Under the condition of market economy, the basic function of national debt is to make up the deficit and improve the function and role of funds. The introduction of national debt construction also has the following important functions:
1。 The benchmark interest rates in the A-share market are as follows:
On the whole, the financial market price with interest rate as the core has an important influence on the pricing of financial instruments, futures markets, foreign exchange markets and other markets. National debt is a very stable income and low-risk investment tool, which makes treasury bill rate the pricing basis of other financial instruments in the core area of the whole interest rate system. The formation of benchmark interest rate in bond trading market. Bonds will affect the supply and demand of funds in the financial market, leading to the rise and fall of interest rates. With the full development of the bond market, the government bonds with expected market interest rate, represented by coupon rate, have been issued for a period of time, and the changes in the transaction price in the secondary market of government bonds timely reflect the changes in the market's expectation of future interest rates.
2。 The combination of fiscal policy and monetary policy.
First of all, the main means to expand the scale of national debt issuance is that the state implements a proactive fiscal policy to ensure the economic growth rate of1August 1998 of 65438+8%. The issuance of special national debt of 27 billion yuan is a good example.
Secondly, national debt, especially short-term national debt, is an appropriate tool for the central bank to operate the open market. The total amount of national debt plays an important role in the operation structure of the open market. If the government debt is too small, the central bank's ability to control the money supply in the open market is very limited, which is not enough to change the interest rate to meet the requirements of the central bank. The proportion of national debt held by a single national debt holder is too large, and the structure of small and medium-sized investment in open market operation is unreasonable and difficult to carry out.
3。 As the credit risk is very low, institutional investors can use short-term financing tools:
Government bonds are government securities among institutional investors, and they are the securities repurchase transactions with the highest reputation standards, so as to adjust short-term capital surplus and deficit, hedge and preserve value, and strengthen asset management.
Second, the variety structure of national debt.
198 1 has various types of treasury bonds, which can be used in the following categories according to different classification standards:
a & gt
1。 Liquidity can be divided into:
(1) Convertible bonds: book-entry bonds with bearer bonds.
Book-entry treasury bonds, on the surface, are physical bonds issued by treasury bonds, and the principal and interest are paid through accounting settlement, delivery, payment and proof of holding US treasury bonds.
Bearer from bond, a kind of official record of the real face value of national debt, is anonymous and can be listed and traded. The bearer par values of bonds issued for many years are 1, 5, 10, 20, 50, 100, 500, 1000, 5000 and 6544 respectively.
(2) Non-circulating treasury bonds: including voucher treasury bonds and special directional bonds. As a creditor's right certificate, the national debt receipt is not listed and circulated, but it is redeemed. Pay the interest on the actual holding time of the redemption part.
Are there any individual investors, such as1state-owned banks in the direction of 6,543.8+27 billion RMB special bonds issued in August 1998, in the special targeted bonds, the management institutions of employee pension and unemployment insurance funds that issue targeted bonds, and financial institutions such as banks?
2。 Coupon rate can be divided into fixed-rate bonds and floating-rate bills.
When the issue date is determined, coupon rate is a fixed-rate national debt, and the entire duration of the national debt remains unchanged, which is generally higher than the bank deposit interest rate in the same period. For example, 3.27% of the national debt (0 103) may 1 0 date1will be charged by bookkeeping.
With the change of floating rate government bonds, floating rate bills, coupon rate and market interest rates, the interest rate paid is the same period, and the interest is determined by the latest market interest rate plus a fixed spread. In 2000, the fixed spread between book-entry treasury bonds (0 10004)(4) and the one-year bank savings deposit rate was 0.62%, and the interest rate of the first-year treasury bonds was 2.87%.
3。 Interest-bearing bonds can be divided into: zero coupon bond and interest-bearing government bonds.
Zero-coupon treasury bonds that do not pay interest at maturity and pay principal and interest at maturity. Bonds issued by the government fall into this category before 1996. The interests of
Interest-bearing treasury bonds usually pay the principal on the maturity date and the last interest every year. 1June 99614th, China first issued interest-bearing government bonds (000696).
Three kinds of government bond transactions
It can be divided into two types: spot bond trading, national debt trading, bond repurchase trading and bond futures trading.
Cash bond trading refers to the trading and circulation of government bonds by barters through the trading system of the stock exchange, so as to provide a trading system that matches the transaction. After the transaction is completed, the coupon department will transfer the money. The most basic form of national debt trading is consistent with the stock trading process.
Bond traders or investors in bond repurchase transactions will sell some US Treasury bonds at a certain price at a certain date in the future, and then wait for the bond repurchase agreement in the form of bond repurchase transactions. Its essence is buying and selling treasury bonds, borrowing treasury bonds as collateral, the difference between the prices paid by buyers, the interest price of repurchasing treasury bonds, buying and selling treasury bonds and borrowing funds. In the bond repurchase transaction, this party initially sells the national debt on the repurchase side, and other buyers and resellers buy the national debt.
