海关特殊监管区域货物贸易外汇管理问答

问:海关特殊监管区域内企业之间及其与境内区外企业之间的货物贸易项下资金收付,是否需要进行申报?答:区内企业之间,及区内企业与境内区外企业之间货物贸易项下的资金收付,需要办理境内贸易收支信息申报,包括人民币收支数据。《货物贸易外汇管理指引》及其实施     

推动跨境人民币业务加快发展

跨境人民币业务是指国家允许指定的、有条件的企业在自愿的基础上以人民币进行的各项跨境国际结算业务。其包括以下内容：跨境货物贸易和服务贸易人民币结算、其它经常项目跨境人民币结算、资本项目跨境人民币投资（包括境内机构向境外投资和境外机构向境内投资）及融资业务、     

货物贸易外汇管理改革中的贸易融资套利问题研究

货物贸易外汇管理改革通过简政放权、简化单证,方便企业贸易外汇收支,给银企带来便利。然而,伴随着改革的推进,境内外监管制度上的差异给予贸易融资等监管套利行为发展的空间,一定程度上抵消改革红利,给改革工作及经济金融发展造成不良影响。本文通过实证分析发现,贸易融资存在一定的粘性特征,进出口额对贸易融资影响有限,利差比汇差对贸易融资的影响大,国内监管对贸易融资的影响也较大。因此,缩小境内外利率汇率差异和加大境内监管力度可以达到降低监管净负担率、提高制度转换成本的目的,实现制度上的均衡,从而减少融资套利。在政策选择上,应把握监管力度、有序推进改革,减少套利空间、降低套利动机。     

贸易融资外汇管理问答

Q:企业开展贸易融资业务,会对货物贸易监测指标造成哪些影响?A:根据《货物贸易外汇管理指引》及其实施细则,当前外汇局对企业的货物贸易监测以总量监测指标为主,综合考虑企业12个月时长内货物流与资金流的匹配状况。理论上凡是导致货物流与资金流在时间上错配的行为,都会影响部分监测指标。对于贸易融资而言,在企业进出口的同时,如果办理贸易融资后导致企业提前或延迟收付货款,则会影响监测指标。反之不然。以进口为例。     

关注跨境融资真实性问题

货物贸易外汇管理改革后，盘锦市货物贸易项下跨境融资出现了总量上涨、个案激增的态势。通过对部分跨境资金流动企业进行的分析发现，在追逐低成本融资过程中，企业频繁虚构贸易背景、同一交易多头融资、提交重复或虚假单据骗取融资等问题严重，有的甚至涉嫌实施欺诈，从而成倍放大了信用风险。这些依托虚假贸易背景进行融资的行为，暴露了我国在跨境资金流动风险预警、管理、处置方面的诸多问题。     

警惕跨境贸易融资激增

今年以来,境内企业从境外银行以贸易融资的形式融入人民币(即人民币跨境贸易融资)呈增长迅猛之势。其产品创新也是层出不穷,例如,人民币协议融资、人民币海外代付、人民币协议付款、人民币远期信用证等。尽管这些创新产品名称不同,但其本质都是境内银行通过其海外分支机构或代理银行为境内企业提供的人民币间接融资业务。人民币跨境贸易融资的发展虽然有利于缓解境内企业资金     

非货物贸易付汇中的税收征管问题

一、非货物贸易付汇项目税收征管现状服务贸易、收益、经常转移等非货物贸易付汇是指境外机构或个人在我国境内发生劳务收入或取得来源于我国境内的利润、利息、租金、特许权使用费等其他所得以及与资本项目有关的收入时,由境内企业或个人对其支付外汇的一种行为。在全球经济一体化程度不断提高的大趋势下,随着我国与境外的非货物贸易快速发展,对应的对外支付涉税业务显著增多。由于对外支付行为具有     

碳交易融资业务开发始末

我们结合保理业务的荩本思想，改变融资的标的、融资的期限、风险缓释的方式，将贸易融资的叙做范嘲从传统货物贸易拓展到无形资产交易领域。     

碳交易融资业务开发始末

我们结合保理业务的荩本思想，改变融资的标的、融资的期限、风险缓释的方式，将贸易融资的叙做范嘲从传统货物贸易拓展到无形资产交易领域。     

异常资金利用服务贸易渠道流入境内的途径分析及相关建议

货物贸易外汇收入联网核查制度,有效地堵住了异常外汇资金通过贸易方式进入境内,但在当前我国对服务贸易外汇收入管理相对宽松,服务贸易外汇收入汇入方式多样,真实性审核存在一定难度的现状下,使部分异常资金通过服务贸易方式进入境内成为可能。本文在分析异常资金通过服务贸易方式进入境内的途径、管理上的难点的基础上,有针对性地提出了通过调整管理政策、完善监管模式、加强非现场监测等建议。     

市场地位、商业信用与企业经营性融资

本文以2004—2010年我国A股上市公司数据为样本,检验企业市场地位对其商业信用及经营性融资的影响。研究发现,商业信用和银行借款都会向市场地位高的企业集中。进一步的研究还发现,企业商业信用融资和银行借款融资的"替代关系"在市场地位高的企业中更为显著,即市场地位高的企业同时可以获得来自商业信用和银行借款的融资;而二者的"替代关系"在市场地位低的企业中相对较低甚至不存在,由此突显出市场地位低的中、小企业融资困境,本文为我国亟待发展的"草根金融"及中小企业融资环境的改善提供了企业微观层面的实证支持。     

Trade credit and supplier competition

This paper examines how competition among suppliers affects their willingness to provide trade credit financing. Trade credit extended by a supplier to a cash constrained retailer allows the latter to increase cash purchases from its other suppliers, leading to a free rider problem. A supplier that represents a smaller share of the retailer’s purchases internalizes a smaller part of the benefit from increased spending by the retailer and, as a result, extends less trade credit relative to its sales. In consequence, retailers with dispersed suppliers obtain less trade credit than those whose suppliers are more concentrated. The free rider problem is especially detrimental to a trade creditor when the free-riding suppliers are its product market competitors, leading to a negative relation between product substitutability among suppliers to a given retailer and trade credit that the former provide to the latter. We test the model using both simulated and real data. The estimated relations are consistent with the model’s predictions and are statistically and economically significant.     

