商业银行票据贴现利率的市场化转型——以Shibor为基准的定价模型研究

发布时间：2018-08-25 08:32

【摘要】：中国人民银行规定商业银行实行基于再贴现率加点生成贴现利率的票据定价模式。在中国票据市场快速发展过程中,由于货币政策调整和利率市场化进程等因素,使得票据贴现利率波动频繁并逐步显现出基于再贴现利率基准定价模式的缺陷,主要包括贴现利率存在跌破再贴现利率的背离现象、贴现利率定价模式未体现票据市场化程度、再贴现利率的货币传导功能逐步弱化等。本文提出票据贴现利率采取基于Shibor加点差的定价模式具有资金成本依据和契合票据业务特点等方面的优势,并具有推进利率市场化、沟通不同金融市场联系和促进货币政策传导等作用。
[Abstract]:The people's Bank of China prescribes that commercial banks should adopt the bill pricing model based on the rediscount rate plus point to generate discount interest rate. In the rapid development of China's paper market, due to the adjustment of monetary policy and the process of interest rate marketization, the discount interest rate fluctuates frequently and gradually shows the defects of benchmark pricing model based on rediscount interest rate. It mainly includes the phenomenon that discount interest rate deviates from rediscount interest rate, the pricing mode of discount interest rate does not reflect the marketization degree of paper, and the monetary conduction function of rediscount interest rate is gradually weakened. This paper puts forward that the pricing mode of discount interest rate based on Shibor has the advantages of capital cost basis and matching the characteristics of bill business, and it also has the advantage of promoting the marketization of interest rate. Communicate with different financial markets and promote the transmission of monetary policy and so on.
【作者单位】：中国工商银行票据营业部;
【分类号】：F832.33

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