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利率市场化作为金融深化的一大重要组成部分可以直接影响金融市场的运作效率,从而改变资金的分配情况,影响资源的优化配置。本文从微观金融的角度出发分析利率市场化给整个金融市场微观主体带来的影响。本文拟从两个层面分析利率市场化对于金融市场的影响,即:利率市场化对资本市场定价的影响以及均衡汇率的形成对企业利润及风控的影响。一、利率市场化与资本市场定价由Merton提出的Merton模型巧妙地诠释了资本市场的定价规律。Merton模型从会计资产负债表基本等式Asset(A)=Equity(E)+Debt(D)出发,假定负债D在一定时期内保持不变,总资产价值A的波动率保持稳定,而净资产E全部为二级市场的流通股总价值,那么会计等式的各个变量满足下列关系:(一)当总资产A大于负债D时,债权人获得全部债券收益D,
As an important part of financial deepening, the marketization of interest rates can directly affect the operational efficiency of financial markets, thereby changing the distribution of funds and affecting the optimal allocation of resources. This article analyzes the impact of the marketization of interest rates on the micro-entities of the entire financial market from the perspective of micro-finance. This article intends to analyze the impact of the marketization of interest rates on the financial markets from two aspects: the impact of marketization of interest rates on the pricing of capital markets and the impact of the formation of equilibrium exchange rates on corporate profits and wind control. First, the interest rate market and capital market pricing Merton’s proposed Merton model cleverly explains the pricing rules of capital markets. The Merton model starts with the asset-liability equation Asset (A) = Equity (E) + Debt (D), assuming that the debt D remains constant over a period of time and the volatility of the total asset value A remains stable. E are all the total value of the outstanding shares of the secondary market, then the variables in the accounting equation satisfy the following relationships: (1) when the total assets A is greater than the debt D, the creditors receive the entire bond yields D,