香港离岸人民币债券市场发展及收益率模型

发布时间：2018-04-17 10:08

本文选题：离岸市场 + 债券　；参考：《上海交通大学》2012年硕士论文

【摘要】：随着人民币国际化进程的加速，人民币作为结算手段和国际储备手段不断为境外主体所接受和使用，境外人民币的存量迅速增加，形成了较强的投资需求。在这个发展潮流中，香港离岸人民币债券市场对于优化人民币定价体系、提供人民币投资产品、建立人民币合理回流具有重要作用，对人民币国际化具有重大意义。本文首先从香港离岸人民币债券市场的发展历程入手，分析香港离岸人民币债券市场的特点及市场状况，接着着眼于离岸债券市场的收益率，介绍当前可用于债券市场收益率分析的金融理论和方法，，包括利率平价理论和债券定价原理等理论知识。然后，从实证入手，借助回归和检验等方法，分析香港离岸人民币债券市场收益率的影响因素。主要结论有：离岸人民币债券收益率受到人民币升值预期、香港人民币存款量及人民币离岸中央政府债券收益率的显著影响，并且，人民币升值预期对与离岸人民币债券收益率有可置信的引导作用。之后，再着手于实务，分析了目前香港离岸人民币回流中国内地的机制。最后，对香港离岸人民币债券市场的发展前景进行了分析与展望。通过研究，旨在为认识香港离岸人民币市场的规律及实践工作提供一些参考。
[Abstract]:With the acceleration of RMB internationalization, RMB, as a means of settlement and international reserve, has been accepted and used by foreign subjects, and the stock of offshore RMB has increased rapidly, forming a strong investment demand.In this development trend, the offshore RMB bond market in Hong Kong plays an important role in optimizing the RMB pricing system, providing RMB investment products, and establishing a reasonable return of RMB, which is of great significance to the internationalization of RMB.This paper begins with the development of offshore RMB bond market in Hong Kong, analyzes the characteristics and market situation of offshore RMB bond market in Hong Kong, and then focuses on the yield of offshore bond market.This paper introduces the current financial theories and methods which can be used to analyze the yield of bond market, including the theory of interest rate parity and the theory of bond pricing.Then, by means of regression and test, this paper analyzes the factors influencing the yield of offshore RMB bond market in Hong Kong.The main conclusions are as follows: the yield of offshore RMB bonds is significantly affected by the expectation of RMB appreciation, the amount of renminbi deposits in Hong Kong and the yield of RMB offshore central government bonds, and,The expectation of RMB appreciation can guide the yield of offshore RMB bond.After that, the paper analyzes the mechanism of offshore RMB reflux to mainland China.Finally, the development prospect of offshore RMB bond market in Hong Kong is analyzed and forecasted.The purpose of this study is to provide some references for understanding the law and practice of offshore RMB market in Hong Kong.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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