上海建立人民币离岸中心的动力机制和政策选择

发布时间：2018-11-23 09:52

【摘要】：近年来,随着人民币国际化进程的加快,人民币跨境资本流动的增长,人民币离岸中心的建立已经到了有实质性进展的前夕。而上海作为中国以“四个中心”建设为目标,且已经有相当基础的城市来说,建立发展离岸金融市场是它的必由之路。关于上海建立离岸金融中心的必要性研究已经有很多学者进行了探讨,但是具体来说,现阶段上海发展离岸中心还存在哪些问题,而是否存在足够的动力机制能够促进上海解决这些问题?这是本文主要探讨的问题。首先,就上述的动力机制,本文提出了上海发展离岸中心所应当遵守的发展路径,确定了上海离岸中心发展的目标模式应是,区域金融中心以及区域性的离岸金融中心,是在未来十年内建成一个离岸人民币的产品中心。保持现阶段自身内地金融中心的地位,完善和健全已有的各类金融市场,成为更大区域内的金融中心。现阶段,在清楚认识到香港是目前最为成形的离岸金融中心的基础上,合理利用香港软、硬件资源,加强沪港合作。其次,本文通过国际成形的离岸中心的发展经验的分析,总结归纳出他们的共性,并且就伦敦的发展做了相关性分析,证明了该国货币的国际化程度、金融集聚水平、产业国际化、金融自由化等因素能够为离岸中心的建立和发展起到良好的推动作用。而反观上海,最主要由于国内金融市场的开放度低,很多制度因素制约了上海离岸市场的发展。但是上海的发展潜力仍然是毋庸置疑的。本文构建了一个上海发展离岸金融中心的动力机制,从宏微观角度分析论证了上海的动力,以及动力起作用的机制。最后,本文分别就监管、税收、沪港联动等内容提出了相应的政策建议,以期能够将上海的发展动力释放到最大。但是本文作出的分析大多为纯理论上的分析,尚缺少实证数据上的检验验证,随着上海离岸金融业务的扩张以及人民币国际化的深化,出现了实际的数据,就能够对本文的结论作出验证。
[Abstract]:In recent years, with the acceleration of RMB internationalization and the growth of cross-border capital flows, the establishment of RMB offshore center has reached the eve of substantial progress. Shanghai, as a city with "four centers" as its goal and already has some foundation, is the only way to establish and develop offshore financial market. Many scholars have discussed the necessity of establishing offshore financial centers in Shanghai, but specifically, what problems still exist in the development of offshore financial centers in Shanghai at this stage? And is there enough dynamic mechanism to help Shanghai solve these problems? This is the main problem discussed in this paper. First of all, on the basis of the above dynamic mechanism, this paper puts forward the development path that should be followed in the development of offshore center in Shanghai, and determines that the target mode of development of offshore center in Shanghai should be regional financial center and regional offshore financial center. Is in the next 10 years to build an offshore RMB product center. To maintain its status as a mainland financial center at present, to perfect and perfect all kinds of existing financial markets, and to become a financial center in a larger region. At this stage, on the basis of clearly recognizing that Hong Kong is the most formed offshore financial center at present, we should make rational use of Hong Kong's software and hardware resources and strengthen the cooperation between Shanghai and Hong Kong. Secondly, through the analysis of the development experience of the international formed offshore centers, this paper sums up their commonalities, and makes a correlation analysis on the development of London, which proves the degree of internationalization of the national currency and the level of financial agglomeration. Industry internationalization, financial liberalization and other factors can play a good role in the establishment and development of offshore centers. On the other hand, the development of offshore market in Shanghai is restricted by many institutional factors, mainly due to the low openness of domestic financial market. But Shanghai's potential remains unquestioned. In this paper, a dynamic mechanism for the development of offshore financial center in Shanghai is constructed, and the motive force and the mechanism of the driving force are analyzed and demonstrated from the macro and micro point of view. Finally, this paper puts forward the corresponding policy suggestions on supervision, taxation, Shanghai-Hong Kong linkage and so on, in order to release the power of Shanghai's development to the maximum. However, most of the analyses made in this paper are purely theoretical and lack the test of empirical data. With the expansion of offshore financial business in Shanghai and the deepening of RMB internationalization, actual data appear. The conclusion of this paper can be verified.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6

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