本文選題：離岸市場 + 債券��； 參考：《上海交通大學(xué)》2012年碩士論文

【摘要】：隨著人民幣國際化進程的加速，人民幣作為結(jié)算手段和國際儲備手段不斷為境外主體所接受和使用，境外人民幣的存量迅速增加，形成了較強的投資需求。在這個發(fā)展潮流中，香港離岸人民幣債券市場對于優(yōu)化人民幣定價體系、提供人民幣投資產(chǎn)品、建立人民幣合理回流具有重要作用，對人民幣國際化具有重大意義。 本文首先從香港離岸人民幣債券市場的發(fā)展歷程入手，分析香港離岸人民幣債券市場的特點及市場狀況，接著著眼于離岸債券市場的收益率，介紹當前可用于債券市場收益率分析的金融理論和方法，，包括利率平價理論和債券定價原理等理論知識。然后，從實證入手，借助回歸和檢驗等方法，分析香港離岸人民幣債券市場收益率的影響因素。主要結(jié)論有：離岸人民幣債券收益率受到人民幣升值預(yù)期、香港人民幣存款量及人民幣離岸中央政府債券收益率的顯著影響，并且，人民幣升值預(yù)期對與離岸人民幣債券收益率有可置信的引導(dǎo)作用。之后，再著手于實務(wù)，分析了目前香港離岸人民幣回流中國內(nèi)地的機制。最后，對香港離岸人民幣債券市場的發(fā)展前景進行了分析與展望。 通過研究，旨在為認識香港離岸人民幣市場的規(guī)律及實踐工作提供一些參考。
[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.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：1763149