短期融资券发行定价浅析

On the pricing of Short-term financing bonds

中国人民银行于2005年5月24日正式颁布了《短期融资券管理办法》,首批五家企业七只短期融资券已于近日成功发行并于5月30日正式上市流通。该文用计量方法对短期融资券的定价进行了探讨,并对当前首批短期融资券的发行收益率水平进行了分析。

The Administrative Rules on Short-term Financing Bonds were promulgated by the People's Bank of China on May 24,2005.The first seven short-term financing bonds from five enterprises have been issued successfuHy and have been in circulation since May 30.This paper discusses the pricing of short-term financing bonds by computation and analyzes the issuance yield of the first shortterm financing bonds.