本研究旨在探討台灣債券市場流動性不足之制度性原因，並以日本與新加坡為比較對象。台灣雖已具備一定債券發行規模，並建立公開標售、定期適量發行、資訊揭露平台及中央公債主要交易商制度等基礎設施，惟次級市場交易仍不活絡，市場規模尚未有效轉化為交易流動性。
本研究採比較制度分析法，從市場結構、交易制度、資訊揭露、造市安排、稅制與法規誘因，以及央行與財政部政策工具等面向，檢視台灣、日本與新加坡債券市場之制度差異。研究發現，台灣債券市場流動性不足係由投資人結構集中、買進持有文化明顯、報價資訊即時性不足、造市誘因有限及政策工具整合不足等因素共同造成。
本文建議，台灣應強化公債市場價格發現功能，健全主要交易商制度與回購市場，並建立跨部會債券市場發展機制，使債券市場由單純融資平台，逐步轉型為支撐固定收益商品定價、金融機構資產配置與資本市場深化之基礎設施。

This study examines the institutional factors underlying the insufficient liquidity of Taiwan’s bond market, using Japan and Singapore as comparative cases. Although Taiwan has developed a certain scale of bond issuance and established mechanisms such as public auctions, regular issuance, information disclosure platforms, and a primary dealer system for central government bonds, secondary market trading remains inactive, and market size has not been effectively transformed into trading liquidity.
Adopting a comparative institutional analysis approach, this study compares Taiwan, Japan, and Singapore in terms of market structure, trading mechanisms, information disclosure, market-making arrangements, tax and regulatory incentives, and the policy tools of central banks and fiscal authorities. The study finds that Taiwan’s bond market liquidity problem results from concentrated investor structure, a pronounced buy-and-hold culture, limited real-time quotation information, insufficient market-making incentives, and inadequate coordination among policy tools.
This study suggests that Taiwan should strengthen the price discovery function of the government bond market, improve the primary dealer system and repo market, and establish an inter-agency mechanism for bond market development. These reforms would help transform Taiwan’s bond market from a financing-oriented platform into essential infrastructure for fixed-income pricing, institutional asset allocation, and capital market development.

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