【摘要】 国债回购提高了国债市场的流动性,因为有国债做质押,被投资者看作无风险品种。但是交易所国债回购规则却为券商违规挪用客户债券提供了便利,因国债回购引发的资金黑洞长期被掩盖,终于导致2004年国债回购黑洞的最终爆发。本文就国债回购风险产生的机制做深入的分析,探讨回购市场制度缺失导致的违规行为,并提出初步的解决办法。更多还原

【Abstract】 Repurchasing the national debt improves the liquidity of national debt. With the national debt as hypothecation, the invested are regarded as non-risk variety, but the rules for repurchasing national debt in the stock exchange provide the convenience for exchange brokers to transfer the bonds of customers. The funds black hole caused by repurchasing national debt is covered over a long period of time, which leads to the eruption of black hole of repurchasing national bond in 2004. This paper examines the mechanism for risk in repurchasing the national debt. It also discusses irregular action caused by the lack in market institution of repurchasing. It also puts forward some initial solution.更多还原