摘要
国债期货是指在的交易所事先确定买入和卖出价格，并在将来某个时间点进行钱
券交割的国债衍生交易方式。国债期货属于金融期货的范畴，是一种高级的金融衍生
工具。它的产生是在 1970 年代美国金融市场紊乱的背景下，为满足投资者规避利率
风险而孕育而生。

我国的国债期货交易始于 1992 年 12 月 28 日，然后 2 年半后就叫停。近年来，
我国国民经济持续稳定增长，金融体系日益完善，利率市场进程加快，国债现货市场
蓬勃发展。与此同时，监管体系和法律法规也不断完善，特别是股指期货交易成功推
出一年后，重启国债期货的呼声愈发强烈。

本论文从导致国债期货被叫停的“327”国债事件入手，剖析国债期货应该具
备的各方面因素，通过量化对比国外成功发展国债期货的条件，对目前中国是否应当
重启国债期货进行研判。认为重启国债期货有助于管理和防范利率风险、有助于完善
金融市场体系、有助于推进利率市场化、有助于促进金融衍生品市场的发展。近年来
利率市场化的进程加快、投资者的日趋成熟和国际国内成熟市场的经验借鉴，成了重
启国债期货的最有力保障。本文还对国债期货重启之后的风险防范提出对策建议。

关键词： 国债期货、“327”事件、重启国债期货、可行性、必要性、风险管理
Abstract
Treasury bond futures is trading method for treasury bond derivatives through
organized exchange market that given a certain price in a certain time between cash flow
and treasury bond positions. Treasury bond futures is a kind of financial future, which is a
kind of advanced financial derivative tool. It was to meet needs for hedging the risk of
interest rate for investors in 70s 20 century, when the back ground of financial market in
America very unstable.
The exchange of Treasury bond futures in China starts from 28
th Dec. 1992. But two
and half year later, it got shut down. With the development of China treasure bond market,
the situation of Chinese economic and financial dramatically changed. It has been made a
huge progress in marketization of Chinese interest rate. Both volume and variety of trades
in Chinese Treasury bond market arisen, trading agency increased basis market facilities
strengthened, inspection and law improved, especially the successful of Chinese stock
index. These are the several aspects that show the big change in Chinese economic and
financial. Therefore, the sound of restarting Chinese Treasury bond future become stronger
and stronger
This theory try to investigate the key event “327”, which led to the shutdown of
treasury bond futures, to analyze every aspect that the treasury bond futures should have.
By comparing successful conditions abroad with China, to judge whether it is time to
restart treasury bond future in China as well as to illustrate the reason for the existence of
treasury bond futures. It is illustrated that the restarting of Chinese Treasury bond future
benefits in management and controlling of rate risk, the systematic of financial market in
China, propelling the marketization of Chinese interest rate and the development of
derivatives trading market in China. This theory also give out several essential elements
。。。