Research On The Pricing Of Rediscount Buyout Interest Rate For Electronic Bank Acceptance Bills In My Country

With the continuous optimization of China's economic structure and the increasing improvement of the financial system,the importance of the bill market,as one of the important submarkets of money,is becoming more and more prominent.The transfer discount business of bank acceptance bill can not only transmit monetary policy and realize the liquidity management of commercial banks,but also win the popularity of the market because of its unique dual attributes of capital and credit,being a new profit growth pole for commercial banks to achieve their own profit goals.The bill business,as an important submarket,which runs in the forefront of interest rate marketization in the money market,needs a set of mature pricing theory basis as support.For a long time,the study of scholars at home on the pricing of transfer discount rate of bank acceptance bill is mainly the theoretical analysis.Their microscopic empirical research is very inadequate,so there is a lack of specific pricing methods that can actually guide business operations.Moreover,study on pricing of transfer discount buyout rate of electronic bank acceptance bill is far more rare.Therefore,this paper tries to make a theoretical and empirical analysis on the pricing of the transfer discount buyout rate of the electronic bank acceptance bill to establish pricing model of transfer discount buyout rate of electronic bank acceptance bill in China.And on this basis,it puts forward the suggestions to promote the development of China's electronic bill business.In order to establish pricing model of transfer discount buyout rate of electronic bank acceptance bill,it first implements analysis on the factors that affect transfer discount buyout rate of the electronic bank acceptance bill and a theoretical analysis of the main characteristics of rate fluctuation of its discount.Secondly,it focuses on the capital and credit factors that influence the transfer discount buyout rate of electronic bank acceptance bills,and selects suitable pricing model variables according to the established preferred criteria.Finally,the long-term equilibrium pricing model and the ECM error correction pricing model for the transfer discount buyout rate of the electronic bank acceptance bill in China are established.Through impulse influence and variance decomposition,the dynamic influence of related variables on the transfer discount buyout rate of electronic bank acceptance bill is analyzed.This paper combines the normative analysis method with the empirical analysis method,and it focuses on the empirical analysis method.It first uses qualitative analysis method to analyze the influence factors of the transfer discount buyout rate of electronic bank acceptance bill in China.Then the results of each qualitative analysis are deeply demonstrated by the tools of econometrics.In terms of data,this paper selects all public data from January 2013 to May 2017,to ensure that the sample data of the analysis can cover the complete cycle of the change and range of the transfer buyout rate of the electronic bank acceptance bill.It carries out monthly weighted average processing for all variables to ensure the stability of the time series.In terms of the analysis method,because all variables are first-order stationary data,the Engle-Granger method is used to do cointegration test and error correction model analysis.The conclusions of the empirical study show that:first,the interest rate of the money market and the credit scale have a significant influence on the transfer discount buyout rate of the electronic bank acceptance bill.Second,there exists a long-term stable relationship between the transfer buyout rate of the electronic bank acceptance bill and three-month-term interbank lending rate,and the ratio of bill finacing to loan as well.Third,the influence of money market interest rate and credit scale tightness on transfer discount buyout rate of electronic bank acceptance bill is lagging and the impact cycle is longer.Fourth,the transfer discount buyout rate of electronic bank acceptance bill is highly related to the trend of its own last value.This paper summarizes some of the revelations in the process of this study and puts forward specific and feasible suggestions based on business practice of the transfer discount of electronic bank acceptance bills,through the commercial banks,the Shanghai comercial paper corporation and the relevant departments of the state from three levels,the micro,medium and macro levels,respectively.