金融体系定价基准:国债收益率曲线构建研究  

The Pricing Benchmark of Financial System:a Study on the Construction of Treasury Yield Curve

作　　者：李永森 申石磊 Li Yongsen;Shen Shilei

机构地区：[1]中国社会科学院大学经济学院 [2]中国社会科学院大学金融研究所

出　　处：《中国社会科学院研究生院学报》2019年第1期52-67,共16页Journal of Graduate School of Chinese Academy of Social Sciences

基　　金：中国社会科学院大学学术创新工程支持计划的研究成果

摘　　要：金融市场需要基准利率,基准收益率曲线是基准利率期限结构的图形表示,其基准作用一方面表现在为金融产品定价提供参考,另一方面表现在为市场微观主体的行为选择提供价格信号,由此也使得中央银行选择基准收益率曲线作为宏观调控的操作标的。利率市场化改革包括两个阶段:放松管制和培育市场,在我国利率管制放松之后,需要找到市场化的基准收益率曲线,以实现引导和调控金融市场的目的,而成熟的国债市场具备提供基准收益率曲线的特质,发展完善债券市场尤其是国债市场恰逢其时。The financial market needs benchmark interest rate,and the benchmark yield curve is the graphical representation of the term structure of benchmark interest rate.The function of the benchmark yield curve is to provide reference materials for the pricing of financial products,and to provide price signals for the behavior choices of micro market players as well,thus the central bank chooses the benchmark yield curve as the operation target of macro-control.Market-oriented reform of interest rates includes two stages:deregulation and market cultivation.After the interest rate control is deregulated,it is necessary to find market-based benchmark yield curve to achieve the purpose of guiding and regulating the financial market.The mature treasury bond market has the characteristics for providing the benchmark yield curve,and it is high time to develop a wholesome bond market,especially a wholesome treasury bond market.

关 键 词：金融市场 基准收益率曲线 价格信号 国债市场 

分 类 号：F812.5[经济管理—财政学]