本文選題：利率市場化 + 公開市場操作��； 參考：《安徽大學(xué)》2017年碩士論文

【摘要】：2015年10月24日存款利率上限的放開標(biāo)志著中國利率市場化進(jìn)程結(jié)束。中國人民銀行作為利率管理部門,選擇何種市場起決定作用下的利率管理模式以促進(jìn)經(jīng)濟(jì)金融健康發(fā)展影響深遠(yuǎn)而重大。在介紹中國利率市場化改革及隨之進(jìn)行的利率管理模式改變的基礎(chǔ)上,提出利率市場化后現(xiàn)行利率管理模式的弊端及局限性,亟需尋求一種新型利率完全市場化下的利率管理模式。通過研究比較國際上具有代表性國家在利率市場化后采取的利率調(diào)控模式,即以美日為代表的"公開市場操作"與英國、印度的"利率走廊"的實踐效應(yīng)及優(yōu)缺點與發(fā)展趨勢,并結(jié)合中國實際情況,作者認(rèn)為"利率走廊"模式更適合中國國情,對完善中國利率市場化完成下的利率管理模式提出政策建議,包括模擬構(gòu)建利率市場化完成初期階段的"利率走廊""對市場利率予以定量引導(dǎo)調(diào)控及強(qiáng)化利率走廊配套設(shè)施建設(shè),同時加強(qiáng)行業(yè)自律管理、提高金融機(jī)構(gòu)利率定價水平和風(fēng)險防范能力等定性措施予以指導(dǎo)。首先,鑒于本文研究的背景與基礎(chǔ)是利率市場化改革,作者介紹了與其相關(guān)的概念和理論基礎(chǔ),包括"公開市場操作"、"利率走廊"、利率傳導(dǎo)機(jī)制理論等。隨后本文介紹了中國利率市場化進(jìn)程及利率管理模式的變遷,其中,利率市場化改革按時間維度劃分,包括三個進(jìn)程,第一進(jìn)程涉及銀行間市場,包括同業(yè)拆借與債券等利率;第二、三進(jìn)程涉及均為金融機(jī)構(gòu),先為貸款利率,后為存款利率。利率管理模式實現(xiàn)了由"粗放式"單軌管理模式向"半開放式"雙軌管理模式再向"基本市場化"雙軌管理模式的轉(zhuǎn)變,利率市場化完成前采取以數(shù)量型調(diào)控為主的公開市場操作對部分市場化利率引導(dǎo)與調(diào)控。其次,本文論述了利率市場化完成后現(xiàn)行利率管理模式的弊端,如影響資源的配置效率、阻礙金融機(jī)構(gòu)發(fā)展、弱化宏觀經(jīng)濟(jì)調(diào)控效果、制約中國經(jīng)濟(jì)與國際經(jīng)濟(jì)接軌、減弱數(shù)量型調(diào)控效果等,亟需利率市場化完成后一種新型市場起決定作用下的利率管理方式。為實現(xiàn)目標(biāo),尋求國際上的先進(jìn)經(jīng)驗予以指導(dǎo)國內(nèi)實踐,比較分析國際上兩種主要的利率調(diào)控模式"公開市場操作"、"利率走廊"在美國、日本、德國、歐洲、英國、加拿大、印度的實踐效應(yīng)與兩種調(diào)控方式的優(yōu)缺點及發(fā)展趨勢,發(fā)現(xiàn)"利率走廊"模式更為直接有效、更易形成穩(wěn)定合理的公眾預(yù)期、更大程度發(fā)揮市場作用等優(yōu)點,且較公開市場模式實施效果較好。在尋求國際經(jīng)驗的基礎(chǔ)上,結(jié)合中國貨幣需求穩(wěn)定性逐漸下降、數(shù)量型調(diào)控效果減弱、利率走廊調(diào)控模式為主的條件(利率體系不斷豐富、微觀經(jīng)濟(jì)主體利率敏感性和承受能力不斷增強(qiáng)、中國人民銀行利率間接宏觀調(diào)控能力不斷提高)日漸成熟的實際,認(rèn)為中國更適宜"利率走廊"模式。再次,本文提出中國市場起決定作用下的利率管理模式建議,包括構(gòu)建利率市場化完成初期階段"利率走廊"、強(qiáng)化利率走廊配套設(shè)施建設(shè)(完善央行抵押品制度、發(fā)展多層次金融市場與多種類金融產(chǎn)品等)、加強(qiáng)行業(yè)自律管理、提高金融機(jī)構(gòu)利率定價水平和利率風(fēng)險防范能力。構(gòu)建的中國利率市場化完成初期階段"利率走廊"上限為20天內(nèi)流動性再貸款利率、再貼現(xiàn)利率、6個月以下貸款基準(zhǔn)利率的平均值,下限為超額存款準(zhǔn)備金利率、央行28日正回購利率、央行7日逆回購利率的平均值,選取的政策指導(dǎo)利率唯一,為再貼現(xiàn)利率、央行28日正回購利率、央行7日逆回購利率的平均值,市場基準(zhǔn)利率為隔夜市場回購定盤利率。最后,本文總結(jié)了主要結(jié)論:一是利率市場化完成后亟需尋求一種新型市場起決定作用下的利率管理模式。二是"利率走廊"調(diào)控模式適宜中國國情。三是模擬構(gòu)建利率市場化完成初期階段"利率走廊",引導(dǎo)控制市場基準(zhǔn)利率浮動空間,通過利率傳導(dǎo)機(jī)制實現(xiàn)貨幣當(dāng)局意圖;市場起決定作用后的長期目標(biāo)是建立正式利率走廊,下限為超額存款準(zhǔn)備金利率、上限為常備借貸機(jī)制的利率。四是在建立"利率走廊"定量調(diào)控的基礎(chǔ)上,輔之以加強(qiáng)利率走廊配套設(shè)施建設(shè)、發(fā)揮市場利率定價自律機(jī)制作用、提高金融機(jī)構(gòu)利率定價水平和利率風(fēng)險防范能力等定性管理手段;同時,中國人民銀行不放棄利率管理權(quán),在特殊情況、特殊時期對利率干預(yù)指導(dǎo),守住不發(fā)生區(qū)域性系統(tǒng)性金融風(fēng)險底線。
[Abstract]:The opening of the upper limit of the deposit interest rate in October 24, 2015 marks the end of the process of China's interest rate marketization. As an interest rate management department, the people's Bank of China, as an interest rate management department, chooses the mode of interest rate management to play a decisive role in promoting the healthy development of economy and finance. On the basis of the change of the rate management model, the disadvantages and limitations of the current interest rate management mode after the interest rate marketization are put forward. It is urgent to seek a new interest rate management mode under the full market of the new interest rate. The practice effect, advantages and disadvantages and development trend of "opening market operation" with the "interest rate corridor" in Britain and India, and combining with the actual situation in China, the author believes that the "interest rate corridor" model is more suitable for China's national conditions, and puts forward some policy suggestions on improving the interest rate management mode under the completion of China's interest rate marketization, including the early stage of the completion of the simulation of interest rate marketization. The "interest rate corridor" in the stage of "the quantitative guidance and control of the market interest rate" and the strengthening of the construction of the supporting facilities for the interest rate corridor, at the same time, strengthen the self-discipline management of the industry, improve the interest rate pricing level and the risk prevention ability of the financial institutions. First, the author introduces the background and foundation of the research. The related conceptual and theoretical basis, including "open market operation", "interest rate corridor" and the theory of interest rate conduction mechanism. This paper then introduces the process of interest rate marketization and the change of interest rate management mode in China. In this paper, the reform of interest rate marketization is divided into three processes according to the time dimension, and the first process involves interbank markets, including the interbank market. Interbank lending and bond interest rate; the second, third process involves all financial institutions, first the loan interest rate, and then the deposit interest rate. The interest rate management mode realizes the