Empirical Analysis On The Inter-bank Bond Market Yield Influencing Factor

The Inter-bank bond market have been the important investment and financing platform during more than10years. But Inter-bank market is also facing great risks while providing investors with returns. Especially with the domestic and international economic environment changes increasingly complex, any economic factor can cause the bond’s yield and price fluctuation. Therefore, the study on the factors to China’s inter-bank bond market’s yield has very important significance.This paper is divided into five parts to study the factors to China’s inter-bank bond market’s yield combining with qualitative and quantitative method. The first part is the introduction part.presenting the research background, research significance and research status.The second part analyzes the mechanism which is about the macro economic environment, monetary policy, market supply and demand, relevant market and market expectations to the Inter-bank bond market’s yield. The third part we selected the index to these influencing factor, then to study the Whole Inter-bank bond market’s yield’s degree of sensitivity to these factors through the empirical analysis method. The forth part analyzes the influencing factors to different period, different subjects and different Interest rates bond yields through the empirical analysis method. The last part we put forward policy suggestion to the inter-bank bond market and the investors according to the conclusion.We reach the conclusion as following:Firstly, macro economic condition, monetary policy, market supply and demand, relevant market and market expectation have an impact on the inter-bank bond market yield. Economic growth, interest rate, stock price and market expectations have an positive effect to the inter-bank bond market yield.while money supply, bond prices and exchange rate have an negative effect. Secondly, In the inter-bank bond market, different period, different subjects and different issue interest-bearing bond yields have the different sensitivity to various factors. For the different period bond, short-term bonds more vulnerable to monetary policy, the foreign exchange market and the market supply and demand, macro economic have more big he medium-term bonds while Long-term bonds are more Sensitive to Stock price; To the different issue bond. Monetary policy and exchange rate on corporate bonds effect is significantly higher than others,the other factors to the bond effect difference is not great;, To the different interest rates of bonds, the money supply and demand have an significantly greater effect to floating rate bonds yield effects than the fixed rate bond.