The Study of Designing Some Important Mechanisms in Chinese STRIPS Market
- 管理学院－已发表论文 
本文在借鉴国外市场成熟经验的基础上,立足我国债券市场的实际情况,对我国本息分离债券市场制度设计的四个重点问题——债券品种设计、合格交易商选择、交易结算模式设计、交易制度规划进行了研究和探讨,构建了未来我国本息分离债券市场的基本框架。Going by the experience in other markets, formulating a scheme for stripping and reconstituting gilts may not be too difficult but developing a market in the same is certainly going to be a daunting task. Developing a market in STRIPS is a link in the chain of vital instrumentalities needed for developing a deep, liquid and efficient government securities market. Such a market is the backbone of fixed-income markets and facilitates creation of a benchmark for efficient pricing of the various debt instruments.