关键词: FISIM, 参考利率, 期限调整, 检验

Abstract: There is an accounting loophole in the Financial Intermediation Services Indirectly Measured (FISIM), which causes the internal accounting inconsistency of SNA and the negative figures of FISIM in the current System of National Accounts. So SNA (2008) suggested that reference rate reflect the risks and the structure of terms of deposit and loan. Therefore, International and European FISIM working groups have explored the various risk-adjusted and term-adjusted reference interest rates, including the weighted rates, the matching rates, the short-term and long-term rates, midpoint rates, as well as the reference rates recommended by SNA. An empirical study in this paper is done on those five reference interest rates in order to find out their applicability in China by testing the interest rate volatility, the possible occurrence of FISIM negative figures, and the impacts on the production and use of FISIM, etc. The results show that weighted reference interest rates, the short-term and long-term reference interest rates are relatively stable in terms of terms adjusted, with little chance of FISIM negative figures. In which, the weighted reference rates are simpler and much more operational in China. The reference interest rates in Chinese book value have comparative advantages in terms of their stability, negative FISIM figures, and risk adjustment, while the disadvantage is the term adjustment of the reference interest rates is not taken into account.

Key words: FISIM, Reference Interest Rate, Term Adjustment, Test