从债券市场定价效率看利率市场化程度

The degree of interest rate marketizationfrom the Perspective of market pricing efficiency

利率市场化改革的最终目的是让市场最终决定资金的价格,相关市场主体成为市场的参与者和市场秩序的遵守者。市场对风险的定价能力是衡量利率市场化程度的重要参考指标,本文以银行间债券市场的中期票据为研究对象,考察债券市场风险定价的合理性。研究结果显示,银行间债券市场已经具备合理的风险定价能力,同时发现债券风险定价的能力与其流动性相关。流动性不足是制约风险定价能力的重要原因。

It is the ultimate goal of interest rate marketization that the market should decide the price of capital, the relevant market players to become the market participants and to comply with market orders. The risk pricing ability of market is an important reference index to measure the degree of interest rate marketization. This paper investigate the bond market risk pricing througe medium - term notes of the interbank bond market for the study. The results showed that the inter - bank bond market already has a reasonable risk pricing power, also found that the ability of bond risk pricing related to their liquidity. Illiquidity is the important reasons constraining the ability of risk pricing.