我国中期票据市场的流动性研究

With the process of economic globalization accelerating and the requirements of domestic multi-system financial markets developing, the medium-term bonds market will satisfy the needs of a number of domestic participants and participants from capital market. Within this situation, conducting on research liquidity of china's medium-term bonds is significant for improving the quality and international competitiveness of china's medium-term bonds market. Thus, medium-term bonds market has been taken full effect in terms of improving the structure of capital market and decentralizing financial system risk.the measurement research illustrates that the measurement that medium-term bonds applied is combining micro and macro level. In addition, with taking government bonds and corporate bonds as reference, this paper investigates the current liquidity position and its influencing factors. Furthermore, liquidity risk is measured by Value-at-Risk (VaR) model. This paper also investigates traditional VaR and VaR which is introduced liquidity risk in terms of the accuracy of market risk, and simultaneously measures liquidity risk in the market occupies a proportion of risk.