transformation from the "extensive" monorail management model to the "semi open" double track management model to the "basic marketization" dual track management model, and the interest rate market is completed in quantity before the interest rate marketization is completed. Secondly, this paper discusses the disadvantages of the current interest rate management mode after the completion of the marketization of interest rates, such as the efficiency of the allocation of resources, the hindrance of the development of the financial institutions, the weakening of the effect of macroeconomic regulation and the integration of the Chinese economy with the international economy, and the weakening of the quantity profile. In order to achieve the goal, the international advanced experience is sought to guide the domestic practice, and the two major international interest rate regulation modes "open market operation" are compared and analyzed, and the "interest rate corridor" is in the United States, Japan, Germany, Europe and the United Kingdom. The practice effect of Canada and India and the advantages and disadvantages of the two modes of regulation and development show that the "interest rate corridor" model is more direct and effective. It is easier to form a stable and reasonable public expectation, to play the role of the market in a greater degree, and better than the open market model. The stability of the currency demand has gradually declined, the effect of the quantitative regulation and control is weakened and the interest rate corridor regulation mode is the main condition (the interest rate system is constantly enriched, the interest rate sensitivity and the bearing capacity of the microeconomic subject is constantly enhanced, the interest rate of the people's Bank of China is increasing continuously), and the interest rate is more suitable for China. Thirdly, this paper puts forward the suggestion of the interest rate management mode under the decisive role of the Chinese market, including the construction of the interest rate corridor in the initial stage of the interest rate marketization, strengthening the construction of the supporting facilities for the interest rate corridor (perfecting the central bank's collateral system, developing the multi-level financial market and multi kinds of financial products, etc.), and strengthening the self-discipline management of the industry. The interest rate pricing level and interest rate risk prevention ability of high financial institutions. The "interest rate corridor" upper limit of the initial stage of China's interest rate marketization is 20 days liquidity reloan interest rate, rediscount interest rate, the average value of the benchmark interest rate under 6 months, the lower limit is the excess Reserve interest rate, the central bank 28 day repo rate, the central bank 7 days The average value of the counter repo rate, the only policy guiding interest rate selected, the rediscount interest rate, the 28 day repo rate of the central bank, the average value of the counter repo rate of the central bank on 7 days, the market benchmark interest rate as the repo rate of the overnight market. Finally, the main conclusion is that the first is that after the completion of the interest rate marketization, it is urgent to seek a new market. Two is the mode of interest rate management under the fixed action. The "interest rate corridor" regulation mode is suitable for China's national conditions. Three is to simulate the construction of the interest rate corridor in the initial stage of completion of the interest rate marketization, guide the control of the floating space of the benchmark interest rate and realize the intention of the monetary authorities through the interest rate transmission mechanism; the long-term goal after the decisive role of the market is to establish a formal system. The interest rate corridor, the lower limit is the excess deposit reserve interest rate, the upper limit is the interest rate of the permanent lending mechanism. Four, on the basis of establishing the quantitative regulation of the "interest rate corridor", supplemented by strengthening the construction of the supporting facilities for the interest rate corridor, playing the role of the self-discipline mechanism of the market interest rate pricing, and improving the pricing level of the interest rate and the ability to guard against the risk of the interest rate. At the same time, the people's Bank of China does not give up the interest rate management right. In special circumstances and special period, the interest rate intervention should be guided by the people's Bank of China, and the bottom line of regional systemic financial risk is not kept.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.5

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