票据贴现利率参照Shibor定价的可行性研究——以广西北海市银行业金融机构票据贴现利率为样本分析

随着利率市场化改革的深入，票据贴现利率市场化的条件日趋成熟。本文首先剖析了我国现行票据贴现利率形成机制存在的问题，并实证分析2007年运行以来的Shibor数据和北海市银行业金融机构票据贴现利率的相关关系。研究结果发现，票据贴现利率目前已基本具备市场化改革的时机，票据贴现利率与三个月和六个月的Shibor之间的相关性能经得起时间检验。为此，提出了法律层面上认可票据贴现利率参照Shibor定价并允许其选择与不同期限的Shibor挂钩等相关政策建议。

Practicability of Shibor-based Pricing for Bill Discount --Empirical Study of Bill Discount Rate of Banking in Beihai Ci

With the development of interest rate marketization, bill discount rate is gradually ripe for marketization. This paper explores the problems of pricing mechanism of bill discount in China and makes an empirical study of the correlation between Shibor which has been running since 2007 and bill discount rate of banking in Beihai City. The results show that bill discount rate is basically ripe for marketization at present and that bill discount rate has the stable correlation with Shibor 3M and Shibor 6M. Therefore, the paper puts forward some suggestions including legislating for the pricing mechanism of bill discount based on Shibor and allowing it to choose different dates of Shibor.