我国银行间债券市场异常交易的特征、成因及治理

The Features,Causes and Governance of the Abnormal Transaction in China's Interbank Bond Market

我国银行间债券市场异常交易目的不一、形式多变,具有普遍性、隐蔽性、复杂性和争议性四个特征。实践中,由于交易机制不完善、监管失职、内控失察等原因,债券市场异常交易频繁发生,给市场运行乃至宏观调控带来风险隐患。实际上,异常交易频繁发生是市场失灵、信息效率低下的客观反映,其根本原因是市场交易机制存在缺陷。要有效治理异常交易,必须规范投资者行为,优化市场模式,提高市场透明度,健全完善银行间债券市场交易机制。

The abnormal transactions in China＇s interbank bond market have different purposes,diversified forms and such features as universality,complexity,being hidden and controversial.In practice,because of the imperfect transaction mechanism,the invalid oversight and the fail internal control,the abnormal transactions in the bond market are very frequent,which have brought the potential of risk to market operation and macro control.In fact,the abnormal transactions are the objective result of market failure and the low efficiency of information;and the root cause for that is the lack of market transaction mechanism.To effectively govern the abnormal transactions and improve market quality,we should perfect the transaction mechanism for the interbank bond market in terms of standardize the investors＇ behavior,optimize the pattern of market and improve the market transparency.