债券市场(英文)

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1、ContentsPart 1. Research purpose and meaning of bond market.2Part 2. The definition of the bond market and bond.3一、 Bond market3二、 Bond.3Part 3. Running of the bonds in the market.3一、The classification of the bond market.3二、The classification of the bond4（一）、Government bonds4（二）、Financial bonds8（三）、

2、Corporate bonds10Part 4. The function of the bond market.12Part 5. How the develop our bond market.12Part6.Workingprocessrecords.13Part7.Summary.15Reference.16Part 1. Research purpose and meaning of bond marketPurpose: As we know, bond market is very important for our society. So we want to research

3、 the bond market and know about how to invest in the bond market. Through the research the bond market, it will expand to our horizons.Meaning: In our opinion, with the society develop very fast; we need many tools to develop the economic. So there are many financial instruments. Such as stock marke

4、t, bond market and so on. And the bond market is playing an important role in society. Today, many people through the bond market to investment. So our group will introduce the bond market. In the market, there are some bonds. They have the same function, which is an investment tool. However they ha

5、ve difference with each other. Such as the risk, profit and yield to maturity and so on. We hope that we can introduce the bond market to know about the bond market and learn to how to investment, importantly, the operation process of the bond market. As a college student, we should know about the s

6、ociety, especially the tool that can make money. I think we not only learn the text book, but also learn the society. So we can introduce the bond market and know about the bond market. So through the bond market, we can understand the bond market more clearly.Part 2. The definition of the bond mark

7、et and bond一、Bond market: The bond market is issued, subscribed and traded bonds activities in general, is an important part of the securities market. Mainly constituted by Issuance market (primary market) and Circulation market (secondary market).二、bond: The bond is a securities that issued by vari

8、ous types of economic entities to raise money. And they make a promise to the investors that they will pay the interest and principal to them at the yield to maturity.Part 3. Running of the bonds in the market一、The classification of the bond marketDomestic bond market OTC marketExchange-traded marke

9、tCirculation marketAccording to the form of market organization Issue market According to the bonds running and the basic functions of the marketAccording to the placeof issue bondInternational bond market二、The classification of the bondSecured bonds, Unsecured bondsGovernment bonds, Financial bonds

10、, Corporate bondsPublic offering bonds, Private debtThe nature of guaranteeGuaranteeFloatation Interest paymentThe main issueDiscount bonds, Interest-bearing bonds, Cumulative bond couponPhysical bonds, Certificated bonds, Book-entry bondsForm of bonds（一）、Government bonds1、Definition:Issuer: Governm

11、ent or Other agenciesPurpose: financingMainly including: Treasury bonds and Bond2、Properties:（1）.Securities（2）. Financing tools3、characteristic（1）、High security Government bonds are bonds issued by the government, and the government takes the responsibility for the debt service and its credit rating

12、 is the highest, often referred to as "gilts"（2）、Liquidity strongGovernment bonds is a country's debt, and circulation are generally very large, at the same time the credit is good（3）、income stabilityGovernment bonds interest payment is guaranteed by the government; it has high degree

13、of credit and has small risk （4）、Duty FreeGovernment bonds is the government's own debt, in order to encourage people to invest, the people can enjoy duty-free treatment for the purchase of government bonds4、Classification: By issuer: the central government bonds, the central government agencies

14、 bonds and the local government bonds By region: Domestic Bonds and Foreign Bonds By debt method: Forced bonds and arbitrary bonds By interest rates change: Fixed-rate public bonds、Market interest rate for bonds、Preserve and increase public bondsissuerlimitedissue pricewaythe centralGovernmentbondsC

15、entralgovernmentPeople's Bankof ChinaA. Par valueB. premium bondC. discount bondA、PublicofferingB、underwriteC、direct sell D、PaymentE、ForcedAssessed methodthe localGovernmentbondsLocalgovernmentPeople's Bankof Chinathe centralGovernmentAgencies Bonds(Central HuijinInvestments)CentralGovernmen

16、tagenciesat inter-bank5、Chinese Bond Market 6、general obligation bondsØ general obligation bondsØ certificate T-bondsØ savings bonds7、Other types of treasure bondsØ Special bondØ Long-term treasury bonds for constructionissuerInvestorcharacteristicbook-entry treasure bondsA.

