论文部分内容阅读
一、我国国内债券组合结构的比较研究1.债券规模结构的相关分析。自80年代以来,我国在国内先后多次发行各种有价证券,其中90%以上是债券。到1989年底为止,我国累计发行各种国内债券1449亿元,其中国债1015亿元,占70%,其它债券434亿元,占近30%,整个债券结构向国债倾斜。此外,在二级市场上,截止1989年底,上市转让的证券达50亿元,其中有46亿元是国债,整个二级市场的证券结构也呈现出向国债倾斜的特征。如果进行国际比较,就会发现,这种格局与日本有些相似。1985年,
First, the comparative study of China’s domestic bond portfolio 1. Bond size and structure of the correlation analysis. Since the 1980s, China has successively issued various kinds of securities at home, of which over 90% are bonds. By the end of 1989, China had issued a total of 144.9 billion yuan of various domestic bonds, of which 101.5 billion yuan was Chinese bonds, 70% and other bonds were 43.4 billion yuan, accounting for nearly 30%. The entire bond structure leans to national debt. In addition, in the secondary market, as of the end of 1989, the securities listed and transferred amounted to 5 billion yuan, of which 4.6 billion yuan were treasury bonds. The securities structure of the entire secondary market also showed the characteristics of leaning toward national debt. If you make an international comparison, you will find that this pattern is somewhat similar to that in Japan. In 1985,