2011•Shanghai Caijing Daxue xuebaoRequires access
The Enlightenment of the Development of US Bond Market to Chinese Stock Exchange Bond Market
Gong Yang-shu
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Abstract
Similar to the bond market structure in developed countries,Chinese bond market is also divided into two markets,namely over-the-counter market and stock exchange market,and the latter is faced with marginalization.Based on the development history of US bond market,this paper finds that the stock exchange market also had been active in bond trading,and the variation of market investor structure led to the transformation of liquidity from stock exchange market to OTC market,thus new market equilibrium had been formed.Although the Chinese bond market is the segmented market under administrative intervention,it is also in the same equilibrium now.Finally,this paper gives some suggestions about the future development of stock exchange bond market from angles of institutional investor and individual investor.