利率市场化下SHIBOR作为基准利率的运行有效性分析-金融学专业论文.docxVIP

首都经济贸易大学硕士学位论文 首都经济贸易大学硕士学位论文 利率市场化下SHlBOR作为基准莉率的运行有效性分析 Abstract It’s almost been 20 years since the launch of interest rate marketization，and of the goals that the reform aimed at is to build market interest rate system，which js concentrated the benchmark rate．So long，the central bank has made great progress the reform，and is now keeping push the deeper revolution around the market． The dissertation started from the progress of interest rate marketization，and put emphasis the key steps ofⅡ1e revolution and the importance ofbenchmark interest rate．In addition，the author made brief introduction of the most-popular international benchmark interest rate，the Federal FundS Rate and L1130R．Later,the thesis draw sketch plan ofthe characteristics ofthe benchmark rate based the former academic theory,and the characters include marketability,relevancy, conductibility and stability．Besides，the thesis makes an analysis ofthe set of important interest rate．which are used to be considered as the benchmark rate before the launch of SHⅢ0R and the set contains bond-repurchase rate，interbank offered rate，one-year deposit rate and one-)，ear treasury rate．By listing the strengths and weaknesses of all the interest above，the thesis hold the opinion that ofthem is suitable for being taken the benchmark rate，since they born imperfect and the markets they rely still immature． On 4山July 2007．Shanghai Interbank—Offered rate stalls to provide information to the public， and SHlBOR has long been taken as the benchmark rate for many agencies．Now it’s been 9 years since the launch SHIBOR although it has great impacts the financial markets，the questions ofwhether it take the role ofbenchmark rate and price the fmancial derivatives in the 一曲t mRnrler are still to be answered． Aimed at answering the questions above，the thesis conducts qualitative and quantitative analysis SHll30R．On the qualitative ground,the thesis tells how the SHIBOR is calculated,how it works，the interest te