人民币国际化与中国对外投资关系的实证研究

发布时间：2018-02-09 23:29

本文关键词： 国际货币人民币国际化对外投资影响机制　出处：《山西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：改革开放以来，中国综合国力迅速提升。国民经济实现了持续的高速增长,其成就举世瞩目。2009年，我国取得了国际贸易总额世界第二、出口额世界第一、吸引外商直接投资全球第二的成绩。但近年来,中国经济也面临着相当复杂的国际和国内形势：从国际层面看，08年国际金融危机后，世界经济陷入低迷，紧接着欧洲主权债务危机爆发，美国国内也接连出现财政悬崖。欧洲寄希望于外界帮助度过难关，而美政府则企图通过推行量化宽松政策度过危机。一时，作为主要国际货币的美元、欧元面临信心危机。而呼吁国际货币体系改革的声音再一次被世界关注。多年来，人民币的国际地位未能与中国经济的世界影响力匹配，加之人民币不断的升值趋势，世界对人民币国际化充满期待。从国内层面看，经济增长对固定资产投资的倚重及城市化进程的加快，，对资源、能源、环境都构成了挑战。内需不足、产能过剩、流动性过剩、通货膨胀率居高不下等等，都预示着我国迫切需要进行产业结构调整与经济增长方式的转变。而对外投资是我国“走出去”的重要渠道，可以让企业主动参与国际分工并在全球范围内有效配置资源，在海外寻找更广阔的市场以解决国内产能过剩、内需不足的困扰，可以纾缓因流动性过剩而导致的通货膨胀率高启，企业还可以在对外直接投资中提高国际化水平。因此，我国应加大对对外投资的政策支持与服务保障，促进投资便利化。一国的货币制度、是否为国际货币也对企业对外投资影响较大，因为对外投资是资本的跨国经营活动，必然涉及资金的筹集、资金的使用、及投资收益的汇回等，每一环节都与两国的货币制度及汇率波动有较强的联系，汇率风险是企业海外投资面临的主要风险之一。当前，中国的海外投资逐渐步入快速发展的新阶段，新阶段的标志性事件是人民币逐步走向国际化，研究人民币国际化与海外投资之间的关系，它们相互之间是如何促进的，海外投资的快速发展对人民币国际化提出了哪些要求，人民币国际化又为企业海外投资提供了哪些机遇。因此，分析对外投资与人民币国际化之间的互动影响机制非常必要。
[Abstract]:Since the reform and opening up, China's comprehensive national strength has rapidly increased. The national economy has achieved a sustained and rapid growth, and its achievements have attracted worldwide attention. In 2009, China achieved the world's second largest total international trade and the largest export volume in the world. In recent years, China's economy has also faced a rather complex international and domestic situation: from an international perspective, after the 2008 international financial crisis, the world economy was in a downturn. Immediately after the outbreak of the European sovereign debt crisis, there was a fiscal cliff in the United States. Europe was counting on outside help to tide over the crisis, while the US government was trying to tide over the crisis through the introduction of quantitative easing. As a major international currency, the euro faces a crisis of confidence. Calls for reform of the international monetary system have once again attracted world attention. For many years, the international status of the renminbi has failed to match the global influence of China's economy. In addition, with the rising trend of the RMB, the world is full of expectations for the internationalization of the RMB. At the domestic level, economic growth relies heavily on fixed asset investment and accelerates the process of urbanization, as well as resources and energy. The environment poses a challenge. Insufficient domestic demand, overcapacity, excess liquidity, high inflation rates, etc. Both indicate that our country urgently needs to adjust the industrial structure and change the mode of economic growth. Foreign investment is an important channel for our country to "go out" and enable enterprises to actively participate in the international division of labor and allocate resources effectively in the global scope. Finding a broader market overseas to solve the problem of overcapacity at home and insufficient domestic demand can ease the high inflation rate caused by excess liquidity, and enterprises can also raise the level of internationalization in OFDI. Our country should strengthen policy support and service guarantee to foreign investment and promote investment facilitation. Whether or not a country's monetary system is an international currency also has a great impact on enterprises' outward investment, because foreign investment is a transnational operation of capital, which inevitably involves the raising of funds, the use of funds, and the repatriation of investment returns, etc. Each link is strongly related to the currency system and exchange rate fluctuations of the two countries. Exchange rate risk is one of the main risks faced by enterprises in overseas investment. At present, China's overseas investment is gradually entering a new stage of rapid development. The landmark event of the new stage is the gradual internationalization of RMB, the study of the relationship between RMB internationalization and overseas investment, how they promote each other, and the requirements put forward by the rapid development of overseas investment for RMB internationalization. Therefore, it is necessary to analyze the interaction mechanism between foreign investment and RMB internationalization.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6;F125

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