【作者】 贾晓辉；

【导师】 徐洪才；

【作者基本信息】 首都经济贸易大学 ， 金融学， 2007， 硕士

【摘要】 同业拆借市场是货币市场的重要子市场,它的健全程度反映了一国的货币市场乃至金融市场的发展水平。2006年我国金融市场的全面开放将国内市场与国际市场紧密联系在一起。同业拆借市场既能成为货币市场发展的突破口,也可能成为金融危机的导火索,因此,研究人民币同业拆借市场具有重要的理论意义和现实意义。本文首先以同业拆借市场基本理论为基础,对发达国家和地区的同业拆借市场进行了比较分析,总结其规律性。其后回顾了我国同业拆借市场的发展历程,分析其发展特点。人民币同业拆借市场是我国货币市场中发展最早的子市场,形成于1984年,20多年来已经获得可喜的成就。但是与发达的同业拆借市场相比,在市场参与者结构、市场交易机制、资金交易价格形成机制、市场监管等方面仍然存在较大差距,其中最突出和最集中的表现就是同业拆借利率远未发挥金融市场基准利率的作用,未成为中央银行有效的货币政策工具。最后,在借鉴国外的经验和教训的基础上,本文联系我国实际设计了同业拆借市场的目标模式,对其未来发展提出了切实可行的政策建议。完善我国同业拆借市场主要应从市场准入、市场交易体制、利率体系、市场监管等方面进行深入改革。同业拆借市场的完善以健全的市场化利率体系为必要条件,依赖于合理的利率风险结构和期限结构。同业拆借市场的完善要与利率市场化改革紧密联系,促使同业拆借利率成为金融市场的基准利率,如此才能保障中央银行货币政策操作的有效性,为中央银行货币政策调控手段转型创造条件,从而使同业拆借市场真正得到发展,实现其功能。更多还原

【Abstract】 Interbank borrowing market plays a unique role in money market and its development reflects the level of healthiness of money market even financial market. The linkage between domestic market and international market became tighter after the whole openness of Chinese financial market in 2006. Interbank market can be the breakthrough of the development of money market and the cause of financial crisis. Research on RMB interbank market is of great theoretical and practical significance.Basing on the fundamental theory of interbank market, this thesis analyses the developed interbank market in comparative method to discover the common ground. Then the thesis reviews the history of interbank market in China and analyzes its characteristics. RMB interbank borrowing market in China, which was formed in 1984 and made great progress during the latest 20 years, is the earliest subsidiary money market. However, it lags behind developed markets in many aspects, such as the structure of participants, and the organization and the supervision of market. The prominent problem is that the interbank rate hasn’t been the benchmark of financial market and hasn’t been an effective tool of monetary policy of central bank.In the last, the thesis designs the target model of interbank borrowing market in China and proposes several operational suggestions based on the fact of China. In-depth reform must be taken in the admittance criterion, the transaction mechanism, and the interest rate system, as well as the supervision of interbank market. A healthy interbank market grounds on the sound interest rate system and the rational interest rate structure. Therefore, the marketization of interest rate is indispensable to the soundness of interbank borrowing market. Only if the interbank rate works as the benchmark of financial market could be the central banking effective and transformation of the tool of monetary policy possible, accordingly the interbank borrowing market will develop quickly and realize the function in implementing the monetary policy of central banking.更多还原