中文摘要：

作为我国金融市场基准利率体系建设和利率市场化改革配套的重要基础设施，上海银行间同业拆放利率（Shibor）已成功运行近7年。本文首先对货币市场基准利率的性质进行了讨论，指出市场代表性和基准性是金融市场基准利率的核心属性。对我国货币市场和Shibor运行以来情况的考察表明，Shibor具备了货币市场基准利率的基本特征。通过等均值、等方差检验、Granger因果分析和EGARCH模型等方法进行的实证分析表明，Shibor具有良好的市场代表性、基准性和稳定性，较好地发挥了货币市场基准利率的作用。今后应以市场机制建设为重点，进一步夯实巩固Shibor货币市场基准利率地位，通过Shibor的健全完善，推动中国金融市场化改革向纵深领域迈进．促进中国金融和经济的长远健康发展。

英文摘要：

As one of the most important infrastructures of the financial market and supporting facilities for interest rate liberalization, benchmark rate constructions, Shanghai Inter Bank Offered Rate （Shibor）, has been successfully running for more than six years. In this paper, we first talk about the characteristics of the benchmark rate, and then point out that market representatives and references are the core characteristics for benchmark and Shibor＇ s performance since its operation, we rate. After introducing China＇s money market conduct an empirical analysis on the role of Shibor＇s market benchmark rate with the methods of Equal - mean, Equal Covariance, Granger causality test and EGARCH model. The results show that Shibor has good characteristics of representatives, references and stability, which means benchmark rate. We should enhance market mechanism, benchmark rate, further promote China＇ s financial market improvement of Shibor, and ensure a healthy financial and Shibor will be a good money market further consolidate the role of Shibor＇ s reform to deep -water area through the economic development in the long run.