【摘要】：長期以來我國貨幣市場一直缺乏一個能夠正確反映借貸資金供求關(guān)系的市場化利率,而Shibor借鑒了國外Libor的經(jīng)驗,自推出以來就被作為我國的貨幣市場的基準(zhǔn)利率而培養(yǎng),因此如何推進(jìn)Shibor在貨幣市場的基準(zhǔn)性地位成為重要的課題。 本文研究采用實證分析和比較分析的方法,從Shibor的運行為切入點,著重研究了Shibor在貨幣市場的基準(zhǔn)性,通過系統(tǒng)的梳理和深入的分析,認(rèn)為Shibor拆借規(guī)模小、報價行報價水平低、與Shibor掛鉤的金融衍生品少。作者通過計量的方法對這些問題進(jìn)行深入分析,認(rèn)為Shibor存在的不足的原因是由于中長期Shibor基準(zhǔn)性還存在不足,在貨幣政策中的影響不夠。筆者通過借鑒Libor和FFR的運行經(jīng)驗指出,要完善Shibor的發(fā)展就必須要豐富市場參與者、提高報價行的報價能力、完善報價機制、建立以Shibor為傳導(dǎo)的利率傳導(dǎo)體系。最后作者從宏觀的角度結(jié)合國家政策對Shibor的發(fā)展前景以及發(fā)展理路提出了建議,并希望自己的研究能夠?qū)hibor的發(fā)展起到積極作用。
[Abstract]:For a long time, China's money market has been short of a market-oriented interest rate which can correctly reflect the relationship between the supply and demand of loan funds. However, Shibor has been cultivated as the benchmark interest rate of China's money market since its introduction, drawing on the experience of foreign Libor. Therefore, how to promote the benchmark status of Shibor in the money market has become an important topic. This paper adopts the method of empirical analysis and comparative analysis, from the operation of Shibor as the breakthrough point, focuses on the study of the benchmark of Shibor in the money market. Through systematic combing and in-depth analysis, it is concluded that the scale of Shibor borrowing is small and the quoted price level is low. There are few derivatives linked to the Shibor. The author makes a deep analysis of these problems through the metrological method, and thinks that the reason of the deficiency of Shibor is that there is still insufficient benchmark of Shibor in the medium and long term, and the influence in monetary policy is not enough. Based on the experience of Libor and FFR, the author points out that in order to perfect the development of Shibor, we must enrich the market participants, improve the quotation ability of quotation banks, perfect the quotation mechanism, and establish an interest rate transmission system based on Shibor. In the end, the author puts forward some suggestions on the development prospect and development of Shibor from the macro point of view, and hopes that his research can play a positive role in the development of Shibor.
【學(xué)位授予單位】：福建師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5

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