摘要
近期，市场人士对银行间市场上国债及政策性金融债的利差给予了充分关注，并将税收作为主要因素考察了金融机构投资不同券种的收益、市场中可能存在的套利空间以及税收主导下投资的策略取向问题，本刊也在2006年第4期刊出了这一讨论的主要代表作——南方基金万晓西撰写的《国债和政策性金融债的利差定价模型及检验》。该文对万晓西一文提出的模型进行了修正，并基于万晓西一文的观点展开了讨论。
In the recent wide attention on the interest rate spreads between T-bonds and policy financial bonds in the interbank market, taxation is taken as the pdmary factor in studying issues such as yields of different bonds invested by financial institutions, potential hedging in the market, and the strategic onentaUon of investment. In the Apdl issue 2006, CHINAMONEY published a leading article concerning this debate entitled, ＂The spread between T-bond and policy financial bonds： Pricing model and vedfication＂ by Wan Xiaoxi from the China Southern Fund Management Co. Ltd. Here in this paper, the author puts forward modifications on the model suggested by Wan Xiaoxi and makes discussion based on Wart＇s opinions.
出处
《中国货币市场》
2006年第6期50-52,共3页
China Money
关键词
利差
税收
市场分割
interest rate spread, taxation, market segmentation
