票据转贴价格的影响因素分析

发布时间：2018-05-13 06:19

本文选题：票据市场 + 转贴价格　；参考：《浙江大学》2017年硕士论文

【摘要】：中国票据市场通过三十多年的发展已经取得显著的成果,运行机制不断完善,市场规模不断扩大,参与主体不断增加,市场份额不断提升。中国票据市场作为利率市场化程度最高的货币子市场之一,已成为我国金融市场的重要组成部分,为国家货币政策的实施提供操作空间,对于服务中小企业、完善金融市场功能发挥不可或缺的重要作用。票据转贴市场是银行间票据交易的主要场所,是利率市场化程度较高的市场。在转贴市场中,商业银行通过票据交易实现信贷规模的调剂和资金的融通。面对日趋激烈的市场竞争,转贴价格已成为商业银行价格竞争的主要手段。分析票据转贴价格的影响因素,有助于把握市场利率的变动规律,有利于形成合理的定价机制,有益于制定有效的交易策略。为此,本文以定性与定量、理论与实际相结合,对研究对象票据转贴价格的影响因素进行分析。具体分析内容如下:首先,本文阐述了研究背景和研究意义,并且根据市场实际交易提出研究思路与方法,最后提出创新与不足。同时基于国内外票据市场的研究文献,从票据市场运行研究和票据市场利率定价研究两方面对现有研究成果进行评述和总结。其次,对英国、美国、日本和台湾地区成熟票据市场进行研究分析,总结其发展经验。对比中国票据市场的成长历程和发展现状,揭示存在的不足和面临的风险。最后,根据文献综述和理论研究的结论,结合我们票据市场的发展现状,运用统计计量方法从基准利率、资金影响因素、信贷影响因素、宏观经济影响因素和其他影响因素五方面论述票据转贴价格的影响因素进行实证分析,并根据研究结果提出相关建议和后续设想。
[Abstract]:After more than 30 years of development, China's bill market has achieved remarkable results, with the continuous improvement of the operating mechanism, the expansion of the market scale, the increasing of the participants and the increasing of the market share. As one of the most market-oriented money sub-markets, China's bill market has become an important part of China's financial market. It provides operational space for the implementation of national monetary policy and serves small and medium-sized enterprises. Improving the function of financial markets plays an indispensable and important role. Bill transfer market is the main place of interbank bill trading and the market with high interest rate marketization. In the reselling market, commercial banks realize the adjustment of the credit scale and the financing through the paper trading. In the face of increasingly fierce market competition, reselling price has become the main means of commercial bank price competition. Analyzing the influencing factors of bill reselling price is helpful to grasp the changing law of market interest rate, to form a reasonable pricing mechanism and to formulate effective trading strategy. Therefore, this paper analyzes the influencing factors of bill transfer price by qualitative and quantitative analysis, theory and practice. The specific contents are as follows: first, this paper expounds the research background and significance, and puts forward the research ideas and methods according to the actual market transactions, and finally puts forward the innovation and insufficiency. At the same time, based on the domestic and foreign paper market research literature, the paper reviews and summarizes the existing research results from two aspects: paper market operation research and bill market interest rate pricing research. Secondly, the paper analyzes the mature paper market in Britain, America, Japan and Taiwan and summarizes its development experience. By comparing the growth process and present situation of China's bill market, this paper reveals the shortcomings and risks faced by China's bill market. Finally, according to the conclusion of literature review and theoretical research, combined with the development of our paper market, the paper uses statistical measurement method to analyze the basic interest rate, capital influence factor, credit influence factor. This paper discusses the influencing factors of bill reselling price from five aspects of macroeconomic and other influencing factors, and puts forward relevant suggestions and future ideas according to the results of the research.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.2

【参考文献】