Commercial Bills Discounted Interest Rate Pricing Research

Along with our country market economy matures and development of the commercial drafts in goods trade settlement process of the increase of the proportion in the increasingly, on the one hand, enterprises to increase commercial bills acceptability, typically requires commercial bank acceptance, on the other hand the enterprise for possession of a large number of outstanding commercial paper, when money is tight, need through the blend in commercial bills discounted cash, and also can be outstanding commercial draft by turn other financial institutions to discount or to the people’s bank for rediscounting for financing. And discounting business is from other holdings of commercial bank’s financial institutions to buy commercial paper and transfer of ownership in a business draft discount way.This article first introduced the commercial draft the growth process in the domestic market, the current situation and to foreign mature experience for reference.Second together with the present situation of commercial bank transfer discount further expounds the effects of the turn discount business for commercial Banks and the financial market impact.Third, the commercial paper market interest rate pricing model of the existing commercial draft business are analyzed, and more recognition in the current market pricing model of a kind of interest rate is the "market benchmark interest rates and adding mode". The earnest analysis of the characteristics of all interest rates, choose a most suitable as a benchmark, then considering risk factors, the inter-bank market price, market funds all sorts of influencing factors such as price and credit scale, work out the final "base number", and the actual execution of the interest rate is the base number and the sum of the benchmark interest rate.Fourth, by choosing to inter-bank bond market in bond collateral repo(hereinafter referred to as the "repo") interest rates as a benchmark, then add liquidity premium, premium credit and credit scale factor model set out discount interest rate pricing model. But the liquidity premium is mainly used to reflect the different discount of commercial bills and bond repurchase assets property problem, resulting in premium as a constant; Credit spread is mainly used to reflect the bond repurchase relative to bill yield spreads a multiple measure; Scale factor is mainly used to reflect the degree of monetary supply of money market in China, by choosing the year-on-year growth of M2 and M1 and countryside as a simulation of the credit scale change. Then by choosing the early January to the end of December 2013, 2009, a total of 60 months of interbank market bond repurchase rate, 3 months due bill yields, year-on-year growth of M2 and M1, such as data, use EVIEWS software using the least squares estimation method to estimate the parameters in the model, finally it is concluded that the transfer pricing model of the discount rate, and the pricing model is used to transfer between January 2014 and June discount rates for the inspection.Finally, this paper expounds the turn discounted pricing conclusions and recommendations in this paper.