国债金融效应:基准利率视角的分析

Financial Effect of the Government Bonds:From a Perspective of the Benchmark Interest Rate

本文从我国金融市场的发展现状出发,分析了国债利率成为我国金融市场基准利率的必然性和现实性。市场基准利率及其期限结构是一切金融产品的公正定价的基础,因此,作为基准利率的提供者,发达的国债市场是企业债券市场发展、衍生产品创新的前提条件。同时,金融市场的有效性有赖于金融产品的正确定价,本文以股票市场为例证明国债利率对于金融市场效率的提升具有重要作用。

From the aspect of the development of Chinese financial market, we analyse the necessity and reality of the government bond yields serving as benchmark interest rate in Chinese financial market. Benchmark interest rate and its term structure form the basis for pricing other financial products. So, as the provider of benchmark interest rate, a well - functioning bond market is the preeondltion for developing corporate bond market and innovating derivative products. Besides that, the efficiency of financial market depends on the proper pricing way for financial products. In order to prove that, this paper uses stock market as an example to demonstrate that government bond yields play an important role in improving the efficiency of financial market.