Jinan University Thesis Report Form For Graduation Design

Jinan University Thesis Report Form Forgraduation Design Thesis By U

Jinan University Thesis Report Form for Graduation Design (Thesis) by Undergraduate Students Student Name _____ 邹æ°_______ Student Number _ ________ Supervisor _Associate Prof. Li, Pinghai, PhD._ School _____ International School______ Major _ Finance_ _ Time of Graduation ___2016.6 ____________ Jinan University Date (dd/mm/yyyy): _ _ _12/1/2016______ Intended Topic of Graduation Design or Thesis: Unreasonable structure of China's securities market interest rates - analysis and countermeasures Foundation of topic choice (including purpose, implication of research, current status of academic or empirical studies and some references): At present, Chinese bank personal savings interest rates higher than corporate saving rates, however short term personal lending rates do not have much different with short term corporate lending rates.

In this situation, there is no need for enterprises to raise their funds in the securities market. Because the cost of enterprises loan which borrowed from banks is low and constraints is soft. At the same time, the country limits issuing bond to enterprises strictly and control interest rate in excessive restrictions. The varieties of bonds are few as well as the difference between each of bonds is not so significant. Based on the previous analysis, it can not reflect the law that higher profits to corresponding securities investment with higher risks.

In addition, our country interest rates are fixed. It cannot cater for investors‘favor and it is against securities circulation. Securities market is an important part of monetary policy transmission channel, only to realize that the rate is in smooth transmission in the securities market, in order to better realize the goal of monetary policy and promote economic development. It is needed and important doing this research to know them well and solve out the problems as possible. Contents of Research (including specific scope, purpose, and intended results): 1. Introduction 1. Background and significance 2. Problem introduction 3. The research of contents, ways and ideas 4. Research actuality 2. The definition of structure of China's securities market interest rates. 1. Implication of structure of China's securities market interest rates. 2. Current situation of structure of China's securities market interest rates. 3. The impact of structure of China's securities market interest rates to Chinese market and the world economy.

3. The reasons of unreasonable structure of China's securities market interest rates 1. The significance of structure of China's securities market interest rates. 2. How does the banks effect the interest rate structure? 3. The Chinese market interest rate does exist interest rates structure transformation phenomenon. 4. Potential risks exist in the unreasonable structure of China's securities market interest rates. 1. Analysis the potential risks 2. Policy recommendation and solution 5. Conclusion Methods of Analysis (including design methods, technologies, relevant theories, calculations, laboratory procedures, and expected complications with solutions): 1. In this paper, using the theory of structure of interest rates. Through the empirical study of China's securities market! Analyze our country interest rate transmission mechanism and its running efficiency. In fact, structure of interest rates bear the whole social resource allocation frame of reference. It can guide the deposit and lending interest rates and the central bank prepared gold deposit rate change! To form a scientific and reasonable yield curve. 2. A lot of research work has been done in the stock market interest rates’ structure problems as well as good research foundation, and also in the study of the interest rate marketization has accumulated rich experience. In addition, this study may need to use model theory of knowledge and hence provides guarantee for the study that will be more smooth. Research content (specific research/design content, solving the key problems, expected results): Subject research: 1. The term structure of interest rate of securities market in China, 2. Interest rate is one of the important factors that affect the securities market volatility; Solving the key problems: 1. Analyzing the irrational structure of interest rate of securities market. 2. Solving out the irrational problem of the securities market’s interest rate structure. Expected results: 1. Completing varieties of securities market bonds that will be satisfy with any kinds of investors and making period distribution structure equalization. 2. The term structure of interest rate of corporate bonds in China should be more marketization. It will increase circulation of existing bonds and let the market do the decisions with this interest rate. 3. With the reform swiftly advancing which let interest rate to be more marketization and make the securities further developing in the future. With the condition of expanding the varieties of trading and enriching the transaction scale, the structure of interest rates in securities market will be more complete and develop rationally. Resources and Conditions for the Research 1. 我国è¯åˆ¸å¸‚场å˜åœ¨çš„问题 2. 商业银行贷款利率 商业银行贷款利率è¦é«˜äºŽå˜æ¬¾åˆ©çŽ‡wenda.myjidian.com/jk-shangyeyinxingdaikuanlilv.html 3. ä¸å›½åˆ©çŽ‡å˜ŠåŠ¨å¯¹è¯¸å¸‚场的动æ€å½±å“——基于VAR-MGARCH-BEKKæ¨¡åž‹ç ”ç©¶ï¼Œä½œè€…ï¼šå‘¨ä½°æˆï¼Œæœ±å祯，马å¯ä¸º 4. åˆç†åˆ©çŽ‡æ°´å¹³éœ±è¦å¸‚场自己摸，作者：胡晓炼 5. ä¸å›½åˆ©çŽ‡æ”¿ç–和诸市场的关系的分æžï¼Œä½œè€…：庄晓玖，æœæµ·æ¶› 6. Economics Institute,Wuhan 430035;3.Wuhan Branch,The People's Banks of China,Wuhan 430071);Cycle of Monetary Policy and Term Structure of Interest Rate of Treasury Bonds[J];Finance and Trade Research; Time Table for the Graduation Design or Thesis Time Contents Expected Result Week 1-2 Week 3-5 Week 6-8 Week 9 Week 10 Collect information, determine the topic and finish graduation design First draft completed Revise the first draft of thesis Final draft, ready for thesis defence Thesis defence Beginning Time 10/1/2016 Expected Time for Defense 27/5/2016 Comments by Supervisor: Signature： Date (dd/mm/yyyy): Chairman-of-Department’s Comments Signature（or Stamp）： Date (dd/mm/yyyy): Dean’s Comments： Signature（or Stamp）： Date (dd/mm/yyyy): 2

