基准利率和基准收益率曲线的内涵及关系探讨  

A brief study on the meanings and relationship of benchmark interest rate and benchmark yield curve

作　　者：杜金岷[1] 郭红兵[1] 

机构地区：[1]暨南大学经济学院,广东广州510632

出　　处：《上海金融》2008年第2期43-47,共5页Shanghai Finance

基　　金：国家自然科学基金项目(批准号:70473032);广东省自然科学基金项目(批准号:31910)的资助

摘　　要：我国相继推出基准利率SHIBOR和银行间国债收益率曲线、央行票据收益率曲线与政策性金融债收益率曲线等三条基准收益率曲线,备受瞩目。那么,基准利率和基准收益率曲线的内涵有什么不同?二者之间是怎样的关系?搞清楚这些问题,对引导我国基准利率的选择和培育及完善基准收益率曲线的构建,提高货币当局宏观调控效率和促进我国金融市场的发展,具有重要的理论意义和现实意义。本文对这些问题进行了深入探讨。In the first half of 2007, China has successively launched benchmark interest.rate SHIBOR and three benchmark yield curves including the treasury bonds yield curve, the central bank bills yield curve and policy financial bonds yield curve in the inter-bank market, and the launch attracted public attention. What can be defined as the benchmark interest rate and the benchmark yield curve, and what is the difference between them？ What is the relationship between the two？ Finding out the answers has important theoretical and practical significance in guiding the selection and breeding of China＇s benchmark interest rate, in perfecting the construction of benchmark yield curve, in raising the monetary authorities＇ efficiency in macro regulation and in promoting the development of China＇s financial market. This paper probes into these issues.

关 键 词：基准利率 基准收益率曲线 

分 类 号：F830.2[经济管理—金融学]