which the policy advices for bettering the national debt market are proposed.There are three kinds of treasury security pricing methods of debt pricing technology are discussed: Macro-pricing method; Factor-pricing method and synthetically pricing method. Macro-pricing method is used in how to forecast the holistic of treasury security on the macroscopic hand. Factor-pricing method discussed the mainly factors which affect treasury security price, the method is valuable for taxis of different treasury security price. According to modern financing mathematics and finance engineer theory synthetically pricing method educed a series of synthetically treasury security pricing method.Finally, this text brings forwards some policy advises on how to lower issuing interest rate of treasury security, how to make treasury security interest rate into the benchmark interest rate and how to catalyze treasury security into important monetary policy instrument.