银行承兑汇票:定价管制、利率传导与市场波动

Banker's Acceptance:Price Ceiling,Interest Rate Influence and Market Fluctuation

在货币市场利率和管制性贷款利率的利差波动的情况下,银票成为企业替代贷款、进行利差套利的主要工具,其结果就是银票功能融资化、银票市场波动性大。实现银票市场的平稳发展,一方面要逐步放松银票的管制性定价,赋予商业银行银票定价权,加快商业信用评级市场发展;另一方面要组合实施货币政策工具,合理管理利率体系。

Banker＇s Acceptances is the substitute of bank loan. However, 0.05% of the face value, which is the administrative cap on the charge, triggers the market clearing mechanism, which is mainly through the quantity fluctuation. Given the credit risk, the micro-incentive of banks is to issue Acceptances as much as possible. The result is non-real transaction Acceptances and huge oscillation of the market. To keep the market developing steadily, the article suggest freeing the charges, developing the credit-evaluating market and accelerating the interest rate liberalization.