【摘要】：所謂債券回購交易是指市場參與者之間通過一對一方式達(dá)成的、基于固定收益類有價證券的回購交易，包括債券質(zhì)押式回購交易和債券買斷式回購交易。隨著債券市場跨越式發(fā)展，債券回購市場已經(jīng)成為市場參與者進(jìn)行短期融資、流動性管理的主要場所，成為人民銀行進(jìn)行公開市場操作、實(shí)現(xiàn)貨幣政策傳導(dǎo)的重要平臺。 1996年，中國銀行間債券市場成立，是我國債券市場發(fā)展的重大事件，標(biāo)志著我國債券市場走向成熟。在我國債券市場上，商業(yè)銀行是不可或缺的力量。銀行間債券市場的建立更加有利于發(fā)揮商業(yè)銀行的優(yōu)勢。銀行間債券市場剛剛建立的時候，市場參與者只有商業(yè)銀行這一類市場主體。經(jīng)過不斷的發(fā)展，市場參與者擴(kuò)大到一般的金融企業(yè)包括證券公司、保險公司和基金公司等金融類企業(yè)，市場的規(guī)模更有了顯著的增長，眾多的創(chuàng)新產(chǎn)品被推出，銀行間債券市場的交易更加的豐富。當(dāng)前，銀行間債券市場是中國債券市場的主力，交易所交易市場是中國債券市場的重要的組成部分，商業(yè)銀行柜臺是中國債券市場的重要補(bǔ)充。 銀行間債券回購利率的每一次波動是市場參與者資金需求和供給相互作用的結(jié)果，同時，它的變動會傳遞出宏觀經(jīng)濟(jì)形式、國家貨幣政策和國際金融市場的變動�？紤]到回購利率與我國眾多經(jīng)濟(jì)變量的聯(lián)動的關(guān)系，本文將幾個經(jīng)濟(jì)變量作為影響回購利率變動的因素，并進(jìn)行了實(shí)證分析，研究它們對銀行間債券市場的影響程度，得出一定的研究結(jié)論。 依據(jù)西方經(jīng)濟(jì)學(xué)關(guān)于利率方面的理論，運(yùn)用凱恩斯的流動偏好理論和可貸資金理論分析銀行間債券回購利率的影響因素，運(yùn)用實(shí)證分析，進(jìn)一步得出本文中所選取的不同影響因素對回購利率的具體影響程度。本文選取的數(shù)據(jù)為2003年1月至2013年6月我國銀行間債券回購利率。數(shù)據(jù)具有較強(qiáng)的時效性，因?yàn)殡S著我國市場化程度的提高，金融經(jīng)濟(jì)領(lǐng)域的改革也越加迅速，，需要選用比較有代表和時效性的數(shù)據(jù)才能得出比較好的結(jié)果。通過對回購利率影響因素的實(shí)證分析，本文得出了分析結(jié)果，對這一結(jié)果進(jìn)行了一定的分析，并在后面的論述中提出了相應(yīng)的政策建議。
[Abstract]:The so-called bond repo transaction is a one-to-one repo transaction between market participants, which is based on fixed income securities, including bond pledge repo and bond buyout repo. With the development of bond market by leaps and bounds, bond repurchase market has become the main place for market participants to carry out short-term financing and liquidity management, and has become an important platform for the people's Bank of China to carry out open market operations and realize the transmission of monetary policy. In 1996, China's inter-bank bond market was established, which is an important event in the development of China's bond market and marks the maturity of China's bond market. In China's bond market, commercial banks are an indispensable force. The establishment of the interbank bond market is more conducive to giving play to the advantages of commercial banks. When the interbank bond market was established, the market participants were only commercial banks. After continuous development, market participants have been expanded to include financial enterprises such as securities companies, insurance companies and fund companies. The scale of the market has increased significantly, and many innovative products have been launched. The interbank bond market is richer in trading. At present, the interbank bond market is the main force of China's bond market, the exchange market is an important part of China's bond market, and the commercial bank counter is an important supplement to China's bond market. Each fluctuation of the interbank bond repo rate is the result of the interaction between the demand for funds and the supply of the market participants. At the same time, the fluctuation of the interbank bond repo rate will convey the change of macroeconomic form, national monetary policy and international financial market. Considering the relationship between repo interest rate and many economic variables in China, this paper takes several economic variables as the factors that influence the change of repo interest rate, and makes an empirical analysis to study their influence on the interbank bond market. A certain conclusion has been drawn. According to the theory of interest rate in western economics, using Keynes' theory of liquidity preference and the theory of loanable funds to analyze the influence factors of interbank bond repurchase rate, the empirical analysis is carried out. Further, the different factors selected in this paper affect the repo interest rate. The data selected in this paper are the interbank bond repo rate from January 2003 to June 2013. Data has a strong timeliness, because with the improvement of the degree of marketization in China, the reform of the financial and economic field is also more rapid, so it is necessary to select more representative and time-efficient data in order to get better results. Through the empirical analysis of the influencing factors of repo interest rate, this paper obtains the analysis results, analyzes this result to a certain extent, and puts forward the corresponding policy suggestions in the following discussion.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.3;F832.51

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