本期关注短期融资券定价机制变化态势当前,短期融资券发展存在的一个重要问题就是如何对短期融资券进行合理定价,也就是如何能让利差更好地覆盖短期融资券所具有的风险。为此,须构建合理有效的无风险利率基准,增强短期融资券发行利率与短期信贷(包括票据融资)利率的相关性,并完 Concerned about the Changing Trend of the Pricing Mechanism of Short-term Financing Bonds Currently, an important issue existing in the development of short-term financing bills is how to reasonably price the short-term financing bills, that is, how to make the spread better cover the risks posed by short-term financing bills. To this end, it is necessary to establish a reasonable and effective benchmark for risk-free interest rates and enhance the correlation between the issue rate of short-term financing bills and the interest rate of short-term loans (including bills financing).