国债现货流动性不足背景下的国债期货市场稳定性研究
发布时间：2019-05-06 11:11
【摘要】：2012年2月13日,中国金融期货交易所国债期货仿真交易联网测试正式启动,8家金融机构参与首轮联网测试。仅仅两个多月后,4月23日,仿真交易又开始向全市场推广,国债期货再次走入公众的视线。本文在对我国国债现货市场流动性进行实证研究的基础上,客观分析了现货市场的流动性不足可能会给未来国债期货市场带来潜在不利影响。同时,更进一步的研究表明,虽然潜在风险客观存在,但是在实际运行中的不利影响完全可控,未来国债期货市场可以保持稳健运行。
[Abstract]:February 13, 2012, the China Financial Futures Exchange Treasury bond futures simulation trading networking test officially launched, 8 financial institutions participated in the first round of networking testing. Just more than two months later, on April 23, simulation trading began to market-wide, Treasury futures again into the public eye. On the basis of an empirical study on the liquidity of the spot market of Chinese treasury bonds, this paper objectively analyzes that the shortage of liquidity in the spot market may bring potential adverse effects to the future treasury bond futures market. At the same time, further research shows that, although the potential risks exist objectively, the adverse effects in the actual operation are completely controllable, and the future treasury bond futures market can maintain a stable operation.
【作者单位】： 北京大学光华管理学院博士后流动站;
【分类号】：F832.5;F812.5
[Abstract]:February 13, 2012, the China Financial Futures Exchange Treasury bond futures simulation trading networking test officially launched, 8 financial institutions participated in the first round of networking testing. Just more than two months later, on April 23, simulation trading began to market-wide, Treasury futures again into the public eye. On the basis of an empirical study on the liquidity of the spot market of Chinese treasury bonds, this paper objectively analyzes that the shortage of liquidity in the spot market may bring potential adverse effects to the future treasury bond futures market. At the same time, further research shows that, although the potential risks exist objectively, the adverse effects in the actual operation are completely controllable, and the future treasury bond futures market can maintain a stable operation.
【作者单位】： 北京大学光华管理学院博士后流动站;
【分类号】：F832.5;F812.5
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8 孙s，
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