培育SHIBOR作为基准利率的研究

发布时间：2018-06-19 03:20

  本文选题：SHIBOR + 基准利率　； 参考：《浙江大学》2017年硕士论文

【摘要】：1993年,中共十四大召开。会上提出了《关于金融体制改革的决定》,提出了中国利率管理体制改革的长远目标:市场资金是决定利率水平的基础,中央银行的基准利率是调控的核心。自此之后,我国加速了利率市场化的进程。成熟的利率体制必须有能够反映真实的市场资金供需水平的利率基准,即市场基准利率,基准利率的建设是我国利率改革进程中的重要一环。参考LIBOR、EURIBOR等成熟的市场基准利率,央行于2007年1月4日推出上海银行间同业拆放利率(SHIBOR),意在将其打造为我国的货币市场基准利率,进一步打通货币政策的利率传导渠道。本文首先分析了我国的基准利率体系,对比分析质押式回购利率、同业拆放利率的特点,得出SHIBOR是基准利率的最优选择。然后从报价行、监督机制、定价作用等方面对SHIBOR进行了定性的分析。之后从市场性、基准性、稳定性、相关性、可控性五个角度对SHIBOR进行了定量分析,发现SHIBOR在市场性、稳定性、相关性方面已初步具备基准利率的属性,但在基准性、可控性等方面仍有待加强。基准利率的建设离不开利率市场化的推进,也离不开一国货币政策传导机制的建设,基准利率作为利率体系中的核心一环,打通了由官方利率到货币政策中介目标的传导渠道。本文分析了英国和美国的利率市场化沿革和其各自的货币政策传导机制,分别从金融市场和货币政策传导角度总结了其基准利率建设的经验。之后,分析了我国的利率市场化沿革和货币政策传导机制,并与英国进行了简要的对比,发现自由化程度较高的金融市场、金融创新、通畅的利率传导机制以及更具有目标性的公开市场操作对于建设基准利率具有重要意义。最后,根据前文的分析,分别从SHIBOR的运行机制、货币政策传导机制、金融市场三个角度给出培育SHIBOR的建议。我国应继续深化金融市场改革,促进金融市场自由化;深化汇率改革,打通由利率到汇率的双向传导机制;扩大报价金融机构的范围、促进中长端利率的运用;提高公开市场操作对SHIBOR的指导和关联度。
[Abstract]:In 1993, the 14th National Congress of the Communist Party of China was held. At the meeting, the decision on the reform of the financial system was put forward, and the long-term goal of the reform of China's interest rate management system was put forward: market capital is the basis of determining the level of interest rate, and the benchmark interest rate of the central bank is the core of regulation and control. Since then, China has accelerated the interest rate marketization process. The mature interest rate system must have the interest rate benchmark which can reflect the real market capital supply and demand level, that is, the market benchmark interest rate. The construction of the benchmark interest rate is an important part in the interest rate reform process of our country. Referring to the mature market benchmark interest rate, such as Libor EURIBOR, the central bank launched the Shanghai Interbank offered rate (SIBORR) on January 4, 2007, with the intention of establishing it as the benchmark interest rate of our country's money market and further opening up the channel of transmission of interest rate of monetary policy. This paper first analyzes the system of benchmark interest rate in China, and compares the characteristics of pledge repurchase rate and interbank offered rate, and draws the conclusion that SHIBOR is the best choice of benchmark interest rate. Then the qualitative analysis of SHIBOR is made from the aspects of quotation bank, supervision mechanism and pricing effect. Then, from the five aspects of market, benchmark, stability, correlation and controllability, the author makes a quantitative analysis of SHIBOR. It is found that SHIBOR has the properties of benchmark interest rate in market, stability and correlation, but in benchmark. Controllability still needs to be strengthened. The construction of benchmark interest rate is inseparable from the promotion of marketization of interest rate and the construction of transmission mechanism of monetary policy in a country. As the core of interest rate system, benchmark interest rate has opened the transmission channel from official interest rate to intermediate target of monetary policy. This paper analyzes the evolution of interest rate liberalization and their respective monetary policy transmission mechanisms in the United Kingdom and the United States, and sums up their experiences in the construction of benchmark interest rates from the perspective of financial market and monetary policy transmission, respectively. Then, it analyzes the evolution of interest rate marketization and the transmission mechanism of monetary policy in China, and makes a brief comparison with the United Kingdom, and finds that the financial market with high degree of liberalization, financial innovation, Smooth interest rate transmission mechanism and more targeted open market operation are of great significance to the construction of benchmark interest rate. Finally, according to the above analysis, the author gives some suggestions on how to cultivate SHIBOR from three angles: the operation mechanism of SHIBOR, the transmission mechanism of monetary policy and the financial market. China should continue to deepen the reform of financial market, promote the liberalization of financial market, deepen the reform of exchange rate, open the two-way transmission mechanism from interest rate to exchange rate, expand the scope of quoted price financial institutions, and promote the use of medium and long term interest rate. Improve the guidance and relevance of open market operations to SHIBOR.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F822.0

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本文编号：2038158