【作者】 田莉；

【导师】 田映华；

【作者基本信息】 华中科技大学 ， 金融学， 2007， 硕士

【摘要】 长期以来,我国的银行存贷款利率一直发挥着基准利率的角色,但是银行存贷款利率做基准利率,对货币市场资金供求毫无灵敏性可言。在2007年上半年,中央银行发表了相关规定:将把上海银行间同业拆借利率(SHIBOR)培育成中国的基准利率。然而,SHIBOR的推出并不意味着同业拆借利率必然将成为中国货币市场的基准利率。从长期来看,让同业拆借利率作为我国市场的基准利率,其中还存在着一些问题,例如信用不足,规模不足,参与人员类型的丰富程度不足等等。通过综合比较,从理论上说,国债回购利率更适合作为我国市场的基准利率。本文通过各大高校的数据库、中国债券网寻找每年的国债回购规模、国债回购利率与同业拆借利率等数据,利用相关分析方法分析国债回购利率作为基准利率的可行性;另一方面,本文分析了我国国债回购市场的现状,主要分析我国国债回购市场利率目前还不能形成基准利率的问题所在,主要有:市场分割现象严重;市场规模不足,交易量和流动性不足;交易所间回购制度存在缺陷;传导货币政策功能弱化原因等;并结合国债回购市场的重要性和现状提出一系列改进意见,例如建立全国统一的国债回购市场;扩大国债发行规模;完善回购制度;充分发挥回购市场传导货币政策功能;设立委托融资机构。更多还原

【Abstract】 For a long time, Deposit and Loan Interest Rate has played a role as Benchmark Interest Rate(BIR)in China. However this situation renders little agility to the money supply. In the first half year of 2007, central bank made relevant prescripts: ShangHai Inter-Bank Offered Rate (SHIBOR) will be fostered into BIR. Unfortunately, the appearance of SHIBOR does not mean Inter-Bank Offered Rate (IBOR) will necessarily become BIR in China’s monetary market. From the long consideration, there are undoubtedly certain problems encountering the being BIR of IBOR, such as deficiency of credit, inadequate scale, and lack of variety of participants. Through the comprehensive comparison, technically, Bonds Repo Rate (BRR) suits the position of BIR much better.The data of Treasury Bonds Repo (TBP) scale, BRR and IBOR are collected from universities’databases, and the paper analyzes the possibility of BRR to be BIR by using Correlation model. On the other hand, this paper studies current condition of our TBR market, and points out problems that prevent BRR from becoming the BIR, such as severe market disintegration, market scale shortage, trade amount and mobility shortage, failure of TBR’s institution in exchanges, and weaken function of conducting the monetary policy in TBP market. Furthermore, a series of policy suggestions ,which could facilitate BRR to be the BIR, are proposed, such as establishing the unified the TBP market, extending Treasury bond issue scale, consummating the TBR’s institution, strengthening the function of conducting the monetary policy in TBP market, and setting up entrusted financing organizations.更多还原