Research On The Application Value Of China's Private Financing Interest Rate Index Based On Wenzhou Index

As a strong complement to formal finance,private finance has also jeopardized the stability of the financial order while promoting economic development.In order to deeply study the information value of the private financing interest rate index,this paper studies and analyzes the term structure of Wenzhou private lending interest rate and its interaction with the macro economy,and uses the private financing interest rate index to construct a financial risk monitoring model.Through the transformation model of Markov district system,it is found that there is a significant asymmetry in the response of private lending to macroeconomic shocks.In the high and low interest rate zone system,macroeconomic policies have significant effects on the regulation of private lending rates.By analyzing the term structure of the Wenzhou Index,we find that there is a positive correlation between interest rates at different maturities,and there is a Granger causal relationship between interest rates and Taizhou microfinance index.The three factors of Wenzhou private lending rate were extracted,and the Bayesian VAR model of macroeconomics was constructed.It was found that the macroeconomics had three factors of “Wenzhou Index” and showed different regulatory effects.The research results provide a theoretical reference for the government to formulate targeted macroeconomic policies.Finally,this paper constructs the Wenzhou private financial risk index monitoring model from three perspectives of interest rate risk,scale risk and credit risk,and uses the published data to analyze the risk index and clarify the corresponding monitoring of the index under different values.The state area,based onwhich to judge the essential influencing factors of market risk,provides a theoretical reference for the government to formulate targeted macroeconomic policies.