| In recent years,with the process of interest rate liberalization step by step,the traditional saving-loan interest rate spread of domestic commercial bank are narrowing.The interbank business is playing an increasingly important role in revenue with the rapid growth of the scale;And with the supervision constantly strengthened,the interbank business has made continuous innovation and development.Interbank negotiable certificates of deposit is an active debt tool of financial institutions on the basis of interbank deposit business innovation by the people's Bank of China from the international experience.It is an account voucher for regular deposits issued by deposit financial institutions in the inter-bank market.It is a characteristic currency trading tool compatible with China's financial market which belongs to negotiable certificates of deposit(NCDs).Since the issuance of the first batch in December 2013,the business of interbank negotiable certificates of deposit has been developing rapidly,with a total issuance number of more than 50 thousand,the total issuance amount of 39 trillion yuan and the stock trusteeship of over 8 trillion yuan.The development of interbank negotiable certificates of deposit has widened the pricing of the interest rate liberalization of the debt products of commercial bank and activated the interbank market transaction.It laid the foundation for the discovery of Shibor,especially the discovery of medium and long term Shibor.However,there are less analysis and research on the issuance interest rate of interbank negotiable certificates of deposit at home and abroad.Due to the rapid growth of issuance scale,the increasing number of commercial banks involved in the issuance,and more and more investors in the market for interbank certificates of deposit,it is of great significance to study the influencing factors of the issuance interest rates.This paper tries to establish multiple regression models to study the factors that influence the issuance interest rate of interbank negotiable certificates of deposit through the method of combining qualitative analysis with quantitative analysis,theoretical analysis and empirical analysis.The selected sample data are interbank negotiable certificates of deposit issued from December 2013 to the end of 2017.And the source of the data is Wind information.Through the study,we found that Shibor has been the most important factor.External factors such as macroeconomic conditions,price level CPI,total issuance of bonds and internal factors such as credit rating of issuers,the duration and scale of interbank negotiable certificates of deposit,has affected the issuance interest rate.The factors affecting the issuance interest rates of fixed interest rate interbank certificates of deposit and floating interest rate interbank certificates of deposit were different.And the factors that influence the interest rate of interbank certificates of deposit issued after 2016 have changed.Based on the conclusion of study,the following policy recommendations are given.The issuers should grasp the market opportunities,and strive to improve their own quality,try to prevent liquidity risk and interest rate risk,and then reduce the issuance interest rate of interbank certificates of deposit.The investor should pay attention to the fluctuation of issuance interest rate of interbank certificates of deposit,effectively distinguish the qualification of the issuers,and try to gain higher returns with the risk avoided.And the regulation should strengthen surveillance and control of abnormal fluctuation of issuance interest rate,cultivate open and transparent market environment for the circulation of funds,guide commercial banks to strengthen the risk management and continuously improve the benchmark of Shibor. |
PDF Full Text Request