票据利率市场化程度的实证研究

The Empirical Research of Degree of Acceptance Bills Rate Marketization

稳步推进利率市场化是我国深化经济金融体制改革的重要内容之一,票据利率作为市场化较早、程度较高的货币市场利率,是利率市场化改革中比较理想的实现途径。通过对票据利率与SHIBOR、同业拆借利率、债券回购利率等其他市场利率进行实证比较,发现票据利率已有较高的市场化程度,并具备当前货币市场基准利率的基本特征,但由于受法律制度、市场成熟度、技术手段等方面限制,票据利率完全市场化过程仍有很多障碍,基准利率功能亦没有得到很好的发挥。从基准利率培育、票据交易中心建立、企业信用制度完善、融资性票据通道放开以及票据信贷属性改革等方面提出深化票据利率市场化的建议。

The steady progress of interest rate liberalization is an important part of deepening the economic and finance reform of our country. The rate of acceptance bills, which adopted the market principle quite early and have a high degree of liberalization among money market interest rates, is the ideal medium to achieve interest rate liberalization reforms. Through the empirical comparison of acceptance bills rate with SHIBOR, interbank offered rate, bond repo rate and other market rate, it is found that acceptance bills rate has a higher degree of liberalization and possesses fundamental characters as the benchmark interest rate for current money market. However, due to limitations such as regulations and laws, the market maturity degree and technical measures, there are still obstacles for the acceptance bills rate to be fully liberalized and to develop the function of the benchmark interest rate. This article offers suggestions from various aspects to deepen the interest rate liberalization.