This is a way for investors to use the leverage of national debt repurchase to amplify the use of funds, which enlarges the benefits and risks. You can take a look at the following example to understand this point: some investors are not satisfied with the price difference, but use repurchase transactions to further enlarge the national debt position. The specific practice is shown in the following example: Step 1: Buy government bonds. Suppose the initial investment is100000 yuan, and 9740 lots of 0 10203 02 treasury bonds are bought (3). The current price of national debt is 102.46 yuan, and the handling fee is 0.2%, which is equivalent to the price premium of 0.2049 yuan. The basic unit of treasury bond trading in Shanghai Stock Exchange is 65,438+00 lots, each lot is equivalent to 65,438+0,000 yuan of parity bonds, so the basic trading unit is equivalent to 65,438+0,000 yuan of parity bonds. Due to the limitation of the basic trading unit,100000 yuan can buy 9740 lots of 0 10203 bonds, and * * needs to pay 999563 yuan, of which 9979604 yuan is the amount of bonds bought, and 19959 yuan is the handling fee for bonds bought. The remaining funds are 437 yuan. So far, investors are still in the basic trading mode of winning and losing, and the efficiency of capital utilization is roughly 1 to 1. Step 2: Buy back the transaction to obtain funds. For the sake of explanation, we assume that we can repurchase and buy government bonds repeatedly at the same price on the same day. If the national debt market is relatively stable, or the market just fluctuates randomly, the above assumption will not cause much error. According to the conversion standard of standard bonds for repurchase transactions in the Exchange, 0 10203 per lot can get 1000 yuan through repurchase transactions in the third quarter of 2002. According to the regulations of Shanghai Stock Exchange, each bond repurchase transaction is equivalent to 1 1,000 yuan standard coupon, and it is declared by 1 1,000 lots or its integral multiple, that is, the minimum amount of each repurchase transaction is 1 1,000 yuan. 9740 lot 0 10203 can get 9.7 million yuan through repurchase transaction. Suppose we choose to buy back varieties within 14 days, and the interest rate is 2.00%. At the end of the transaction, that is, after 14 days, we need to pay 744 1 yuan. The handling fee for repurchase transactions in Shanghai Stock Exchange is charged according to different varieties. If the handling fee for 14 day repurchase transaction is 0.05%, the handling fee at the time of repurchase transaction is 4,850 yuan. After deducting the handling fee, the cash inflow of this transaction is 969,565,438+050 yuan. Together with the final fund balance, * * * has funds of 9695587 yuan. The transaction fee must be paid and delivered together with the transaction funds at the time of transaction; Interest expense and interest income are only settled when the repurchase transaction expires. Therefore, the transaction cost must be deducted from each transaction fund. Step 3: Buy government bonds again. According to the basic regulations of marketing unit, 9695587 yuan can buy 9440 lots of 0 10203 bonds, and * * pays 969 1568 yuan, of which 9672224 yuan is the amount of buying government bonds, and 19334 yuan is the transaction fee. The remaining funds are 40 18 yuan. Now, we have completed the first repurchase of government bonds and the cycle of buying government bonds again. At present, the national debt is 19 180 lots, and the amount of national debt is 1965 1828 yuan, which is about 1.97 times larger than the initial capital. This means that every time the price of treasury bonds 0 10203 fluctuates 1%, the market value of the position will fluctuate 1.97%, and the price fluctuation will be correspondingly enlarged 1.97 times. This is the so-called capital leverage effect, similar to the role of futures trading margin. In other words, investors only paid 50.76% of the funds (margin) for all treasury bonds positions, achieving the goal of making them small and big.