CAJ | 학술논문

本文选取2008年1月-2013年12月银信合作理财产品月度平均收益与相同时期和相同期限的上海银行间同业拆放利率（ Shibor）的时间序列数据，通过基于VAR模型的协整分析得出标准化协整方程和误差校正模型，结果表明样本区间内银信合作理财产品的平均收益率与同时期相同期限的Shibor间形成了长期、稳定的均衡关系，且后者是前者的格兰杰原因。因此，在Shibor发挥着货币市场基准利率作用的条件下，银信合作理财产品的收益从某种程度上体现了存款利率的市场化，为利率市场化改革探索开辟了一条新的途径。
본문선취2008년1월-2013년12월은신합작리재산품월도평균수익여상동시기화상동기한적상해은행간동업탁방리솔（ Shibor）적시간서렬수거，통과기우VAR모형적협정분석득출표준화협정방정화오차교정모형，결과표명양본구간내은신합작리재산품적평균수익솔여동시기상동기한적Shibor간형성료장기、은정적균형관계，차후자시전자적격란걸원인。인차，재Shibor발휘착화폐시장기준리솔작용적조건하，은신합작리재산품적수익종모충정도상체현료존관리솔적시장화，위리솔시장화개혁탐색개벽료일조신적도경。
By selecting the time series data of average monthly yield of trust wealth investment products in commercial banks and the corresponding Shanghai interbank offered rate （ Shibor ） from January 2008 to December 2013 , and through the cointegration analysis based on the VAR model , this paper educes the standard cointegration and error correc-tion model , and reaches the conclusion that in the sample interval the average yield of trust wealth investment products in commercial banks forms a long -term and stable equilibrium relationship with the same period of Shibor , and moreover , the latter is the former′Granger cause .Therefore , when Shibor plays the role of benchmark interest rate in monetary mar-ket, yield of trust wealth investment products in commercial banks reflects the market -oriented deposit interest rate , and thus it opens up a new way for the reformation of interest rate marketization .