本文選題：SHIBOR + 基準利率��； 參考：《浙江大學》2017年碩士論文

【摘要】：1993年,中共十四大召開。會上提出了《關于金融體制改革的決定》,提出了中國利率管理體制改革的長遠目標:市場資金是決定利率水平的基礎,中央銀行的基準利率是調控的核心。自此之后,我國加速了利率市場化的進程。成熟的利率體制必須有能夠反映真實的市場資金供需水平的利率基準,即市場基準利率,基準利率的建設是我國利率改革進程中的重要一環(huán)。參考LIBOR、EURIBOR等成熟的市場基準利率,央行于2007年1月4日推出上海銀行間同業(yè)拆放利率(SHIBOR),意在將其打造為我國的貨幣市場基準利率,進一步打通貨幣政策的利率傳導渠道。本文首先分析了我國的基準利率體系,對比分析質押式回購利率、同業(yè)拆放利率的特點,得出SHIBOR是基準利率的最優(yōu)選擇。然后從報價行、監(jiān)督機制、定價作用等方面對SHIBOR進行了定性的分析。之后從市場性、基準性、穩(wěn)定性、相關性、可控性五個角度對SHIBOR進行了定量分析,發(fā)現(xiàn)SHIBOR在市場性、穩(wěn)定性、相關性方面已初步具備基準利率的屬性,但在基準性、可控性等方面仍有待加強�；鶞世实慕ㄔO離不開利率市場化的推進,也離不開一國貨幣政策傳導機制的建設,基準利率作為利率體系中的核心一環(huán),打通了由官方利率到貨幣政策中介目標的傳導渠道。本文分析了英國和美國的利率市場化沿革和其各自的貨幣政策傳導機制,分別從金融市場和貨幣政策傳導角度總結了其基準利率建設的經驗。之后,分析了我國的利率市場化沿革和貨幣政策傳導機制,并與英國進行了簡要的對比,發(fā)現(xiàn)自由化程度較高的金融市場、金融創(chuàng)新、通暢的利率傳導機制以及更具有目標性的公開市場操作對于建設基準利率具有重要意義。最后,根據前文的分析,分別從SHIBOR的運行機制、貨幣政策傳導機制、金融市場三個角度給出培育SHIBOR的建議。我國應繼續(xù)深化金融市場改革,促進金融市場自由化;深化匯率改革,打通由利率到匯率的雙向傳導機制;擴大報價金融機構的范圍、促進中長端利率的運用;提高公開市場操作對SHIBOR的指導和關聯(lián)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.
【學位授予單位】：浙江大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F822.0

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本文編號：2038158