中韩工业制成品的贸易竞争关系分析

作为当今全球最重要的双边经贸关系之一,中韩贸易发展迅速,两国已互为重要的贸易伙伴。利用贸易竞争力指数、产业内贸易指数、GHM指数对中韩工业制成品的贸易竞争关系进行实证分析,结果显示：中韩双边工业制成品以产业间贸易为主,产业内贸易为辅;劳动密集型制成品、技术和资本密集型制成品以产业间贸易和低质量垂直型产业内贸易为主。两国的制成品贸易互补性强,中国相对处于产业分工的低端。为提升中国制成品的贸易竞争力,应采取加强技术自主研发、完善双边贸易合作机制、加快产业结构调整等措施。     

Trade Liberalization and Import Margins

Trade policy has well-documented effects on trade volumes. Reaching beyond volumes, I explore the effect of European emerging economies' recent institutional trade liberalization on extensive (i.e., the set of imported goods) versus intensive import margins (volumes per imported good) with highly disaggregated data. Differentiating goods categories by use, I find robust evidence of stronger extensive import margin effects of liberalization for intermediate and capital goods compared to consumer goods. This identifies an important channel for the link between reforms and growth in transition. The results also support new models of heterogeneous firms and trade, which predict that extensive import margin effects of a country's institutional trade liberalization should—through lowering fixed costs for rest-of-the-world exporters—increase with decreasing substitutability among products.     

Downstream Value of Upstream Finance

We examine market value implications of managing liquidity via supplier financing. Results suggest a direct link between shareholder wealth and use of trade credit, and the relation exhibits significant cross‐sectional variation. In particular, the market value of trade credit varies with the liquidity of goods sold and competition in product markets. Evidence also indicates the value‐supplier financing association strengthens with financial constraint, which supports the financing motive for trade credit. Further findings are consistent with the transaction cost motive. Overall, we conclude that shareholders value the strategic benefits associated with supplier financing and that downstream firms’ characteristics influence this value.     

中美贸易冲突的贸易后果 ——基于中美贸易细分产品数据的研究

基于双重差分模型,依据2014-2019年的中美贸易细分产品月度数据,考量中美贸易冲突对中美两国贸易的影响.结果显示:贸易冲突对中国从美国进口负向影响显著,且在样本期内具有平稳性与持续性;对中国对美出口负向效应显著,且在样本期内呈"倒U型"趋势.事件前期和中期,在"抢出口"效应作用下,贸易冲突对中国对美出口具有短期促进作用;事件后期,对中国对美出口的破坏影响显现.细分产品层面,贸易冲突对中国从美国资本品和消费品的进口负向影响显著,表明国家和个体层面都对贸易有所限制.出口方面,中国消费品出口所受的负向影响较强.同时,中美贸易冲突对于第三国贸易转移效应显著.     

Commodity Trade and the Carry Trade: A Tale of Two Countries

Persistent interest rate differentials account for much of the currency carry trade profitability. “Commodity currencies” offer high interest rates on average, while countries that export finished goods tend to have low interest rates. We develop a general equilibrium model of international trade and currency pricing where countries have an advantage in producing either basic inputs or final goods. In the model, domestic production insulates commodity‐producing countries from global productivity shocks, forcing final‐good producers to absorb them. Commodity‐currency exchange rates and risk premia increase with productivity differentials and trade frictions. These predictions are strongly supported in the data.     

Trade credit and stock liquidity

This study documents that firms with higher stock liquidity are more willing to extend trade credit and are less reliant on trade credit financing. This finding is robust to a battery of control variables, alternative measures of stock liquidity, different fixed effects, an instrumental variable approach, and a difference-in-difference approach using tick-size change as a quasi-natural experiment that exogenously increases stock liquidity. Subsample analyses show that the relation between trade credit policies and stock liquidity is more pronounced for firms that are financially constrained, dependent on external financing, and restricted by short-term debt. Overall, the evidence presented in this paper indicates that access to the equity market has important implications on firms' trade credit policies.     

当前贸易融资业务的供需矛盾与对策研究

随着我国对外贸易在贸易规模、贸易结构、贸易主体和贸易的地理方向的变化,现有贸易融资业务已不能满足进出口企业日益差异化的融资需求。本文在对我国国际贸易融资业务按照功能进行分类总结的基础上,对几种典型的新型贸易融资方式的供需状况进行了分析,认为当前我国贸易融资业务的供需矛盾主要是由融资业务供应主体单一、金融机构组织结构缺乏灵活性和金融机构业务重心偏移造成的。针对这些问题,本文提出了促进贸易融资供应主体多元化、提升金融机构组织结构的灵活性、完善风险评价体系和利用信息技术实现流程网络化的政策建议。     

钻石贸易洗钱与恐怖融资：方式、监管及工作建议

本文对钻石贸易及其洗钱活动进行了概述和深入研究,分析了钻石贸易的脆弱性和洗钱漏洞以及利用钻石贸易进行洗钱和融资的不同方式。在此基础上,介绍了目前各国针对钻石交易和跨境运输等方面的监管现状,并为规范钻石贸易行业和加强反洗钱及反恐怖融资监管提出具体建议。