本文選題：流動(dòng)性 + 評(píng)級(jí)��； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：中期票據(jù)為一種創(chuàng)新的銀行間債券品種,中期票據(jù)的發(fā)行不僅能滿足銀行間 市場(chǎng)的資金需求,還為企業(yè)融資低成本創(chuàng)造了新的機(jī)遇。發(fā)行中期票據(jù)對(duì)金融市場(chǎng)有著深遠(yuǎn)影響。 本文主要是以中國的中期票據(jù)市場(chǎng)為研究對(duì)象,通過研究總結(jié)國內(nèi)外有關(guān)流動(dòng)性研究的文獻(xiàn),然后借鑒別人的模型對(duì)中國市場(chǎng)流動(dòng)性進(jìn)行檢驗(yàn)。 文章先是回顧了中國中期票據(jù)市場(chǎng)的發(fā)展,從2008年到2011年,中票市場(chǎng)無論是發(fā)行數(shù)量還是發(fā)行總額都顯著的增加,發(fā)行的債券品種也多樣化。 接著又通過模型定量的計(jì)算08-11期間發(fā)行的中票的流動(dòng)性并使之與發(fā)行主體、主體評(píng)級(jí)、發(fā)行規(guī)模和發(fā)行年限進(jìn)行相關(guān)性分析。發(fā)現(xiàn)流動(dòng)性與公司的性質(zhì),主體評(píng)級(jí)和發(fā)行規(guī)模都有顯著相關(guān)。同時(shí)又對(duì)信用利差和流動(dòng)性做了回歸分析,發(fā)現(xiàn)流動(dòng)性越大,信用利差越小。 最后針對(duì)研究發(fā)現(xiàn)中國中期票據(jù)市場(chǎng)雖然自起步至今發(fā)展迅速,但是與發(fā)達(dá)國家相比仍然有待提高,并對(duì)此提出發(fā)展研究看法。
[Abstract]:Medium-term note is a kind of innovative interbank bond, and the issuance of medium-term note can not only satisfy the interbank. The capital demand of the market, also created new opportunity for enterprise financing low cost. The issue of mid-term notes has a profound impact on financial markets. This article mainly takes China's medium-term bill market as the research object, through the research summarizes the domestic and foreign literature about the liquidity research, then draws lessons from others' model to carry on the test to the Chinese market liquidity. The paper first reviews the development of China's medium-term paper market. From 2008 to 2011, both the amount of issuance and the total amount of issuance have increased significantly, and the variety of bonds issued is also diversified. Then the liquidity of the ticket issued in the period of 08-11 is quantitatively calculated by the model, and the correlation analysis is made between the liquidity of the ticket and the main body, the main rating, the size of the issue and the issue life. It is found that liquidity is significantly related to the nature of the company, the main rating and the size of the issue. At the same time, the regression analysis of credit spreads and liquidity shows that the greater the liquidity, the smaller the credit spreads. Finally, it is found that China's medium-term paper market has been developing rapidly since its inception, but it still needs to be improved compared with developed countries.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前6條

1 李焰,曹晉文;對(duì)我國國債市場(chǎng)流動(dòng)性的實(shí)證研究[J];財(cái)貿(mào)經(jīng)濟(jì);2005年09期

2 李新;中國國債市場(chǎng)流動(dòng)性分析[J];金融研究;2001年03期

3 張瀛;;做市商、流動(dòng)性與買賣價(jià)差:基于銀行間債券市場(chǎng)的流動(dòng)性分析[J];世界經(jīng)濟(jì);2007年10期

4 房海濱;劉鳳霞;;從分筆交易數(shù)據(jù)透視中國債券市場(chǎng)流動(dòng)性[J];西南交通大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2006年04期

5 郭泓;武康平;;債券市場(chǎng)流動(dòng)性及其相關(guān)問題研究[J];西南民族大學(xué)學(xué)報(bào)(人文社科版);2005年12期

6 梁冬如;周曉東;;我國交易所市場(chǎng)國債流動(dòng)性與收益動(dòng)態(tài)關(guān)系研究[J];沿海企業(yè)與科技;2007年05期

，

本文編號(hào)：1864268