我国外债风险形成的管理体制原因及审计监督研究  

Research on the Management System and Audit Supervision of the Formation of China’s Foreign Debt Risk

作　　者：王叙果[1] 何暑子[1] 隋学深 Wang Xuguo;He Shuzi;Sui Xueshen(School of Finance,Nanjing Audit University;Audit Research Institute National Audit Office)

机构地区：[1]南京审计大学金融学院 [2]审计署审计科研所金融处

出　　处：《中国审计评论》2021年第2期33-43,共11页China Auditing Review

基　　金：南京审计大学国家审计研究院课题《跨境短期资本流动风险的审计监督研究》(20XSJB07)的阶段性成果

摘　　要：近年来,我国外债快速增长且短期外债占比持续偏高,金融机构尤其非金融企业通过海外分支举债规模大,债券形式占比高,可能带来短期偿债压力大、货币错配等潜在风险,加剧国际金融动荡向国内传导,也给国内降杠杆率、防范化解金融风险的宏观调控增加干扰。本文认为造成这种现状的重要原因在于目前的外债管理体制及相关政策存在的漏洞及欠缺,主要表现为央行、外管局、发改委等主导的外债多头监管体制下,各部门监管政策、数据信息未能充分协调;企业通过海外分支发债后借用监管漏洞、豁免项回流国内,形成监管套利。在中美摩擦持续、我国金融业加速对外开放的背景下,为了防范和减少外债风险,有必要全面梳理当前外债监管体制和政策,有效发挥审计监督功能来堵塞制度漏洞,保障国家对外金融安全。In recent years,China’s foreign debt is growing rapidly,and the proportion of short-term foreign debt is high.Financial institutions,especially non-financial enterprises,have a large scale of borrowing through overseas branches.Besides,bonds account for a relatively high proportion of foreign debt.This characteristics may bring potential risks such as high short-term debt repayment pressure and currency mismatch.It will also aggravate the transmission of international financial turmoil to domestic economy,and interfere with the domestic maccro-control of reducing leverage-ratio and preventing financial risks.This paper holds that the main reasons for this status quo lies in the loopholes and deficiencies in the current foreign debt management system and related policies.For example,under the foreign debt supervision system led by the Central Bank,the State Administration of Foreign Exchange and the National Development and Reform Commission,the regulatory policies and data information of various departments have not been fully coordinated.After issuing bonds through overseas branches,enterprises transfer funds to China through regulatory loopholes,leading to regulatory arbitrage.In the context of continued Sino-US friction and the accelerated opening up of China’s financial industry,in order to prevent and reduce foreign debt risks,it is necessary to comprehensively review the current foreign debt supervision system and policies,effectively exert the audit supervision function to plug system loopholes and ensure the China’s external financial security.

关 键 词：外债风险 外债管理体制 审计监督 

分 类 号：F832.6[经济管理—金融学] F239.65