宏观货币政策调整对票据市场利率的影响_中国工商银行票据营业部课题组.pdfVIP

金 论坛 014年第6期（总第222期） 融 2 宏观货币政策调整对票据市场利率的影响 中国工商银行票据营业部课题组 摘 要］新世纪 以来，中国票据市场利率呈现阶段性波动 态势，宏观货 币政策调整是影响票据利 ［ 率走势的最主要因素之一。本文实证分析表明 ，价格型货 币政策对票据利率变动影响 大，数量型货 币 政策对票据利率影响周期长 ，票据利率与自身前期走势高度关联 ；同时货 币市场资金状况和经营主体 的经营策略差异对票据市场利率变动也存在较大影响。为此 ，商业银行要主动把握宏观 经济及货 币政 策周期变动规律 ，对票据业务进行合理定价，加快转变发展方式应对票据利率定价市场化 带来的机遇 和挑战，持续提升票据业务定价水平和议价能力。 ［关键词］票据市场；票据市场利率；票据贴现 ； ；货 币政策；货 币市场 SHIBOR ［文章编号］ （ ） ［ 分类号］G21 ［文献标志码］ 1009 - 9190 2014 06 - 0068 - 08 JEL A The Impacts of Macro-Monetary Policy Adjustment on the Interest Rate of Bill Market Study Group of Bill Business Department, ICBC ［ ］ Abstract Since the new century, the interest rate of Chinese bill market shows a periodic fluctuation, and macro-monetary policy adjustment is one of the main factors to influence the interest rate. The empirical analysis of the paper show that price- based monetary policy has great impacts on the changes in interest rate, and quantitative monetary policy has long-term impacts; the interest rate of bill market correlates highly with the level of the interest rate in previous term; the status quo of money mar－ ’ ket and the difference between dealers business strategies have great impacts on the changes in the interest rate. Therefore, commercial banks should reasonably price bills according to the law of the periodic changes in macro-economy and monetary policy, accelerate the transformation of development mode to grasp the opportunities in the pricing liberalization of the interest rate of bill and face challenges, improve ability to price and bargain. ［ ］ Key words bill market; in