中国持有美国资产机会成本的估算
发布时间：2018-09-05 09:31
【摘要】：基于美国经济分析局(BEA)公布的数据,分别估算出1999年后美国投资者持有海外资产、美国国外投资者和中国投资者持有美国资产的资产所得。相比较而言,美国投资者持有海外资产能获得较高的纯资产所得率。虽然近年来中国持有美国资产数量快速增长,但中国持有美国资产的纯资产所得率却较低。如果将同样数量的资产转由美国投资者进行对外投资,那么中美投资者所获得的纯资产所得之差便构成了中国持有美国资产的"机会成本"。随时间推移和中国对美国资本输出数额的逐年剧增,中国持有美国资产的机会成本也在同步增加。中国持有美国资产承受的机会成本既是美元国际地位的体现,也能反映出中国持有美国资产的收益状况,更是中美两国获取对外投资回报能力差异的体现。
[Abstract]:Based on data released by the U.S. Bureau of Economic Analysis (BEA), U.S. investors held overseas assets after 1999, while U.S. foreign investors and Chinese investors held U.S. assets. By contrast, U.S. investors who hold overseas assets gain a higher net asset income ratio. While China's holdings of U.S. assets have grown rapidly in recent years, China's net income from U.S. assets is low. If the same amount of assets were transferred to U.S. investors for outward investment, the difference in net asset income between Chinese and American investors would constitute the "opportunity cost" for China to hold U.S. assets. As time goes by and China's exports of capital to the United States surge year by year, the opportunity cost of China's holdings of U.S. assets increases in parallel. The opportunity cost of China's holding U.S. assets is not only a reflection of the international status of the US dollar, but also a reflection of the return on China's holdings of U.S. assets, as well as the difference in the ability of China and the United States to obtain returns on foreign investment.
【作者单位】： 吉林大学经济学院;
【基金】：国家社会科学基金重大招标项目(10ZD&054)
【分类号】：F832.6;F224
本文编号：2223874
[Abstract]:Based on data released by the U.S. Bureau of Economic Analysis (BEA), U.S. investors held overseas assets after 1999, while U.S. foreign investors and Chinese investors held U.S. assets. By contrast, U.S. investors who hold overseas assets gain a higher net asset income ratio. While China's holdings of U.S. assets have grown rapidly in recent years, China's net income from U.S. assets is low. If the same amount of assets were transferred to U.S. investors for outward investment, the difference in net asset income between Chinese and American investors would constitute the "opportunity cost" for China to hold U.S. assets. As time goes by and China's exports of capital to the United States surge year by year, the opportunity cost of China's holdings of U.S. assets increases in parallel. The opportunity cost of China's holding U.S. assets is not only a reflection of the international status of the US dollar, but also a reflection of the return on China's holdings of U.S. assets, as well as the difference in the ability of China and the United States to obtain returns on foreign investment.
【作者单位】： 吉林大学经济学院;
【基金】：国家社会科学基金重大招标项目(10ZD&054)
【分类号】：F832.6;F224
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，本文编号：2223874
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