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中期票据于2008年4月在我国银行间债券市场正式推出,在不到两年的时间里,已经成长为企业直接融资的重要途径之一。而在现阶段,理论界和金融业界对中期票据的研究则集中在中期票据对企业融资方式及商业银行传统贷款业务的影响方面。本文拟从中期票据最主要的投资者——商业银行的视角出发,对中期票据的利率风险进行较为详细的研究,不仅利于商业银行改善其对中期票据利率风险的管理效果,而且有利于我国中期票据市场的发展和完善。
Medium-term notes were officially launched in China’s inter-bank bond market in April 2008, and in less than two years, it has grown into one of the important ways for enterprises to directly finance. At the present stage, however, the study of medium-term notes by theorists and the financial industry focuses on the impact of medium-term notes on corporate financing and the traditional loan business of commercial banks. This paper intends to study the interest rate risk of medium-term notes in more detail from the perspective of mid-term note investor-commercial bank, which not only helps commercial banks improve their management effect on the interest rate risk of medium-term notes, but also helps our medium- Bill market development and improvement.