短期融资券定价问题分析

Pricing short-term bills

短期融资券目前已成为我国大型和优质企业融资的重要手段,但由于缺乏成熟的定价理论和市场经验,其发行定价尚缺乏成熟的市场基础和差异化的风险溢价。该文试图分析短期融资券在二级市场定位时的利差（即短期融资券与同期限央票的收益率之差）及其变化趋势，以期为其一级市场的发行定价提供参考。

Short-term bills have become an important channel for China＇s large-scala end high.quality enterprises to raise funds. But due to the shortage of mature pdcing theory and marketing experience; the pdcing of short-term bills lacks a solid market foundation and a differentiated risk premium. This paper attempts to make an analysis of the Interest spread （the yield gap between short-term bills and central bank papers with the same maturity） of short-term bills on the secondary market as well as its volatility, thus Drovidina a benchmark for their pricing when issued on the primary market.