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以哈佛大学的梅森(Mason)和贝恩(Bain)等人为代表的现代产业组织理论,构造了市场结构(Structure)——企业行为(Conduct)——经济绩效(Performance)的分析框架(简称SCP框架),其基本内容是市场结构决定企业在市场中的行为,企业行为决定市场运行在各个方面的经济绩效。本文借鉴SCP的分析框架,对中国银行间债券市场结构、行为和绩效做初步的分析,探讨了现行交易制度对市场的影响,并提出了相关政策建议。
The modern industrial organization theory represented by Mason and Bain of Harvard University constructs an analytical framework of the structure of the market - Conduct - Performance (referred to as SCP for short) Framework). Its basic content is that the market structure determines the behavior of enterprises in the market. The enterprise behavior determines the economic performance of the market in various aspects. This article draws on the analysis framework of SCP, analyzes the structure, behavior and performance of China’s inter-bank bond market for the first time, discusses the impact of the current trading system on the market, and puts forward relevant policy suggestions.