Paper For Above instruction

The structural issues of China's securities market interest rates have become a critical subject of economic research, given the implications for monetary policy, financial stability, and economic growth. The core problem revolves around the unreasonably fixed and underdeveloped term structure of interest rates, which hampers efficient resource allocation and limits market-driven price discovery. This paper examines the underlying reasons behind this structural imbalance, explores its potential risks, and proposes strategic policy measures to promote marketization and stability in interest rates.

Chinese securities market interest rates are inherently affected by a combination of institutional constraints, regulatory frameworks, and market participant behaviors. The current fixed rate regime constrains the flexibility of interest rates, leading to a rigid structure that does not reflect the true risk premiums or market conditions. One of the key factors influencing this issue is the dominant role of banks, which historically set benchmark interest rates and exert significant control over both deposit and lending rates. This banc-centric influence suppresses the development of a more flexible, market-oriented yield curve for bonds and other financial instruments.

The implications of this unbalanced structure extend beyond domestic concerns, influencing the international perception of China's financial stability and its integration into the global economy. A rigid interest rate structure can distort price signals, impede investment decisions, and sustain asset bubbles or imbalances. Furthermore, the ineffective transmission of monetary policy through a fixed interest rate system hampers efforts to control inflation and stimulate economic growth, especially during periods of economic downturn or volatility.

The root causes of this structural unreasonableness include the regulatory environment that restricts bond issuance and the lack of diversification in financial products, which narrows the interest rate spectrum. Additionally, the influence of banking institutions on interest rate setting, coupled with government policies aimed at maintaining financial stability, creates a situation where the interest rate structure does not adapt to market dynamics, thus perpetuating inefficiencies and risks.

Potential risks associated with this malfunctioning interest rate structure are significant. They include increased financial market volatility, misallocation of resources, narrow investor choices, and potential bubble formation due to artificially suppressed yields. If these issues are left unaddressed, they threaten to undermine the effectiveness of monetary policy and could lead to systemic financial instability in severe scenarios.

Addressing these problems requires a series of policy reforms aimed at liberalizing interest rates, expanding the variety of financial products, and anchoring bond yields more closely to market forces. Recommendations include establishing a scientific yield curve based on market-driven factors, promoting the diversification of bonds, and gradually removing administrative controls. Additionally, advancing the reform of the interest rate market system and progressively allowing for interest rate liberalization can improve the efficiency of the securities market and facilitate better resource allocation.

The empirical analysis within this research utilizes interest rate structure theories and models such as VAR, MGARCH, and BEKK to dissect the transmission mechanisms of interest rates and identify inefficiencies. This approach provides insights into how monetary policy influences the interest rate environment and offers a foundation for designing policy strategies tailored to improving the interest rate structure.

By emphasizing the importance of developing a more flexible and market-oriented term structure, this paper advocates for comprehensive reforms that align China’s securities market with international standards. Such reforms are expected to enhance the liquidity, diversity, and stability of the securities market, thus supporting sustainable economic growth and integration into the global financial system.

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