中期票据市场回顾及发行利率实证分析

发布时间：2018-05-10 08:47

本文选题：中期票据 + 市场　；参考：《湖北社会科学》2010年06期

【摘要】：作为一种新型的债券,中期票据提供了一条短期和长期之间的中期融资渠道,在欧美中期票据市场发展30余年后,中国企业自2008年开始发行中期票据,在短时间内中国的中期票据市场迅速发展壮大,并越来越多地被企业采用。但同时也要看到,中国的金融体系不同于欧美金融体系,中国与欧美国家金融机构的功能和作用也有较大区别,因此我国中期票据市场的发展应在借鉴欧美中票市场发展经验的同时,更需要结合中国实际,总结中国市场的具体经验,摸索出真正适合中国国情的发展道路和方向。在此基础上,通过选取了20个月中国中期票据市场发行的相关样本数据,对基准利率、货币种类、发行期限、发行规模、发行主体信用等级、二级市场等与中期票据发行利率的关系进行了实证分析,可以发现基准利率是中票发行利率的主要参考标准,发行期限与发行利率呈正相关的关系,发行规模与发行利率呈负相关的关系,而在中国中票市场有待进一步发展壮大的情况下,币种、发行主体信用等级和二级市场对中票发行利率的影响较小。
[Abstract]:As a new type of bond, medium-term paper provides a medium term financing channel between short term and long term. After more than 30 years of development of European and American medium-term paper market, Chinese enterprises began to issue medium-term paper in 2008. In a short period of time, China's medium-term paper market grew rapidly, and more and more enterprises adopted it. But at the same time, we should also see that China's financial system is different from that of Europe and the United States, and the functions and functions of financial institutions in China and Europe and the United States are also quite different. Therefore, the development of China's medium-term bill market should draw lessons from the development experience of China's ticket market in Europe and the United States, and at the same time, it is more necessary to sum up the concrete experience of China's market and find out the way and direction of development that is really suitable for China's national conditions. On this basis, by selecting the relevant sample data of China's medium-term paper market for 20 months, the benchmark interest rate, currency type, issue term, issuance scale, credit rating of the issuer are analyzed. Based on the empirical analysis of the relationship between the secondary market and the medium-term interest rate, it can be found that the benchmark interest rate is the main reference standard of the issuing interest rate, and the issue term is positively correlated with the issuing interest rate. There is a negative correlation between the issuing scale and the issuing interest rate, but the currency, the credit grade of the issuer and the secondary market have little influence on the interest rate of the issuing interest in the case that the Chinese ticket market needs to be further developed and strengthened.
【作者单位】：中国人民大学;
【分类号】：F832.51

【相似文献】