学院论文代写：中国政府债券

学院论文代写：中国政府债券

中国政府债券最初由财政部于1950年发行。发行于1958年被取消，但在1981年重启，主要是为了解决国家建设项目资金短缺的困境。这个市场在过去的几年里一直无足轻重，但近年来迅速成长为世界领先的政府债券市场之一，如下图所示。一开始，中国只有一个初级市场。发行使用行政划拨完成，发行后政府债券不能交易或转移。1988年，二级市场交易在特定的城市地区进行，1990年，上海和深圳的证券交易所相继上市，二级市场交易得以在全国范围内开展。(Rhee,2000) 1991年，中国首次尝试了政府债券发行的承销方案，并于1993年形成了一级交易商制度。然而，自1996年以来，所有的政府债券都采用拍卖的方式发行。

学院论文代写：中国政府债券
1998年至2001年中，政府在批准保险公司、基金管理公司、证券公司和租赁公司参与银行间市场方面进行了大量改革。自2005年以来，所有记入账簿的政府债券都在任意两个市场(证券交易所和银行间市场)或三个市场同时发行(Jhingu, 2008)。截至1997年12月31日,就在银行间交易,29.6%的政府债券被银行间存款占,占了51.0%的交易所市场和场外交易市场和其他19.4%(麦考利,2003)的快速发展,中国的政府债券市场本质上是由体积放大发行。发行数量的增加主要是由于发行频率的增加。但是，如果我们关注这些年来的发行价格，它们有一些变化，但没有显示出上升的趋势。

学院论文代写：中国政府债券

Chinese government bonds were initially issued in 1950 by the Ministry of Finance. Issuance was dismissed in 1958, but restarted in 1981, mainly to resolve the dilemma of a shortfall in funding for national construction projects. The market remained quite insignificant for several years, but swiftly grew into one of the world’s leading government bond markets in recent years as shown in the figure below.Towards the beginning, China merely had a primary market. Issuance was completed using administrative allocation and government bonds could not be traded or shifted after issuance. Secondary market trading was exhibited in specific urban areas in 1988, and then permitted countrywide in 1990 when stock exchanges were introduced in both Shanghai and Shenzhen. (Rhee,2000)In 1991, China first tried an underwriting scheme for the issuance of government bond, and then fashioned a primary dealer system in 1993. However since 1996, an auction method is used to supply all government bonds.

学院论文代写：中国政府债券
In the middle of 1998 and 2001, plenty of changes were introduced by the government in the approval of inter-bank market involvement for insurance companies, fund management corporations, securities businesses and leasing firms. Ever since 2005, all book-entry government bonds have been distributed concurrently in any two markets (stock exchanges and the interbank market) or all three (Jhingu, 2008). As of December 31, 1997, just when interbank trading was introduced, 29.6% of outstanding government bonds was accounted by the interbank depository, 51.0% was accounted by the exchange market and the OTC market and other 19.4% (McCauley,2003)The speedy development of China’s government bond market has essentially been directed by amplified issuance volume. The amplified issuance volume, in turn, is chiefly attributable to a growth in issuance frequency. However, if we pay attention at the issuance prices over the years, they have somewhat varied but have not shown an upward trend.