Treasury bond futures trading standardization of treasury bond futures contracts. Buyers and sellers should settle the agreed price and coupon amount on the next trading day through the theme of the exchange and the form of treasury bonds for derivatives trading.
4. Transaction costs of treasury bonds, cash bonds and treasury bonds transactions
, the repurchase transaction fees and subscription of new bonds are as follows (all government bond transactions are exempt from stamp duty):
Transaction costs for subscription of new bonds: investors are exempt from registration fees for subscription of new bonds.
The starting point of the transaction cost of spot bond trading is 5 yuan, which does not exceed 0. 1% of the turnover.
Compilation method: the trading code of listed national debt is listed in the national debt market of Shenzhen Stock Exchange, and the trading code is compiled as follows:
19+ published rules (1 bit)+period (median)
(8) Book-entry treasury bonds 1999, with the transaction code of Treasury bonds issued in 2000 (4) 1998 and the transaction code of 1904.
All kinds of government bonds, government bond market, there are five listed on the Shanghai Stock Exchange, its trading code is:
There are two kinds of US Treasury bonds issued on 1996 and listed on the Shanghai Stock Exchange, namely Treasury bonds (transaction code 000696) and 1996 (6) book-entry Treasury bonds (5) book-entry Treasury bonds 1996 (transaction code 000896).
1997 to 1999 Treasury bond transaction code:
00+ first year of issuance (2 digits)+term of national debt (2 digits)
1999 accounting type (5) national debt, transaction code 009905.
National debt problem, after 2000, transaction code:
0 1+ first year of issuance (2 digits)+bonds issued by the government (2 digits)
For example, the book-entry (4) national debt in 2000, the transaction code is 010004; 200 1 year book-entry treasury bonds (3) with the transaction code of 0 10 103.
Value determined by six kinds of government bonds
Us treasury bonds, like other bonds, are fixed-income securities with fixed future cash flows. Therefore, the theoretical value of the country's debt is discounted to determine the total present value. By calculating the theoretical value of national debt, we can find that the market overestimates or underestimates national debt, so it decides to trade.
Since government bonds trade interest-bearing bonds in the bond market, the theoretical value is calculated as follows:
V = c1(1+I)+C2/(1+) 2+...+knife/(/(1+) n+Mn/(1+)
Where V is the theoretical value of a bond, C 1, C2, ..., Knife 1, 2, ..., interest income of forward bonds; The maturity value of manganese bonds, the face value of government bonds, I am the discount rate.
The fixed coupon rate of national debt is equal to its interest income, that is, the theoretical value formula of C 1 = C2 = ... CN can be simplified as:
v = c/( 1+I)+c/( 1+i)^ 2+...+c/( 1+i)^ n+Mn/( 1+i)^ n
For example, in 2000, the book-entry treasury bonds (4) (0 10004) fluctuated in coupon rate, and the interest rate difference between them and the one-year time deposits of banks was 0.62%. It was issued on May 23, 2000, with a term of 10, taking into account the account interest rate. Assuming that the annual discount rate is 10% and the current one-year bank deposit interest rate is 2.25%, assuming that the one-year bank deposit interest rate increases by 1%, the theoretical value of the national debt on May 23, 2006 is 55438+0: br/>;
v = 2.87/( 1+0. 1)3.87/( 1 +0. 1)^ 2 4.87/( 1 +0. 1)^ 3+5.87/( 1 +0. 1)^ 4
& gt6.87 /( 1 +0. 1)^ 5 7.87 /( 1 +0. 1)^ 8.87 /( 1 +0. 1)^ 7 9.87 /( 1 +0. 1)^ 8
10.87 /( 1 + 0. 1)^ 9 + 100 /( 1 +0. 1)^ 9
= 80.08 yuan
696 national debt (000696), coupon rate 1 1.83%, term 10 year, annual interest payment date 14, assuming annual discount rate 10%, June 2000/kloc-0.
v = 1 1.83/( 1+0. 1) 1 1.83/( 1)0. 1)^ 2 1 1.83/( 1 +0. 1)^ 3 1 1.83/( 1 +0. 1)^ 4
1 1.83 /( 1 +0. 1)^ 5 1 1.83 /( 1 + 0. 1)^ 6 + 100 /( 1 +0. 1)^ 6
= 107.97 (yuan)
On the 7th, when the value or price of government bonds is known, it is determined.
