The Intension,Measurement and Factor Analysis of Liquidity Surplus Based on Term Structure of Assets
基于资产期限结构，将流动性过剩分解为三个因素，并通过实证分析发现其均衡路径具有季度重复特征，为央行管理流动性提供了策略建议。
This paper discusses the intension of liquidity surplus,makes a quantitative measurement and factor analysis based on the term structure of assets,and suggests the liquidity surplus management strategy.Based on the term structure of assets,Liquidity surplus can be decomposed into three factors:one-term lagged liquidity surplus,term structure of money,and ratio of equilibrium proportion maturity premium.Positive analysis indicates that equilibrium paths of three factors are characteristics of quarterly repetition.The central bank should specify the ceiling and floor of liquidity surplus,make sure liquidity surplus rise gradually within one year,and transform between high and low liquidity surplus when going beyond the year.To achieve the equilibrium values of liquidity surplus,liquidity managing tools should be used to control term structure of money and ratio of equilibrium proportion maturity premium which follow quarterly repeating paths.