大国债券市场的功能转型与结构改革研究——财政政策与货币政策的实施平台视角

Study on the Functional Transformation and Structural Reform of Big Country Bond Market——Perspective of Financial and Monetary Policy Implementation Platform

债券市场既具有融资功能,又具备财富管理的功能。正是在这种双重功能支柱的基础上,成熟市场经济体的债券市场扮演着财政政策与货币政策的重要实施平台角色。但是目前中国债券市场在市场结构与制度规则等方面仍然存在缺陷,从而限制了其作为财政政策与货币政策的实施平台来发挥功能。本文首先从“大国金融”的战略高度重新认识债券市场的职能,然后回顾中国国债市场发展的基本背景,接着分别从财政和货币政策通过债券市场实施的理论逻辑、财政和货币政策目标实现与债券市场的现实关联性,以及目前财政和货币政策通过债券市场实施和相互协调所面临的现实问题等,对中国和美国的国债市场进行深入对比分析,提出我国债券市场作为财政和货币政策实施平台发挥作用的结构性因素。

The bond market not only has the financing function, but also has the wealth management function. It is on the basis of this dual-function pillar that the bond market in mature market economies plays an important role as a platform for implementation of fiscal and monetary policies. However, at present, there are still some shortcomings in China’s bond market in terms of market structure and rules and regulations, which limits its functioning as a platform for implementing fiscal and monetary policies. First of all, this paper re-understand the function of bond market from the strategic level of "big country finance"; review the basic background of the development of China’s treasury bond market, and then conduct an in-depth comparative analysis of the bond markets in China and in the United States, based on the theoretical logic of fiscal and monetary policy implementation through the bond market, goals of financial and monetary policy, and the actual relevance of the two markets, as well as the existing problems. There are some factors that impede the role of China’s bond market as the platform for the implementation of fiscal and monetary policies.