论文部分内容阅读
我国的利率市场化改革已基本完成,基于储蓄国债设计的缺陷及利率市场化后金融产品的比较优势,利率市场化对储蓄国债形成了较大的冲击。结合国外储蓄国债定价机制及特点,设计出我国储蓄国债的定价模型,在合理确定预期未来现金流量及折现率的基础上,对储蓄国债进行初始定价和后续定价,有利于储蓄国债价格与市场利率挂钩,降低储蓄国债面临的利率变动风险,进一步增强储蓄国债的市场竞争力。
The market-based interest rate reform in China has basically been completed. Based on the defects of the design of savings bonds and the comparative advantages of the financial products after the market-based interest rate liberalization, interest rate liberalization has had a big impact on the savings government bonds. Based on the pricing mechanism and characteristics of foreign savings bonds, the paper designs the pricing model of China’s savings bonds and initial pricing and subsequent pricing of savings bonds based on the reasonable determination of expected future cash flow and discount rate, Interest rate linked to reduce the risk of changes in interest rates facing savings bonds, to further enhance the market competitiveness of savings bonds.