资本项目下人民币可兑换的法律监管

发布时间：2019-03-22 16:37

【摘要】：资本项目管制对我国经济的稳定带来了巨大的保障，但是面对人民币国际化的大趋势，人民币资本项目可兑换是一个必须要经历的过程。伴随着综合国力的提升，人民币国际地位的提升也被提上了议程。现阶段我国虽然在立法层面已经完善了各类型的金融法律制度，但是目前对资本项目还是实施较为严格的管制，并没有完全开放资本项目。在开放监管的新形势下，现有的金融法律体系尤其是对外汇管制的法律法规存在着较大的问题，目前我国的改革已经步入深水区，严格的管制制度不利于我国进一步深化经济体制改革，金融体制改革尤其是资本项目的开放会为此注入活力。但从许多新兴发展中国家的资本开放经验来看，未完善制度而过快的放开监管会为国家在带来经济效益的同时也给自己带来了很大的风险，具体表现为汇率波动、债务负担、资本外逃、银行及资本市场受资本流动过快带来的系统性冲击。可见，无论哪一种监管模式，都不可避免的会面临各种风险，要想将风险的危害降到最低，就必须找到风险成因加以防范，建立完善的监管体系。 2013年12月2日，中国人民银行颁布了《关于金融支持中国（上海）自由贸易试验区建设的意见》，首次将实现人民币资本项目可兑换的改革试点放到了上海自贸区，作为上海自贸区建设的一个重要环节。人民币资本项目可兑换已引起业界的高度关注，随后相关讯息也表明了我国开放人民币可兑换的态度，但截至到目前为止，还未出台相关规定，具体监管细则仍处于法律的空白缺失状态。在缺乏现有的监管制度的情形下，参考域外经济发展模式和经济开放程度几乎同样的亚洲新兴国家和金砖国家的资本项目可兑换监管经验可以为自贸区的试点以及今后我国的开放监管提供丰富的经验。人民币资本项目下可兑换的法律监管上应注重明确监管主体、确定监管对象、细化监管内容，通过这三点构建完善的法律监管体系。监管主体应明确人民币资本项目下的各监管部门，清晰职责划分、协调监管；监管对象要在不同阶段逐步开放资本项目政策安排，从难到易，资本流入早于资本流出，，直接投资早于间接投资，长期外债早于短期外债，最后是金融衍生品的开放；监管内容体现在市场准入、持续经营和退出机制三个方面，建立健全的准入退出机制，保护投资者的利益，同时还应当建立风险预警机制来控制风险的危害，在危机出现的初期能够通过紧急应急机制将损害降到最低。
[Abstract]:Capital account control has brought great guarantee to the economic stability of our country, but in the face of the trend of RMB internationalization, the convertibility of RMB capital account is a process that must be experienced. With the promotion of comprehensive national strength, the promotion of the international status of the RMB has also been put on the agenda. At present, our country has perfected all kinds of financial legal system in the aspect of legislation, but at present the capital account is still strictly controlled, and the capital account is not completely open. Under the new situation of open supervision, the existing financial legal system, especially the laws and regulations of foreign exchange control, has great problems. At present, the reform of our country has stepped into the deep water area. The strict regulation system is not conducive to further deepening the economic system reform of our country, and the financial system reform, especially the opening up of the capital account, will inject vitality into it. However, judging from the experience of capital opening in many emerging developing countries, too fast deregulation of the imperfect system will bring economic benefits to the country as well as great risks to itself, specifically as exchange rate fluctuations and debt burdens. Capital flight, banks and capital markets by the rapid flow of capital brought about a systemic impact. It can be seen that no matter which kind of supervision mode, it is inevitable to face all kinds of risks. In order to reduce the risk harm to the lowest, we must find out the cause of risk to prevent it and establish a perfect supervision system. On December 2, 2013, the people's Bank of China promulgated the "opinions on Financial support for the Construction of China (Shanghai) Free Trade Experimental Zone," which for the first time placed the pilot reform of realizing the convertibility of RMB capital account in the Shanghai Free Trade area. As an important link in the construction of Shanghai Free Trade Zone. The convertibility of RMB capital account has aroused the high concern of the industry, and the relevant information has also indicated China's attitude towards opening up RMB convertibility, but so far, no relevant regulations have been issued. Specific regulatory details are still in the blank state of the law. In the absence of an existing regulatory system, The experience of capital account convertibility regulation in emerging Asian countries and BRICS countries, which are almost the same in terms of economic development pattern and opening degree, can provide rich experience for the pilot of free trade area and the open regulation of China in the future. The convertible legal supervision under RMB capital account should pay attention to defining the subject of supervision, determining the object of supervision, refining the content of supervision, and constructing a perfect legal supervision system through these three points. The main body of supervision should clearly define the supervision departments under the RMB capital account, divide the responsibilities clearly, and coordinate the supervision; The object of supervision should gradually open up the policy arrangement of capital account from difficult to easy, capital inflow is earlier than capital outflow, direct investment is earlier than indirect investment, long-term external debt is earlier than short-term external debt, and finally is the opening of financial derivatives. The content of supervision is embodied in three aspects: market access, sustainable operation and exit mechanism. We should establish a sound access and exit mechanism to protect the interests of investors. At the same time, we should also establish a risk early-warning mechanism to control the harm of risk. Damage can be minimized through emergency response mechanisms in the early stages of a crisis.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.285

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