SHIBOR作为我国基准利率的可行性研究
发布时间:2018-04-11 11:20
本文选题:SHIBOR + 利率市场化 ; 参考:《天津财经大学》2011年硕士论文
【摘要】:基准利率的确定是我国利率市场化改革的关键一步,然而选取何种利率作为我国金融市场的基准利率问题迟迟没有定论,这不仅拖延了我国利率自由化、汇率自由化的进程,更阻碍了金融市场的全面发展。选取合适的利率作为我国金融市场的基准利率已经时不我待。 2007年中国人民银行推出的上海银行间同业拆借利率(SHIBOR)为基准利率的确定提供了新的选择。SHIBOR符合作为基准利率的各项基本条件,自正式运行以来走势稳定,数据连续,已有许多金融产品的定价主动与之挂钩。SHIBOR在我国货币市场,乃至整个金融市场的影响力正在迅速提高。 为此,许多学者提出了将SHIBOR作为我国金融市场基准利率的建议,并通过各个角度的研究,分析了该建议的可行性;相反,也有许多学者认为SHIBOR存在某些缺陷,仍需继续成长,目前尚不足以充当我国的基准利率。因此,SHIBOR是否适合作为我国的基准利率是急需解决的问题。 本文在前人大量研究的基础上进一步验证了SHIBOR作为我国基准利率的可行性。本文从经典的利率决定理论入手,说明了市场经济环境中基准利率的重要作用,后以基准利率的四个特点反观SHIBOR,定性的得出SHIBOR基本符合作为基准利率要求的结论,接着通过实证检验论证结论,最后从完善货币市场、推动信用评级机制发展、加强SHIBOR衍生品开发以及推动利率产品定价与SHIBOR挂钩等角度给出了进一步完善SHIBOR的几点政策建议。
[Abstract]:The determination of benchmark interest rate is a key step in the reform of interest rate marketization in China. However, the question of which interest rate should be chosen as the benchmark interest rate in China's financial market has not been settled yet, which not only delays the process of interest rate liberalization and exchange rate liberalization in our country.It also hinders the overall development of financial markets.There is no time to choose the appropriate interest rate as the benchmark interest rate of our financial market.The Shanghai Interbank offered rate (SHIBORR), launched by the people's Bank of China in 2007, provides a new choice for the determination of the benchmark interest rate. SHIBOR meets the basic conditions of the benchmark interest rate. It has been stable since its formal operation, with continuous data.There are many financial products pricing initiative linked to it. SHIBOR in China's money market and even the financial market as a whole the influence is rapidly increasing.For this reason, many scholars have put forward the proposal of using SHIBOR as the benchmark interest rate of our financial market, and analyzed the feasibility of the proposal through the study of various angles. On the contrary, many scholars think that SHIBOR has some defects and still needs to continue to grow.At present, it is not enough to serve as our country's benchmark interest rate.Therefore, whether SHIBOR is suitable as the benchmark interest rate in China is an urgent problem to be solved.This paper further verifies the feasibility of SHIBOR as China's benchmark interest rate based on a large number of previous studies.Starting from the classical interest rate determination theory, this paper explains the important role of benchmark interest rate in the market economy environment, and then reviews the four characteristics of the benchmark interest rate, and qualitatively draws the conclusion that SHIBOR basically meets the requirements of the benchmark interest rate.At last, some policy suggestions are given to perfect the SHIBOR from the perspectives of perfecting the money market, promoting the development of credit rating mechanism, strengthening the development of SHIBOR derivatives, and pushing the pricing of interest rate products to be linked to SHIBOR.
【学位授予单位】:天津财经大学
【学位级别】:硕士
【学位授予年份】:2011
【分类号】:F822.0;F224
【引证文献】
相关硕士学位论文 前1条
1 贾星博;我国融券费率定价的实证分析[D];西南财经大学;2012年
,本文编号:1735805
本文链接:https://www.wllwen.com/jingjilunwen/guojijinrong/1735805.html