摘要
票据资产兼具资金属性与信贷属性,导致票价波动不时受制于信贷政策。理清票据供求关系的实质,识别信贷因素的作用边界,独立判断信贷走向,对于提高票据决策科学性具有重要意义。该文绕开了传统的票源分析框架,以“资金”供求为中心,尝试建立新型票价决定模型,以此为基础量化信贷资金对票价影响的作用边界。
Bill assets have the attributes of both funds and credits,which makes the fluctuation of bill price be subject to credit policies.It is of great significance for improving the scientific decision to clarify the essence of bill supply and demand,identify the functional boundary of credit factors,and independently judge the trend of credits.This article bypasses the traditional analytical framework on the sources of bills and focuses on supply and demand of"funds".It attempts to establish a new bill pricing model,and based on such a model,makes a quantitative analysis on the effect of credit funds on bill price and the functional boundary.
出处
《中国货币市场》
2020年第2期63-67,共5页
China Money
