發(fā)布時間：2018-05-09 03:03

  本文選題：流動性 + 評級�。� 參考：《復旦大學》2013年碩士論文

【摘要】：中期票據(jù)為一種創(chuàng)新的銀行間債券品種,中期票據(jù)的發(fā)行不僅能滿足銀行間 市場的資金需求,還為企業(yè)融資低成本創(chuàng)造了新的機遇。發(fā)行中期票據(jù)對金融市場有著深遠影響。 本文主要是以中國的中期票據(jù)市場為研究對象,通過研究總結國內外有關流動性研究的文獻,然后借鑒別人的模型對中國市場流動性進行檢驗。 文章先是回顧了中國中期票據(jù)市場的發(fā)展,從2008年到2011年,中票市場無論是發(fā)行數(shù)量還是發(fā)行總額都顯著的增加,發(fā)行的債券品種也多樣化。 接著又通過模型定量的計算08-11期間發(fā)行的中票的流動性并使之與發(fā)行主體、主體評級、發(fā)行規(guī)模和發(fā)行年限進行相關性分析。發(fā)現(xiàn)流動性與公司的性質,主體評級和發(fā)行規(guī)模都有顯著相關。同時又對信用利差和流動性做了回歸分析,發(fā)現(xiàn)流動性越大,信用利差越小。 最后針對研究發(fā)現(xiàn)中國中期票據(jù)市場雖然自起步至今發(fā)展迅速,但是與發(fā)達國家相比仍然有待提高,并對此提出發(fā)展研究看法。
[Abstract]:Medium-term note is a kind of innovative interbank bond, and the issuance of medium-term note can not only satisfy the interbank. The capital demand of the market, also created new opportunity for enterprise financing low cost. The issue of mid-term notes has a profound impact on financial markets. This article mainly takes China's medium-term bill market as the research object, through the research summarizes the domestic and foreign literature about the liquidity research, then draws lessons from others' model to carry on the test to the Chinese market liquidity. The paper first reviews the development of China's medium-term paper market. From 2008 to 2011, both the amount of issuance and the total amount of issuance have increased significantly, and the variety of bonds issued is also diversified. Then the liquidity of the ticket issued in the period of 08-11 is quantitatively calculated by the model, and the correlation analysis is made between the liquidity of the ticket and the main body, the main rating, the size of the issue and the issue life. It is found that liquidity is significantly related to the nature of the company, the main rating and the size of the issue. At the same time, the regression analysis of credit spreads and liquidity shows that the greater the liquidity, the smaller the credit spreads. Finally, it is found that China's medium-term paper market has been developing rapidly since its inception, but it still needs to be improved compared with developed countries.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1864268