本文選題：SHIBOR + 利率市場化��； 參考：《天津財(cái)經(jīng)大學(xué)》2011年碩士論文

【摘要】：基準(zhǔn)利率的確定是我國利率市場化改革的關(guān)鍵一步,然而選取何種利率作為我國金融市場的基準(zhǔn)利率問題遲遲沒有定論,這不僅拖延了我國利率自由化、匯率自由化的進(jìn)程,更阻礙了金融市場的全面發(fā)展。選取合適的利率作為我國金融市場的基準(zhǔn)利率已經(jīng)時(shí)不我待。 2007年中國人民銀行推出的上海銀行間同業(yè)拆借利率(SHIBOR)為基準(zhǔn)利率的確定提供了新的選擇。SHIBOR符合作為基準(zhǔn)利率的各項(xiàng)基本條件,自正式運(yùn)行以來走勢穩(wěn)定,數(shù)據(jù)連續(xù),已有許多金融產(chǎn)品的定價(jià)主動(dòng)與之掛鉤。SHIBOR在我國貨幣市場,乃至整個(gè)金融市場的影響力正在迅速提高。 為此,許多學(xué)者提出了將SHIBOR作為我國金融市場基準(zhǔn)利率的建議,并通過各個(gè)角度的研究,分析了該建議的可行性；相反,也有許多學(xué)者認(rèn)為SHIBOR存在某些缺陷,仍需繼續(xù)成長,目前尚不足以充當(dāng)我國的基準(zhǔn)利率。因此,SHIBOR是否適合作為我國的基準(zhǔn)利率是急需解決的問題。 本文在前人大量研究的基礎(chǔ)上進(jìn)一步驗(yàn)證了SHIBOR作為我國基準(zhǔn)利率的可行性。本文從經(jīng)典的利率決定理論入手,說明了市場經(jīng)濟(jì)環(huán)境中基準(zhǔn)利率的重要作用,后以基準(zhǔn)利率的四個(gè)特點(diǎn)反觀SHIBOR,定性的得出SHIBOR基本符合作為基準(zhǔn)利率要求的結(jié)論,接著通過實(shí)證檢驗(yàn)論證結(jié)論,最后從完善貨幣市場、推動(dòng)信用評(píng)級(jí)機(jī)制發(fā)展、加強(qiáng)SHIBOR衍生品開發(fā)以及推動(dòng)利率產(chǎn)品定價(jià)與SHIBOR掛鉤等角度給出了進(jìn)一步完善SHIBOR的幾點(diǎn)政策建議。
[Abstract]:The determination of benchmark interest rate is a key step in the reform of interest rate marketization in China. However, the question of which interest rate should be chosen as the benchmark interest rate in China's financial market has not been settled yet, which not only delays the process of interest rate liberalization and exchange rate liberalization in our country.It also hinders the overall development of financial markets.There is no time to choose the appropriate interest rate as the benchmark interest rate of our financial market.The Shanghai Interbank offered rate (SHIBORR), launched by the people's Bank of China in 2007, provides a new choice for the determination of the benchmark interest rate. SHIBOR meets the basic conditions of the benchmark interest rate. It has been stable since its formal operation, with continuous data.There are many financial products pricing initiative linked to it. SHIBOR in China's money market and even the financial market as a whole the influence is rapidly increasing.For this reason, many scholars have put forward the proposal of using SHIBOR as the benchmark interest rate of our financial market, and analyzed the feasibility of the proposal through the study of various angles. On the contrary, many scholars think that SHIBOR has some defects and still needs to continue to grow.At present, it is not enough to serve as our country's benchmark interest rate.Therefore, whether SHIBOR is suitable as the benchmark interest rate in China is an urgent problem to be solved.This paper further verifies the feasibility of SHIBOR as China's benchmark interest rate based on a large number of previous studies.Starting from the classical interest rate determination theory, this paper explains the important role of benchmark interest rate in the market economy environment, and then reviews the four characteristics of the benchmark interest rate, and qualitatively draws the conclusion that SHIBOR basically meets the requirements of the benchmark interest rate.At last, some policy suggestions are given to perfect the SHIBOR from the perspectives of perfecting the money market, promoting the development of credit rating mechanism, strengthening the development of SHIBOR derivatives, and pushing the pricing of interest rate products to be linked to SHIBOR.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：F822.0;F224

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 賈星博;我國融券費(fèi)率定價(jià)的實(shí)證分析[D];西南財(cái)經(jīng)大學(xué);2012年

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本文編號(hào)：1735805