17、 Stock ExchangeB.inter-bankbetween the bank and stock exchange market A. personalB To bank and non-bank financial institutions(1)can be report loss, safety (2)can be transfer in the market (3)have many kinds (3) use the computer to issue (5) has a little riskcertificate T-bondsministry of financeUrb

18、an and rural residents individuals and all kinds of investorsFixed value and interest rate, risk-free, purchasing it easilysavings bondsministry of financeChinese citizen(1) for individual investors, its not for institutional investors (2)the real-name system not negotiable transfer (3)use electroni

19、cally creditor's rights to record 4) income stability and Exemption interest tax (5)encouraged hold expires (6) procedures simplified (7)it has a variety of payment of interest（二）、Financial bonds1、Definition:The financial bonds is to banks and other financial institutions as a funding body for t

20、he purpose of raising funds for a personal issue securities, it is a certificate of debt, creditor relations. The bond commitments contracted rate of interest on a regular basis at the statutory procedures for the issuance, payment of interest due on the repayment of principal. It belongs to the lia

21、bilities of banks and other financial institutions to take the initiative.2、The main issue: banks and non-bank financial institutions.3、Category: A、Classification by way of interest Basis: according to whether the provisions in the terms of the bond issue to pay interest to the bondholders agreed pe

22、riod, divided into：Discount bonds (discount bonds);Interest-bearing bonds; Coupon cumulative bonds。B、Classified by the nature of guarantees Secured bonds; divided into mortgage-backed securities，unsecured bond.C、Classification by morphology of bondsRationale: According to the bond coupon surface mor

23、phology can be divided into Physical debentures; uncertificated bond;Book-entry bonds.4、Similarities and differences between stocks and bonds: A、Differences: a. Different rights;b. Different purpose;c. different maturities;d. Different income;e. different risks B、The same: a. Securities;b. the means

24、 of financing;c. Yield mutual influence 5、Financial bond credit rating: Divided into: AAA, AA, A, BBB, BB, B, CCC grade, CC Grade C and Grade D（三）、Corporate bonds1、Definition:Corporate bonds are debt obligations, or IOUs, issued by private and public corporations. 2、Feature：（1）、Higher risk and highe

25、r yields （2）、Financing securities（3）、Marketable securitiesUnsecured bondsDebenturesSubordinated debenturesVariable-rate bondsSecured bondsMortgage bondsEquipment trust certificates3、Corporate bond market participants （1）、issuerCorporate bonds issuer refers to is finance and the main body of the issu

26、ance of corporate bonds（2）、investorThe company bond investors means through the company bonds investment of all kinds of institution legal entity and physical person can be divided into institutional investors and individual investors（3）、financial intermediaryCorporate bond market intermediaries ref

27、er to the issuing and trading of corporate bonds provide services of all kinds of institutions（4）、securities regulatory institution China Securities Regulatory Commission （5）、self-regulation organization Stock exchange and the securities association4、securities exchange places（1）、Shenzhen stock exch

28、ange（2）、shanghai stock exchange5、Trading corporate bond could have a two ways in securities exchange （1）、purchase when issue bonds （2）、After the listing of transactions6、limiting condition（1）、The first public issuance of company bonds has not yet been offering foot（2）、To issued corporate bonds or ot

29、her debt have default or delay in payment of the principal and interests of facts, is still in continue to state（3）、In violation of the securities laws, change the public issuance of bonds by the use of raising fundsPart 4. The function of the bond market一、Financing function 二、Liquidity-oriented fun

30、ctions三、The function of macro-economic control 四、Offer the market benchmark interest rate 五、 Prevention of financial risks Part 5. How the develop our bond market（一）、Combined with foreigners amend and improve the laws and regulations in China.（二）、Reform the issue system, trading system, market acces

