本文選題：Shibor　切入點(diǎn)：利率市場化　出處：《南京財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：利率市場化一直是我國經(jīng)濟(jì)領(lǐng)域中一個熱議話題,隨著我國加入WTO和經(jīng)濟(jì)金融改革的深化,來自各方的聲音要求放開利率管制,利率市場化勢在必行。我國利率市場化采用了漸進(jìn)改革的方式,首先是2004年放開外幣存貸款利率,然后是同年放開了商業(yè)銀行的存、貸款定價權(quán),再者是對貨幣市場交易、商業(yè)票據(jù)、金融債等領(lǐng)域?qū)嵭惺袌龌▋r,最后是擴(kuò)大商業(yè)性住房貸款的利率浮動范圍。長期以來,我國的利率都呈現(xiàn)出受管制的狀態(tài),是貨幣政策意圖的風(fēng)向標(biāo),利率市場化程度不高,無論是貨幣市場、外匯市場還是債券市場,甚至是金融衍生品市場,幾乎沒有金融創(chuàng)新,產(chǎn)品的定價缺乏基準(zhǔn)利率,定價公允性不高,導(dǎo)致我國金融市場化程度低,發(fā)展腳步緩慢。因此在推進(jìn)利率市場化進(jìn)程中,央行在2007年1月4日推出了以上海銀行間同業(yè)拆放利率(Shanghai Interbank Offered Rate,簡稱Shibor)為核心的成為各個金融市場間樞紐的基準(zhǔn)利率體系,Shibor的推出不僅有利于貨幣政策的實(shí)施,更是有利于與Shibor相掛鉤的一系列金融創(chuàng)新產(chǎn)品的發(fā)展,央行打造Shibor的初衷就是為了“進(jìn)一步推動利率市場化,培養(yǎng)中國貨幣市場基準(zhǔn)利率,提高金融機(jī)構(gòu)自主定價的能力,更好的完善貨幣傳導(dǎo)機(jī)制�！弊�2007年1月Shibor推出以來,其功能和地位一直受到有關(guān)人士的關(guān)注,在肯定和質(zhì)疑聲中Shibor已走過了五年多的發(fā)展歷程,如今再看,Shibor是否已經(jīng)具備了基準(zhǔn)利率該有的特征?能否可以扮演貨幣市場基準(zhǔn)利率的角色?它的市場化發(fā)展程度究竟如何?是否達(dá)到人民銀行推出時所期望的效果,是否真正實(shí)現(xiàn)了市場化?對于這些問題,本文展開了對Shibor利率市場化發(fā)展?fàn)顩r的實(shí)證研究,本文主要分為以下幾個方面：第一章是緒論部分,首先論述了本文的選題背景以及研究意義,同時進(jìn)行文獻(xiàn)綜述,分為國外和國內(nèi)兩部分,國外的研究主要圍繞在利率自由化這個主題,而國內(nèi)對于Shibor的研究主要集中在Shibor是否能成為貨幣市場基準(zhǔn)利率的討論,對于國內(nèi)的研究分為兩個部分進(jìn)行闡述,分別是Shibor推出之前和推出之后。為后文的研究做了理論的鋪墊。第二章闡述了Shibor的產(chǎn)生、發(fā)展和主要功能。首先介紹了我國利率市場化的進(jìn)程,分為四個階段,緊接著分析了Shibor在我國利率市場化過程中所起的作用。本章第二個部分則是詳細(xì)闡述了Shibor的內(nèi)容,包括相關(guān)的概念、Shibor是如何產(chǎn)生的、報價行的選取、報價規(guī)則、Shibor的品種等等。第三個部分則是分析了Shibor市場的主要功能,分別從宏觀調(diào)控和金融產(chǎn)品定價兩個方面進(jìn)行。第三章是本文的主體部分,分為兩個部分,首先對Shibor的現(xiàn)行運(yùn)行狀況進(jìn)行了分析,運(yùn)用定性和定量的方法,通過數(shù)據(jù)的呈現(xiàn),對Shibor從2007年運(yùn)行至今的發(fā)展情況進(jìn)行闡述和分析,其次從六個方面分析了Shibor的發(fā)展?fàn)顩r,第一研究Shibor自身各利率期限結(jié)構(gòu)之間的相關(guān)性,第二研究了Shibor與其他市場利率之間的相關(guān)性,本文選取的是銀行間債券回購利率和銀行間同業(yè)拆借利率；第三對Shibor與貨幣政策指標(biāo)M2之間的相關(guān)性進(jìn)行研究,旨在探索Shibor對于宏觀貨幣政策的傳導(dǎo)效應(yīng)以及聯(lián)動關(guān)系,第四研究了Shibor與宏觀經(jīng)濟(jì)指標(biāo)之間的聯(lián)動效應(yīng),本文選取了國民生產(chǎn)總值(GDP)和居民消費(fèi)指數(shù)(CPI)；第五則是對Shibor與國際利率之間的聯(lián)動效應(yīng)進(jìn)行了研究,目的在于發(fā)現(xiàn)國際利率水平對Shibor是否有影響,本文選取了倫敦銀行同業(yè)協(xié)會拆借利率LIBOR作為短期國際利率水平的指標(biāo)；最后一部分對比了不同期限的Shibor市場化程度,試圖找出發(fā)展最成熟,市場化程度最高的品種。第四章是本文的實(shí)證研究的結(jié)論和政策建議。分析了Shibor存在的問題和限制發(fā)展的因素。為進(jìn)一步推進(jìn)Shibor作為我國市場基準(zhǔn)利率提供改進(jìn)的方向,提供了建議。
[Abstract]:The interest rate market has been a hot topic in the field of China's economy, with the deepening of China's accession to the WTO and the economic and financial reform, voices from all sides for liberalization of interest rates, the interest rate market imperative. China's interest rate market with a gradual reform, the first is the 2004 release of foreign currency deposit and loan interest rates. Then let go of the commercial bank deposit and loan pricing, the same year, in addition to money market transactions, commercial bills, financial bonds and other areas of the implementation of market pricing, the last is to expand the commercial housing loan interest rate floating range. For a long time, the interest rate of our country are under the control of the state's monetary policy the intention of the vane, marketization of interest rate is not high, whether it is the money market, foreign exchange market or the bond market, and even the financial derivatives market, almost no financial innovation, lack of product pricing benchmark Rate of fair pricing is not high, leading to the low level of financial market in our country, the pace of development is slow. In order to promote the process of marketization of interest rates, the central bank launched in January 4, 2007 by the Shanghai interbank offered rate (Shanghai Interbank Offered Rate, referred to as Shibor) as the core to become the benchmark interest rate system of each financial market hub Shibor, not only conducive to the implementation of monetary policy, it is conducive to the development of Shibor and linked to a series of innovative financial