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任何一种市场现象都是市场主体在特定的市场环境下一系列市场行为的反映 ,资金趋利避险的本能及其跨市场、跨品种、跨时段的套利行为 ,构成了金融市场运行的永恒的推动力。本文以诠释近期债券市场运行中的若干现象为出发点 ,循着社会资金流动的主线 ,透过经济主体的资金运作行为 ,对以信贷市场、债券市场和股票市场为支柱的金融市场体系间的资金互动关系进行了研究 ,从贴近现实经济生活的角度 ,分析了近年来较具代表性的金融市场行为的内在动机、市场背景和行为效果 ,对我国社会资金配置格局和金融市场运行效率作了初步的探讨 ,并提出相关政策建议。
Any kind of market phenomenon is a reflection of a series of market behaviors of market players in a particular market environment. The instinct of capital profit-taking and hedging and its cross-market, cross-species and inter-period arbitrage constitute the eternal of the financial market operation The driving force. Based on the explanation of some phenomena in the operation of the bond market in the near future, the paper follows the main line of social capital flow, through the capital operation of economic agents, funds in the financial market system with the credit market, bond market and stock market as the pillars And the interaction between them. From the angle of close to the realistic economic life, this paper analyzes the intrinsic motivation, market background and behavior effect of the representative financial market behavior in recent years, and makes preliminary preliminary studies on the social capital allocation pattern and the operation efficiency of the financial market in our country The discussion, and put forward the relevant policy recommendations.