摘要
随着我国金融体制改革进程的不断深入,利率市场化成为当前亟待解决的重难点问题。当前,国债期货重新推出条件成熟,国债期货的推出不仅有助于发现基准利率,更有助于规避利率风险,对我国利率市场化改革多有裨益。通过对国债期货仿真交易时期合约功能发挥的实证研究,发现国债期货与现货价格存在均衡关系,且初步表现出一定的风险规避功能。
With the deeply development of China＇ s financial system reform process, the marketization of interest rate is of big issue and with difficulties. Currently, China has basically obtained the factors of setting up a treasury bond future market, which can creatively pose a point of view and effectively manage the risk of interest rate, so it can improve the present benchmark system of interest rate. In addition, based on an empirical study of CSI treasury bond futures function effect , we find that it exists the stable cointegration relation between treasury bond futures price and spot price, and the CSI treasury bond futures preliminary shows Riskaversion function.
出处
《财经科学》
CSSCI
北大核心
2012年第8期30-38,共9页
Finance & Economics
基金
国家社科基金项目(10BGJ021)
北京市教委科研基地-科技创新平台-北京期货与大宗商品市场研究基地项目(201126)
关键词
利率市场化
国债期货
利率风险
功能发挥
Marketization of Interest Rate
Treasury Bond Future
Risk of Interest Rate
Function Playing
