人民币离岸市场发展问题研究

发布时间：2018-05-09 09:13

本文选题：人民币国际化 + 人民币离岸市场　；参考：《广西大学》2015年硕士论文

【摘要】：随着经济全球化一体化进程的不断加深,人民币国际化战略被提出。但是在我国资本项目仍受管制、汇率形成机制还未完善的特殊背景下,人民币国际化进程受到了一定的制约。此时,通过人民币离岸市场发展来推动人民币国际化成为一个合理的选择。据我们所知,人民币离岸市场的首要功能便是服务于人民币国际化。因此,人民币离岸市场发挥服务功能的程度到底多深?人民币离岸市场深化发展面临什么障碍?这都是本文要探讨的问题。本文首先分析了发展人民币离岸市场的基础理论。其次,就人民币离岸市场的现状进行深入分析,具体分析了香港、新加坡、台湾等人民币离岸市场的发展历程与发展现状。再次,分析人民币离岸市场发挥其服务功能的程度。通过前文的理论分析我们可以得出,人民币离岸市场的服务功能是其首要功能,所以测度其服务功能的发挥程度就显得十分有必要。本文选取2010-2014年的人民币国际化指数与与人民币离岸市场的数据来进行。通过协整方程可以看到,人民币离岸市场的发展对人民币国际化有着长期稳定的影响。脉冲响应结果显示人民币离岸市场有着短期的作用,所以无论是长期还是短期,人民币离岸市场发展对人民币国际化有着正向作用。但是在长期内,人民币离岸市场对人民币影响程度是比较低的,仍需继续深化。人民币离岸市场需要深化发展,研究显示,以下障碍阻碍了人民币离岸市场深化发展：境外人民币绝对规模偏小,人民币投资渠道有限；离岸市场的人民币流出过于依赖单一渠；人民币回流机制不健全,缺乏健全的离岸人民币清算系统；金融立法机制不完善,保密制度欠缺。因此,本文提出了促进人民币离岸市场深化发展的政策建议：加强立法与监管；扩大人民币业务的资金池,丰富离岸市场的金融产品种类；构建合理的人民币回流机制与便捷的人民币清算网络；加快国内金融市场发展的步伐。
[Abstract]:With the deepening of economic globalization, RMB internationalization strategy has been put forward. However, under the special background that the capital account is still under control and the exchange rate formation mechanism is not perfect, the internationalization process of RMB is restricted to a certain extent. At this time, it is a reasonable choice to promote RMB internationalization through the development of RMB offshore market. As far as we know, the primary function of RMB offshore market is to serve the internationalization of RMB. So to what extent does the offshore renminbi market play a service role? What are the obstacles to the further development of RMB offshore market? These are the problems to be discussed in this paper. This paper first analyzes the basic theory of developing RMB offshore market. Secondly, this paper analyzes the current situation of RMB offshore market, including Hong Kong, Singapore, Taiwan and so on. Thirdly, it analyzes the extent to which the offshore market of RMB exerts its service function. Through the theoretical analysis above, we can draw the conclusion that the service function of RMB offshore market is its primary function, so it is very necessary to measure the extent of its service function. This paper selects the 2010-2014 RMB internationalization index and the offshore market data. The cointegration equation shows that the development of RMB offshore market has a long-term and stable effect on RMB internationalization. The impulse response results show that the offshore market of RMB has a short-term effect, so the development of offshore market of RMB has a positive effect on the internationalization of RMB both in the long run and in the short term. But in the long run, the impact of the yuan offshore market on the yuan is relatively low and needs to be deepened. The further development of RMB offshore market needs to be deepened. The research shows that the further development of RMB offshore market is hindered by the following obstacles: the absolute scale of offshore RMB is small and the channel of RMB investment is limited; The RMB outflow in the offshore market is too dependent on a single channel; the RMB reflux mechanism is not perfect and there is no sound offshore RMB clearing system; the financial legislation mechanism is not perfect and the secrecy system is lacking. Therefore, this paper puts forward some policy suggestions to promote the further development of RMB offshore market, such as strengthening legislation and supervision, expanding the pool of funds for RMB business, and enriching the types of financial products in offshore market. Construct reasonable RMB reflux mechanism and convenient RMB clearing network, and accelerate the development of domestic financial market.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.6

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