products, the central bank to create a Shibor's intention is to further promote the interest rate market, cultivating the benchmark interest rate China money market, improve the ability of independent pricing of financial institutions, to improve the monetary transmission mechanism better. "Since its launch in January 2007 Shibor, its function and status has been the concern, and certainly in the voices of doubt Shibor has gone through five years The course of development, today again, whether Shibor has some of the characteristics of the benchmark interest rate? Whether can play the role of money market benchmark interest rate marketization and its level of development? How? Whether to meet the expectations of the people's Bank launched the effect, whether truly market? For these problems, this paper carried out an empirical study on the status of the development of the market interest rate of Shibor, this paper is mainly divided into the following aspects: the first chapter is the introduction part, firstly discusses the background and significance of the research, the literature review is divided into two parts at home and abroad, study abroad mainly focus on this theme in the interest rate free, while domestic the research of Shibor mainly focus on whether Shibor can become a discussion of money market benchmark interest rate, the domestic research is divided into two parts, respectively is Shibor Before and after the launch of the launch. After the study for the theory. The second chapter of the Shibor generation, development and main functions. First introduced our interest rate marketization process, is divided into four stages, followed by an analysis of Shibor in the process of China's market-oriented interest rate in effect this chapter. The second part is the elaboration of the contents of Shibor, including the related concept, Shibor is how to produce, selection, line bidding rules, the variety of Shibor and so on. The third part is the analysis of the main functions of the Shibor market, macro-control and financial products respectively from two aspects of macro pricing. The third chapter is the main part of this paper is divided into two parts, the first of Shibor's current operating conditions were analyzed using qualitative and quantitative methods, the data show, Shibor from 2007 to run so far the development of the situation For the description and analysis, then analyzes the development condition of Shibor from six aspects, the first study of correlation between different Shibor term structure of interest rate. Second to study the correlation between Shibor and other market interest rates, this paper selects the inter-bank bond repo rate and interbank lending rates; third to study the correlation between indicators Shibor M2 and monetary policy, in order to explore the Shibor for the transmission effect of monetary policy and macro linkage relationship, fourth of the linkage effect between Shibor and macroeconomic indicators, this paper selects the gross national product (GDP) and the consumer price index (CPI); the fifth is the linkage effect between Shibor and the international interest rate the study aims to discover whether international interest rates have an impact on Shibor, this paper selects the London Interbank Offered Rate LIBOR as short Association International interest rate index; the last part compares the Shibor degree of marketization in different period, and tries to find out the most mature varieties, the highest level of the market. The fourth chapter is the empirical research conclusions and policy suggestions. Analysis of the factors in the development of the problems and limitations of Shibor. In order to improve the direction as China's benchmark interest rate to further promote the Shibor, to provide recommendations.

【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.5

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