银行间债券市场结构、行为取向与组织绩效研究

Study on Bond Market Structure,Behavior and Performance in Banks

哈佛大学的Bein和Mason的市场结构(structure)--市场行为(conduct)--市场绩效(performance)的分析框架(简称SCP范式),既适用于研究生产领域的厂商行为,也可用于分析金融市场结构、行为取向与组织绩效问题。本文从商业银行的视角构建场外债券市场的SCP分析框架,分别探讨银行间债券市场结构的产品差别化与市场集中度、拍卖与做市商的行为取向、市场流动性及其外部性的组织绩效,并在此基础上,阐述有关改善银行间债券市场组织绩效的公共政策:竞争性管制与保护性管制。

Through market concentration and product differentiation analysis, bond market structure in banks refers to factors and characteristics between service provider and service demander in the financial market. There is a general and systematic characteristic in market structure, behavior and performance of bond market in banks. From the prospective of SCP analysis of bond market framework, this paper studies internalizing bond market from outside to industrial organization theoretic study, in order to provide theoretic study foundation models for bond market in banks.