利率市场化的微观金融影响简析

发布时间：2018-01-18 10:34

本文关键词：利率市场化的微观金融影响简析　出处：《经贸实践》2015年12期 　论文类型：期刊论文

【摘要】：正利率市场化作为金融深化的一大重要组成部分可以直接影响金融市场的运作效率,从而改变资金的分配情况,影响资源的优化配置。本文从微观金融的角度出发分析利率市场化给整个金融市场微观主体带来的影响。本文拟从两个层面分析利率市场化对于金融市场的影响,即:利率市场化对资本市场定价的影响以及均衡汇率的形成对企业利润及风控的影响。一、利率市场化与资本市场定价由Merton提出的Merton模型巧妙地诠释了资本市场的定价规律。Merton模型从会计资产负债表基本等式Asset(A)=Equity(E)+Debt(D)出发,假定负债D在一定时期内保持不变,总资产价值A的波动率保持稳定,而净资产E全部为二级市场的流通股总价值,那么会计等式的各个变量满足下列关系:(一)当总资产A大于负债D时,债权人获得全部债券收益D,
[Abstract]:As an important part of financial deepening, the marketization of positive interest rate can directly affect the efficiency of financial market operation and thus change the distribution of funds. This paper analyzes the influence of interest rate marketization on the micro subject of the whole financial market from the angle of microfinance. This paper intends to analyze the influence of interest rate marketization on the financial market from two aspects. . That is, the impact of interest rate marketization on capital market pricing and the formation of equilibrium exchange rate on corporate profits and risk control. Interest rate marketization and Capital Market pricing Merton Model proposed by Merton explains the pricing Law of Capital Market skillfully .Merton Model from the basic equation Asse of Accounting balance sheet. T (. () DebtDo. () A / A / A / E / A / A / A / A / E / D). Assuming that the liability D remains constant for a certain period of time, the volatility of total asset value A remains stable, while the net asset E is all the total value of tradable shares in the secondary market. Well, each variable of the accounting equation satisfies the following relationship: (1) when the total asset A is greater than the liability D, the creditor obtains the full bond yield D.
【作者单位】：云南大学发展研究院;
【分类号】：F831.5
【正文快照】： 利率市场化作为金融深化的一大重要组成部分可以直接影响金融市场的运作效率,从而改变资金的分配情况,影响资源的优化配置。本文从微观金融的角度出发分析利率市场化给整个金融市场微观主体带来的影响。本文拟从两个层面分析利率市场化对于金融市场的影响,即:利率市场化对资本

【相似文献】