Academic Journal of Business & Management, 2023, 5(8); doi: 10.25236/AJBM.2023.050803.
Qing Li1, Xin Liao1, Lingyue Hou2
1Bussiness School, University of Shanghai for Science and Technology, Shanghai, China
2Department of Industrial Engineering, University of Shanghai for Science and Technology, Shanghai, China
By analyzing the effect of macroeconomic fundamentals, bill supply and demand, funding, and external events on banker’s acceptance exchange yield by selecting the industrial producer price index (PPI) and consumer price index (CPI), which reflect macroeconomic aspects; the Negotiable Certificate of Deposit (NCD), Shanghai interbank offered rate (Shibor), which measure the short-to-medium-term funding costs, as indicators, and discounted volume (DV) and new loan amount (DLA), which reflect the supply and demand in the bill market, are used as indicators. Selected 43 different sets of monthly sample data combinations from December 2018 to June 2022 to construct a model for the banker’s acceptance exchange yield and carry out model modification and analysis of the empirical results. The results show that, with other explanatory variables being held constant, the Shanghai Interbank Offered Rate (Shibor) and the new loan amount (NLA), which reflect the short-to-medium-term fund market, are positively correlated with banker’s acceptance exchange yield. On the other hand, the industrial producer price index (PPI), the consumer price index (CPI), and the discounted volume (DV), which reflect the macroeconomic and bill supply and demand factors, are negatively correlated with banker’s acceptance exchange yield. Furthermore, the banker’s acceptance exchange yield is most affected by the short-to-medium-term funding costs.
Banker’s acceptance exchange yield, Bank's acceptance bill, Bill market, Influencing factors, Multiple linear regression
Qing Li, Xin Liao, Lingyue Hou. Research on the Factors Affecting Banker’s Acceptance Exchange Yield in China. Academic Journal of Business & Management (2023) Vol. 5, Issue 8: 16-20. https://doi.org/10.25236/AJBM.2023.050803.
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