中国外汇储备投资多元化研究

发布时间：2018-09-07 17:39

【摘要】：外汇储备作为一个国家资产储备的主要组成部分，发挥着维护经济稳定的重要作用。尤其是现在各国经济联系越来越紧密，全球化的速度不断加快，各国相互之间经济影响力越来越大，影响的领域也越来越广，所以优化外汇储备，维护外汇储备的适量性对一个国家的经济发展和经济安全至关重要。改革开放以来，中国市场化程度愈加成熟，经济快速、迅猛发展。在国际贸易频繁和国际资本流动速度进一步加快的大背景下，中国的国际收支状况有了很大改变。这主要归因于国际贸易额的增长以及国际资本的大量流入，最终导致巨额的国际收支顺差，从而中国的外汇储备规模越来越大，增长的速度也越来越快。超额的外汇储备和外汇储备投资的低收益是中国外汇储备面临的最大的问题，而且由这些问题又引发了一系列的风险，首先是汇率变化引发的外汇储备贬值的风险；其次是管理巨额外汇储备所造成的财政负担；最后是低效率的外汇储备投资造成的机会成本问题。另外中国超额的外汇储备造成西方发达国家对人民币升值的压力，加剧了中西方国家国际贸易和国家关系的紧张状况,导致了一定的政治风险。本文即立足于中国超额外汇储备和外汇储备投资低效率的现实情况，研究中国外汇储备投资多元化的发展情况。文章共分五部分，，第一部分主要对本文的研究背景、结构及文献综述情况进行简单介绍；第二部分介绍中国外汇储备投资的现状，为实行外汇储备投资多元化做一个背景介绍；第三部分是通过对上一部分现状的分析得出中国外汇储备投资存在的问题，为实行外汇储备投资多元化进行原因分析；第四部分则通过国际上典型国家外汇储备投资多元化的情况分析探讨其成功经验及对中国的启示；第五部分主要是针对中国的具体实际提出关于中国外汇储备投资多元化合理化的对策建议。
[Abstract]:Foreign exchange reserve, as a major component of a country's asset reserve, plays an important role in maintaining economic stability. Especially now, with the increasingly close economic ties and the accelerating pace of globalization, the economic influence among countries is becoming greater and greater, and the fields of influence are becoming wider and wider. The appropriateness of foreign exchange reserves is very important to a country's economic development and economic security. Since the reform and opening up, China's market economy has become more mature, and its economy has developed rapidly. The growth of international trade and the inflow of international capital eventually lead to a huge balance of payments surplus, which makes the scale of China's foreign exchange reserves bigger and bigger and the growth rate faster and faster. It also triggers a series of risks, first of all, the risk of the devaluation of foreign exchange reserves caused by exchange rate changes; secondly, the financial burden caused by the management of huge foreign exchange reserves; and finally, the opportunity cost caused by inefficient foreign exchange reserves investment. It has aggravated the tension between China and the West in international trade and state relations, resulting in certain political risks.
This paper is based on the fact that China's excess foreign exchange reserve and foreign exchange reserve investment are inefficient to study the development of diversification of foreign exchange reserve investment in China.The article is divided into five parts.The first part mainly introduces the research background, structure and literature review of this paper.The second part introduces the foreign exchange reserve investment in China. The third part analyzes the existing problems of China's foreign exchange reserve investment through the analysis of the previous part of the current situation, and analyzes the reasons for the diversification of foreign exchange reserve investment; the fourth part analyzes the diversification of foreign exchange reserve investment in typical international countries. The fifth part mainly puts forward the countermeasures and suggestions on the diversification and rationalization of China's foreign exchange reserve investment.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6

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