对于用外汇储备大规模购买股权资产的质疑

发布时间：2018-06-03 23:31

本文选题：外汇储备 + 美国国债　；参考：《复旦大学》2013年硕士论文

【摘要】：外汇储备的适度规模与有效管理对一国外汇市场稳定意义重大。由于长期的“双顺差”,我国近年来积累了大量的外汇储备。而外汇储备中的美国国债比重过高以及美国国债的收益率欠佳则引起了人们的不满,要求对外汇储备进行积极管理的要求日渐增多。其中一种观点认为可以用外汇储备来投资我国需求极大的战略性资源,这样既可以保障本国的需求,又可以实现外汇储备的保值增值。本文以金融危机为背景,强调了危机之中新兴经济体可能面临的资本外逃的风险,由此认为新兴经济体的外汇储备管理原则应以安全性和流动性为主,盈利性不应是考虑的重点。战略性资源价格在危机之中通常出现剧烈下跌,难以满足危机之中的流动性需求,因此投资战略性资源不应成为外汇储备管理的主要手段。
[Abstract]:The moderate scale and effective management of foreign exchange reserves are of great significance to the stability of a country's foreign exchange market. Due to the long-term "double surplus", China has accumulated a large amount of foreign exchange reserves in recent years. The high proportion of US Treasury bonds in foreign exchange reserves and the poor yield of US Treasury bonds have caused people's dissatisfaction and demand the accumulation of foreign exchange reserves. There is a growing demand for extreme management. One view is that foreign exchange reserves can be used to invest in the strategic resources of our country, which can not only guarantee the needs of our country, but also realize the value preservation and appreciation of foreign exchange reserves. As a result, the principle of foreign exchange reserve management in emerging economies should be based on security and liquidity. Profitability should not be the focus of consideration. The price of strategic resources usually falls sharply during the crisis and is difficult to meet the liquidity needs in the crisis. Therefore, strategic resources should not be the main management of foreign exchange reserves. Means.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6

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