Shibor运行的现实考察和发展理路
发布时间：2018-10-10 12:51
【摘要】：长期以来我国货币市场一直缺乏一个能够正确反映借贷资金供求关系的市场化利率,而Shibor借鉴了国外Libor的经验,自推出以来就被作为我国的货币市场的基准利率而培养,因此如何推进Shibor在货币市场的基准性地位成为重要的课题。 本文研究采用实证分析和比较分析的方法,从Shibor的运行为切入点,着重研究了Shibor在货币市场的基准性,通过系统的梳理和深入的分析,认为Shibor拆借规模小、报价行报价水平低、与Shibor挂钩的金融衍生品少。作者通过计量的方法对这些问题进行深入分析,认为Shibor存在的不足的原因是由于中长期Shibor基准性还存在不足,在货币政策中的影响不够。笔者通过借鉴Libor和FFR的运行经验指出,要完善Shibor的发展就必须要丰富市场参与者、提高报价行的报价能力、完善报价机制、建立以Shibor为传导的利率传导体系。最后作者从宏观的角度结合国家政策对Shibor的发展前景以及发展理路提出了建议,并希望自己的研究能够对Shibor的发展起到积极作用。
[Abstract]:For a long time, China's money market has been short of a market-oriented interest rate which can correctly reflect the relationship between the supply and demand of loan funds. However, Shibor has been cultivated as the benchmark interest rate of China's money market since its introduction, drawing on the experience of foreign Libor. Therefore, how to promote the benchmark status of Shibor in the money market has become an important topic. This paper adopts the method of empirical analysis and comparative analysis, from the operation of Shibor as the breakthrough point, focuses on the study of the benchmark of Shibor in the money market. Through systematic combing and in-depth analysis, it is concluded that the scale of Shibor borrowing is small and the quoted price level is low. There are few derivatives linked to the Shibor. The author makes a deep analysis of these problems through the metrological method, and thinks that the reason of the deficiency of Shibor is that there is still insufficient benchmark of Shibor in the medium and long term, and the influence in monetary policy is not enough. Based on the experience of Libor and FFR, the author points out that in order to perfect the development of Shibor, we must enrich the market participants, improve the quotation ability of quotation banks, perfect the quotation mechanism, and establish an interest rate transmission system based on Shibor. In the end, the author puts forward some suggestions on the development prospect and development of Shibor from the macro point of view, and hopes that his research can play a positive role in the development of Shibor.
【学位授予单位】：福建师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5
本文编号：2261835
[Abstract]:For a long time, China's money market has been short of a market-oriented interest rate which can correctly reflect the relationship between the supply and demand of loan funds. However, Shibor has been cultivated as the benchmark interest rate of China's money market since its introduction, drawing on the experience of foreign Libor. Therefore, how to promote the benchmark status of Shibor in the money market has become an important topic. This paper adopts the method of empirical analysis and comparative analysis, from the operation of Shibor as the breakthrough point, focuses on the study of the benchmark of Shibor in the money market. Through systematic combing and in-depth analysis, it is concluded that the scale of Shibor borrowing is small and the quoted price level is low. There are few derivatives linked to the Shibor. The author makes a deep analysis of these problems through the metrological method, and thinks that the reason of the deficiency of Shibor is that there is still insufficient benchmark of Shibor in the medium and long term, and the influence in monetary policy is not enough. Based on the experience of Libor and FFR, the author points out that in order to perfect the development of Shibor, we must enrich the market participants, improve the quotation ability of quotation banks, perfect the quotation mechanism, and establish an interest rate transmission system based on Shibor. In the end, the author puts forward some suggestions on the development prospect and development of Shibor from the macro point of view, and hopes that his research can play a positive role in the development of Shibor.
【学位授予单位】：福建师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5
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