31、s system, the information disclosure system, to expand the space for the development of the bonds.（三）、Improve the degree of bond credit.（四）、Adjust the term structure of bonds, and continue to breed innovation to meet the needs of different investors.（五）、To accelerate bond operational intermediaries

32、s development（六）、Enhance the liquidity of the bonds, and promote the healthy development of the bond market.（七）、Increase the bond market innovation and opening.（八）、Expanding market trading main part, improve the trading activity. Part 6.Working process records:1、在2012年11月7日，我们小组成员在教室里详细讨论了中国债券市场的一些内

33、容，谭德龙和邱媛静到图书馆借了有关债券市场的资料，同时谭德龙还回寝室拿来电脑，A同学、B同学、C同学、D同学我们讨论了债券市场的主体以及目录的编写，最后由曾杰去打印。2、在2012年11月9日9点，我们小组成员在C10-508活动室进行对项目的进一步讨论，在讨论中大家对上次的思路进行了修改，重新确定了我们的重点和核心部分，由B同学和C同学提出一条线索的方法，我们把债券品种融合在债券市场中，同时把what, who, how融合在我们重点讲的债券中，在过程中大家一致认为先询问老师的意见在进行详细分工。3、在2012年11月10日9点在C10楼下集中讨论了详细的分工和提交作业的具体时间，分工如下：

34、C同学做（1）、债券市场的定义 （2）、债券市场的功能 （3）、如何发展我国的债券市场 A同学、B同学、C同学D同学做（1）、债券的定义 （2）、债券在市场中的运行（如主体，先例举所有的债券，再重点介绍一个，包括参与者，怎样运行交易，在哪里交易，受什么限制，还有对债券的债务评级） E同学做债券市场的分类，债券市场的发展趋势，以及准备提问环节有关问题答案，有曾杰负责报告的打印，摘要、目录、PPT的汇总、资料的全部整理、工作过程的记录还有小组总结汇总等工作。4、在2012年11月12日晚上8点在C10楼下讨论大家在工作中遇到的一些问题，以及分享在资料的查找过程中的收获和不足的地方，另外我们还讨论了

35、提问环节的问题准备和讲课人员的安排。5、在2012年11月14日晚上7:30在C10楼下重点讨论有关债券在市场中的运行，包括政府债券、金融债券、公司债券，并听取了自己在工作中的问题以及不清楚的地方，和讲课内容的一些增减问题，最后大家一致同意有查找相关资料的同学进行协商讲课，其余人员做好答辩的工作。Part 7.Summary:As the old people say: art is long, but life is short. So from the research project, I get much useful information. It let me know about

36、 the bond market, especially the china bond market. As a college student, we should not only learn the major knowledge, but also pay attention to the society, especially the useful investment tool. Because the social competition become more and more fierce and the social pressure become more and mor

37、e bigger. So I think the bond market is very important for us, and we should learn about it. Through the study, I know about the bond market, such as the classification of the bond market, and the organization of the bond market, and we should know how to take part in the bond market to investment.

38、So it expands our horizon and let me know about the bond market early. However, I think we have some disadvantages. Because I dont know the whole market and there are some limit. For example we can not deeply understand the working process. Because we just learn from the internet and books. In our w

39、orking process, there are some difficulties. In the early time, we never know about the bond market. Besides, our major knowledge is very small. So we need learn more about knowledge to enrich our brains. In my opinion, we should learn about the major knowledge and we can also pay attention to the n

40、ews. In our study, we should make good use of the resource. For instance, the library, internet and newspaper and so on. Thus we can get a lot of important information and know about the world more clearly.Reference:1. 萧松华.证券与投资, 西南财经大学出版社, 20052.王建业.证券市场学,西南财经大学出版社,20073.李德峰.证券交易,清华大学出版社,20024.中国证券也协会.证券市场基础知识，中国经济出版社,20115. 美 Frederic S.Mishkin和Stanley G.Eakins.金融市场与金融机构,清华大学出版社（第三版）,200115