followscrolling.htm

这是一些关于JavaScript的学习资料 希望对大家有用

    StalkerTouchedX = e.pageX-document.floater.pageX;
    StalkerTouchedY = e.pageY-document.floater.pageY;
    } 
        }
    return true;
    }
    function moveIt(e) {
        if (whichIt == null) { return false; }
        if(IE) {
        newX = (event.clientX + document.body.scrollLeft);
        newY = (event.clientY + document.body.scrollTop);
        distanceX = (newX - currentX); distanceY = (newY - currentY);
        currentX = newX; currentY = newY;
        whichIt.style.pixelLeft += distanceX;
        whichIt.style.pixelTop += distanceY;
            if(whichIt.style.pixelTop < document.body.scrollTop) whichIt.style.pixelTop = document.body.scrollTop;
            if(whichIt.style.pixelLeft < document.body.scrollLeft) whichIt.style.pixelLeft = document.body.scrollLeft;
            if(whichIt.style.pixelLeft > document.body.offsetWidth - document.body.scrollLeft - whichIt.style.pixelWidth - 20) whichIt.style.pixelLeft = document.body.offsetWidth - whichIt.style.pixelWidth - 20;
            if(whichIt.style.pixelTop > document.body.offsetHeight + document.body.scrollTop - whichIt.style.pixelHeight - 5) whichIt.style.pixelTop = document.body.offsetHeight + document.body.scrollTop - whichIt.style.pixelHeight - 5;
            event.returnValue = false;
        } else { 
            whichIt.moveTo(e.pageX-StalkerTouchedX,e.pageY-StalkerTouchedY);
    if(whichIt.left < 0+self.pageXOffset) whichIt.left = 0+self.pageXOffset;
    if(whichIt.top < 0+self.pageYOffset) whichIt.top = 0+self.pageYOffset;
    if( (whichIt.left + whichIt.clip.width) >= (window.innerWidth+self.pageXOffset-17)) whichIt.left = ((window.innerWidth+self.pageXOffset)-whichIt.clip.width)-17;
    if( (whichIt.top + whichIt.clip.height) >= (window.innerHeight+self.pageYOffset-17)) whichIt.top = ((window.innerHeight+self.pageYOffset)-whichIt.clip.height)-17;
    return false;
        }
    return false;
    }
    function dropIt() {
        whichIt = null;
    if(NS) window.releaseEvents (Event.MOUSEMOVE);
    return true;
    }
    <!-- DRAG DROP CODE -->
    if(NS) {
        window.captureEvents(Event.MOUSEUP|Event.MOUSEDOWN);
        window.onmousedown = grabIt;
        window.onmousemove = moveIt;
        window.onmouseup = dropIt;
    }
    if(IE) {
        document.onmousedown = grabIt;
        document.onmousemove = moveIt;
        document.onmouseup = dropIt;
    }
    if(NS || IE) action = window.setInterval("heartBeat()",1);
    </script>
</p>
<H2 align=center><SPAN 
style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: Arial"><FONT size=6><SPAN 
style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: Times New Roman; mso-bidi-font-size: 12.0pt; mso-hansi-font-family: Times New Roman; mso-bidi-font-family: Times New Roman; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">浮动利率债券基准利率的选择</SPAN><BR>
</FONT></SPAN></H2>
<H2><SPAN 
style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: Arial">一、研究背景</SPAN><SPAN 
lang=EN-US style="mso-fareast-font-family: 楷体_GB2312"><O:P> </O:P></SPAN></H2>
<P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-INDENT: 21pt"><SPAN lang=EN-US 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt">2004年以来，我国经济增长有过热趋势，通货膨胀有所抬头，4月份CPI达到3.8%，中央银行都需要通过货币政策工具来防止经济过热和通货膨胀加速。受其影响，银行间债券市场利率迅速反弹。一年期央行票据的收益率从年初的2.71%上升至5月份的3.33%左右。与此同时，固定利率债券的收益率也大幅度反弹，5年期债券的收益率达到了4.5%以上，原来低票息固定利率债券价格出现了大幅下跌。同时，以1年期定期存款利率为基准利率的浮动利率债券的价格也迅速下跌。<O:P> </O:P></SPAN></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt">例如，<SPAN 