& gt
We can calculate the yield index of the remaining maturity national debt and interest-bearing national debt to guide the investment decision. For investors, the important indicators of output are as follows:
1。 Direct income:
The calculation of direct yield is very simple. Just divide the market price of government bonds by the annual interest. I = C/P0。
2。 Maturity date:
Yield to maturity is equal to the sum of the current market price and the present value of the future cash flow of the output bonds. Yield to maturity is the most important indicator. Several important assumptions about the calculation of national debt to maturity date: (1) holding bonds to maturity date; (2) If the interest income is reinvested, the return on investment is equal to yield to maturity. should
Yield to maturity's calculation formula is:
v = c 1/( 1+I)+C2/( 1+i)^ 2 +)...+cn/( 1+i)^ n+Mn/( 1+i)^ n
The calculation of daily output at maturity is complicated, and the yield to maturity of bonds included by computer software is obtained according to different prices, interest rates and repayment schedules. Interpolation can only be used when the above tools are used to find yield to maturity.
For example, in June of 14, the market price of 696 national debt in 2000 was 142. 15 yuan, which was excellent for six years. Yield to maturity's calculation method is as follows:
142. 15 = 1 1.83/( 1+I) 1 1.83/( 1+i)^ 2 1 1.83/( 1+i)^ 3 1 1.83/(65438
1 1.83/( 1+i)^ 5 1 1.83/( 1 +)^ 6 100/( 1 +( 1))^ 6
Interpolation, assuming i = 4%%, right side of equation (1):
v 1 = 1 1.83/( 1+0.04) 1 1.83/( 1 +0.04)^ 2 1 1.83/( 1 +0.04)^ 3 1 1.83/( 1 +0.04)^ 4 65438
If yield to maturity is less than 4%, I = 3% (1), and the right hand side is as follows:
v2 = 1 1.83/( 1+0.03) 1 1.83/( 1 +0.03)^ 2 1 1.83/( 1 +0.03)^ 3 1 1 .83/( 1 +0.03)^ 4 165438 142. 15
Yield to maturity is 3%-4%, and yield to maturity with interpolation can be calculated as follows:
(4%-I)/(4%-3%)=( 14 1.05- 142. 15)/( 14 1.05- 147.83)
= 3.84% available.
3。 Holding period yield:
Investors are generally more concerned about the yield of government bonds held in a certain period of time and the yield of holding period.
Holding period yield formula: I =(P2-P 1+I)/ P 1.
P 1 is the price for investors to buy government bonds, P2 is the price for investors to sell government bonds, and it is the interest income of investors during my holding.
For example, investors bought 154.25 yuan 696 on May 22, 2000, and sold 148.65 yuan 200 1 on May 22, 2000, holding it for one year and buying government bonds (000696) during the holding period. The government bonds to be noted are bonds payable (165438).
=( 148.65- 154.25 1 1.83)/ 154.25 = 4.04%
Many-
2003-12-1714: 21update source: caizhi. com1/page.
From June 1 65438+1October1,20% income tax will be implemented, and savings deposits, bonds and debt interest will be exempted from income tax. The graded interest rate is slightly higher than the savings deposit rate in the same period, so it looks more "golden" than many people think. It is always "not wrong" to choose national debt. Actually, this is a misunderstanding. Although there are many advantages, savings and national debt also have their disadvantages. It is better to get no more income than savings deposits than to buy government bonds. Residents' investment should be analyzed and estimated. Major national debt today:
Internal employee inventory processing procedures should be clear. ...
China's coal output will reach1600 million tons this year. ...
The broker went through a year of hardships. ...
The disadvantage of early withdrawal is that you have to pay 2% of the handling fee principal. The principal amount is 10000 yuan. For example, if you choose 1 year and 2-year savings, the maturity interest rates are 2.25% and 2.43% respectively, and the interest is 225 yuan and 486 yuan respectively. After deducting 20% interest tax respectively, the interest income is 180 yuan and 388.8 yuan. If emergency is selected, 1.8% and 1.98% are respectively 180 yuan and 396 yuan according to interest, excluding interest. After deducting the handling fee of 2% in 20 yuan, the capital gains are 160 yuan and 376 yuan, while in 20 yuan, they are 12.8 yuan, which are respectively lower than the savings deposits (bonds can also be pledged as loans).
It can be seen that from the perspective of residents who combine savings with the yield of national debt, if the funds are not prepared for other purposes for a long time, local governments have a better choice to buy national debt. If they are used for other purposes, it is more cost-effective to save them and choose a suitable shelf life. Especially for early withdrawal within one year, the national debt does not bear interest, plus 2% of the principal of the expenses that must be paid. In this case, the benefits of buying government bonds are a better choice. Therefore, residents should not blindly buy government bonds, and the flexibility of investment should depend on my financial situation.