跨境人民币投融资问题研究

开展跨境人民币投融资,是提高人民币国际地位的战略需要,是配合跨境贸易人民币结算的客观需要,也是化解对外资产负债货币错配风险的迫切需要。随着各种跨境人民币投融资安排的付诸实施,跨境人民币投融资呈现出规模扩大化、渠道多元化、方式多样化的态势。基于动态随机一般均衡模型的研究表明,跨境人民币投资可以使居民、企业等经济主体行为的最优化路径发生变迁;模拟分析结果表明,跨境人民币投资对改善本国经济福利具有助推作用。为进一步促进跨境人民币投融资业务的开展,要按照"先引进来再走出去"的策略,推动跨境人民币直接投资;按照"先债券市场后股票市场"的次序,扩大境内金融市场的开放;按照"离岸与在岸市场协同发展"的方针,加快香港离岸人民币业务中心建设;按照市场化推动的原则,发挥中资跨国企业和中资金融机构在跨境人民币投融资中的主力军作用;按照发展与规范并重的思路,建立跨境人民币投融资的风险管理体系。

Research on Cross-border RMB Investment and Financing Issues

Carrying out cross-border RMB investment and financing is a strategic need of improving the international status of RMB,a settlement to corporate with the cross-border RMB trade,and also a measure to dissolve the currency mismatch between foreign assets and liabilities.With the implementation of several kinds of cross-border RMB investment and financing modes,cross-border RMB investment and financing presents a phenomenon of scale enlargement,channel multiplication and ways of diversification.Based on DSGE model,the paper shows that cross-border RMB investment can change the behavior optimization path of the residents,enterprises and other economic entities.Simulation results show that the cross-border RMB investment and financing helps to improve the economic welfare of the country.Thus,we should further promote the cross-border RMB investment and financing business according to the "firstly bringing in and then going out" strategy.We should expand the opening of domestic financial market according to the "firstly bond market and then stock market" order.We should speed up the construction of RMB business in Hong Kong center according to the "offshore and onshore markets develop coordinately" policy.We should make the Chinese multinational enterprises and domestic financial institutions play a major role in the force of cross-border investment according to a market-oriented principle,and build a cross-border RMB investment risk management system focusing both on development and standardization.