Page 73 - Contributed Paper Session (CPS) - Volume 5

CPS1053 DU zhixiu

Research on the Estimation Method of Reference
rate in FISIM Accounting
DU zhixiu ; DU jinzhu
1
2
1 School of Statistics and mathematics, Inner Mongolia University of Finance and Economics
2 Inner Mongolia University of Finance and Economics

Abstract
This paper refers to the international reference rate calculation method, for
the internal reference rate, we use two reference rates, that are interbank
interest rates and the average deposit and lending rates. At the same time,
according to the recommendations of the 2008 SNA, two risk-adjusted
reference rates were constructed, one is to consider the reference risk (CIR-
CCAPM) for term risk and general monetary assets’ risk premiums, and the
other is to consider term risk, general monetary assets’ risk premium and loan
default risk (CIR-CCAPM-D rate), the third is accounting reference rate. For
external reference rates, refer to the 2010 European System of National
Accounts (ESA). Accounting and distributing FISIM outputs between industry
and institutional sectors based on four internal reference rates and external
reference rates combined with China's actual data. Finally, the total FISIM that
computed by reference rate is analyzed as the impact on GDP, the contribution
of the final use makes the GDP increase over the traditional method.

Keywords
CIR-CCAPM rate; Accounting Reference Rate; Sector Allocation

1. Introduction
Financial intermediation services include such important services as
intermediation between borrowers and lenders, insurance, and payment
services. These services comprise a significant and growing part of the national
economy. According to professor Liuqiao who is the Vice Dean of Guanghua
School of Management and Director of EMBA Center of Peking University, in
the first half of the year 2015, China's financial contribution to GDP has
exceeded 9.5 %.
Most sectors provide products or services through explicit fees, so the
added value of these sectors can be directly calculated. For example, the total
output of a second-hand car dealer can be calculated based on the cash of
the vehicle sold, and the added value can be calculated by the total output
minus the intermediate cost. Certain services provided by the financial sector
can also be calculated in this way. For example, investment banks offer pricing
to customers when consulting on mergers and acquisitions, and they also
charge customers fees or commissions when conducting underwriting
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