一二级市场联动对银行间债券市场流动性的影响——基于中美承销商与做市商制度对比

The Impact of Primary and Secondary Market Linkages on Interbank Bond Market Liquidity——A Comparison of Underwriter and Market Maker Systems in China and the US

债券市场的流动性是衡量市场效率的重要维度,较高的流动性能够促进价格发现,实现市场交易的有效性。我国银行间债券市场在资本市场深化改革的过程中得以发展与完善,债市流动性水平明显提升,但仍与美国等较为成熟的金融市场存在差距。本文立足于交易制度,将中美承销商制度与做市商制度的联动程度进行对比,论述了我国二级交易机制中存在的一级联动偏弱,做市激励不足等短板,并提出了制度供给方面的改革方向,以期能够促进银行间债券市场流动性水平的进一步提高。

Liquidity is an important dimension in measuring bond market efficiency, and greater liquidity can enhance price discovery and the effectiveness of market transactions. China’s interbank bond market has been developed and improved in the process of capital market reform, and liquidity levels have been significantly improved, but there is still a gap between the China market and more mature financial markets such as the United States.This paper compares the degree of linkage between the underwriter and the market maker system in China and the United States. It also discusses the shortcomings of the secondary trading mechanism in China, such as weak linkage at the primary level and insufficient incentives for market making. It also offers proposals for reform.