And then , the thesis import a thrice - polynomial technology to depict the yield curve of shanghai stork exchange market and gained the yield curve chart . under one factor model hypothesis , deduce the bond pricing formulae . based on 1945 data of buy - back rate in banking market , the thesis use ols and gmm estimation technologies to estimate the parameters of vasicek model , cir model , and ckls model , and verify which model can explain the china market ’ s short rate ’ s wave 然后,从实证的角度,用三次多项式来拟合上交所国债收益率曲线,并得出收益率曲线图,在单因素模型推导了动态理论期限结构下的债券定价公式,并以1945个中国银行间债券市场7天回购利率数据作为短期利率的代表,验证vasicek模型、 cir模型与ckls模型是否适用中国短期利率的波动行为,估计出三个模型的参数。
And it is very significant for national financial system and bank interests . combining bond market theories and mobility theories with chinese ibbm status quo , this thesis , which aims at reinforcing the mobility of ibbm , analyzes the ibbm mobility from the theoretic and demonstration and analyzes the reasons and influences of the ibbm mobility problem based upon the demonstrational analysis . this thesis tries to discuss how to construct an especial ibbm in china 本文主要以债券市场理论和流动性理论为基础，以提高银行间债券市场流动性为主线，紧密联系我国银行间债券市场的现状，对其流动性问题进行理论和实证分析，并试图站在国家宏观金融体制改革的背景下，对流动性问题产生的原因及其影响进行探讨，对构建有中国特色的银行间债券市场做一些有益的探索和尝试。
( 2 ) the thesis analyzes introduces the connotation of the ibbm and the ibbm mobility . based on these , in virtue of the dynamic programming model the thesis finds out the index of scaling the mobility including transaction quantity , price difference , transaction location , bond variety and brings forward that we no other than buildup the mobility , fall the mobility premium and reduce the uncertainty to accelerate the ibbm becoming the core of bond market in china . ( 3 ) the thesis approves through the demonstration that the ibbm mobility has been improving but taking as the integer still is comparatively low ( 2 )在分析银行间债券市场内涵、银行间债券市场流动性内涵的基础上，借助一动态规划模型找出了衡量银行间债券市场流动性的因素指标，如交易量(成交额) 、买卖价差、交易品种和交易场所等，并结合我国实际提出，只有增强流动性，降低流动性的溢价，减少市场价格的不确定性，改进市场效率，优化资金配置，才能使银行间债券市场发挥其应有的职能，并真正成为我国债券场外市场的主战场。
The forth section relates to a very important item , that is bond market interest rate system , which will be the breakthrough of " interest rate marketlization " . the final section is the end section , about the legislation and supervision of bond market , which is the basic guarantee of a efficiency bond market 第一节给我国将要建设的债’券市场体系作了大致的规划，即以场外市场为主体的统一的债券市场，并时银行间债券市场(场外市场)的重要地位进行了论证，同时定位了交易所市场以及商业银行拒台市场在债券市场体系中分别扮演的角色。
Generally , bond market can be divided into two different markets by trading modes , namely , exchange market and over - the - counter market . thus , the fundamental question of developing the bond market is to choose the proper mode of bond market . the controversies regarding this question exist both in china and in international field 是选择以交易所债券市场为基础的场内市场发展道路,还是选择以银行间债券市场为基础的场外市场发展道路,抑或是选择既发展银行间债券市场又发展交易所债券市场的第三条道路,这是摆在我们面前亟待解决的问题。
Specially the problems and imperfection of our open market operation reanalyzed exhaustively in this part . generally speaking , the insufficiency in the amount of treasury bill , the imperfection of treasury bill structure , the immaturity of bond market between banks and the non - liberalization of interest rates restrict the development of china ' s open market operation . at the end of the third part , some suggestions of policies are provided to improve china ' s open market operation 第三部分为本文的重点章节，主要讨论我国公开市场操作的发展及现状，其中更是着重分析了目前我国公开市场操作中存在的问题，从工具和环境两个角度入手，指出我国国债数量不足、结构不佳、银行间债券市场发育不成熟以及利率尚未实行市场化等现实条件制约了我国公开市场操作的发展完善。
Because of the main medium of communication that releases to the market it is market of the bond between the bank and bourse bond market , among them , market of the bond between the bank is the staple market that investor of our country orgnaization has bond trades , also be the main place that the central bank has open market 因为向市场发行的主要渠道是银行间债券市场和交易所债券市场，其中，银行间债券市场是我国机构投资者进行债券交易的主要市场，也是央行进行公开市场的主要场所。
The first section is about the main function of bond market , and the second section is about the importance and indispendance of bond market . chapter two is about some essential problems of bond market , composed of four sections . the first section analyzes problems of inter - bank bond market , the second section analyzes problems of bourse bond market , the third section discussed the interest rate system of bond market , which is the benchmark of the whole market , the forth section analyzes problems of bond market media 本章共分四节，基于债券市场跨越了货币和资本两个市场的特性，前两节分别从货币市场和资本市场的角度刹析了债券市场存在的问题，银行间债券市场被定位于货币市场，交易品种则以国债为主;作为资本市场的债券市场则主要包括在交易所交易的中长期企业债市场以及将来将形成的金融债市场，对于他们存在的问题，本章一一进行了阐述。