lang=EN-US>2001年8月28日发行的10年期浮动利率国债，票息为1年期定期存款利率加52个基点。当时的1年期定期存款为1.98%（基础利率），当期的票息为</SPAN></SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">1.98%+0.52%=2.5%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。然而，</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">2004</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">5</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">月</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">25</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">日，</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"> 1</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年期央行票据的利率为</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">3.3%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">左右。在信用级别相同的情况下，</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">1</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年期央行票据的利率要比</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">2001</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">8</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">月</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">28</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">日发行的浮动利率国债的利率高出</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">0.8</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">个百分点，即</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">3.3%-2.5%=0.8%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">我国浮动利率债券的基础利率是中国人民银行公布的商业银行</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">1</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年期定期存款利率。利差由投资者在发行日通过自由竞标确定。浮动利率债券没有发挥规避市场风险的功能，原因在于基础利率是行政性管制利率，不能及时、有效地反映金融市场对利率走势的预期。利差在债券到期前也固定不变。因此，我国浮动利率债券就变成了固定利率债券。</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">事实上，我国现在的利率是双轨制。一方面，是行政化的管制利率，即商业银行吸收存款的利率、发放贷款的利率（允许浮动，但必须在一定的幅度范围内）。另一方面，有一个完全市场化的利率，即银行间债券市场上的同业拆借、回购和债券投资的收益率，这些利率的高低完全取决于市场上资金供求状况、信用风险状况、对未来经济和通货膨胀走势的预期等因素。</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoBodyTextIndent style="LINE-HEIGHT: 150%"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; mso-ascii-font-family: 'Times New Roman'">　　既然我国现有的浮动利率债券不能规避市场利率风险，就需要在基准利率设计方面进行创新，研究我国金融市场中的市场化利率，选择适合投资者和发行人需要的基准利率。</SPAN><B><SPAN 
lang=EN-US><O:P> </O:P></SPAN></B></P>
<H2><SPAN 
style="FONT-FAMILY: 楷体_GB2312; mso-ascii-font-family: Arial">二、浮动利率债券的基本原理</SPAN><SPAN 
lang=EN-US style="FONT-WEIGHT: normal"><O:P> </O:P></SPAN></H2>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24.1pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.05pt"><B><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">（一）浮动利率债券的产生</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></B></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">风险是商业银行业务和投资银行业务的固有属性，几乎影响全部金融机构，包括银行和非银行金融机构。金融机构面临的金融风险主要有利率风险、流动性风险、信用风险和货币风险。当公司的收入对利率波动敏感时，利率风险就会发生。</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">对于用货币标价的交易，利率波动总会影响该笔交易的市场价值、资产或负债的成本，进一步影响到净利息收入。每当利率走低，流动性就会上升，这进一步促使利率水平降低。</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">消除利率波动造成的风险是经济活动当事人关心的主要问题。在债券市场上，当利率被推到空前的高水平时，会引起长期债券价格的急剧下跌。结果，出借人可能不愿意以固定利率借出长期款项，除非利率格外高。</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">考虑到在借款期内利率变动的不确定性，浮动利率债券</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">(Floating Rate Notes ,FRNs)</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRN</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">能够对这种波动性做出反应。</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">1970</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年，一家名为“</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">ENEL</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">”的意大利电力公司，首先设计发行了</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRN</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRNs</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">受到欢迎，因为它在二级市场流动性更好，而且保证投资者的收益与基准指标的收益率相联结。</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24.1pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.05pt"><B><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">（二）定义与机理</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></B></P>
<P class=MsoNormal 
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">浮动利率债券（</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">Floating Rate Notes</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">，</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRNs</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">），是固定收入工具的一种，一般由公司或代理借款人发行。票息与指定的基准利率相关联，随基准利率波动。</SPAN><SPAN 
lang=EN-US