外部资本规模与结构对一国外汇储备的影响  

Impact of the External Capital Scale and Structure on Foreign Exchange Reserve

作　　者：丁剑平[1] 方鹏飞[1] 余泉生[1] 

机构地区：[1]上海财经大学现代金融研究中心

出　　处：《世界经济研究》2013年第6期27-34,88,共8页World Economy Studies

基　　金：国家社会科学基金重大项目(08&ZD036);上海财经大学现代金融研究中心;上海金融信息技术研究重点实验室项目

摘　　要：在当前金融全球化背景下,国与国之间的主要交往途径已经从经常账户悄然转换至资本账户,这一过程对一国外汇储备规模有着重要影响。本文使用1970～2009年间145个国家的面板数据,通过在一国生产资本中由外国投资者投资累积而构成的外部资本并将其作为重要因素,实证考察了这一因素对外汇储备累积过程的影响。研究发现,外部资本对外汇储备的影响不仅体现在规模层面,在外部资本结构中权益类投资资本所需的外汇储备比例高于信贷类投资资本相应的比例,并且以20世纪90年代为界,在各国外汇储备政策中出现了从重视外部资本规模转变为重视外部资本结构的趋势,外部资本中较高的权益类资本占比也是我国当前外汇储备畸高的重要原因。With increasing global economic integration symbolized by investment worldwide,the foreign exchange reserve serves as a guarantee to reduce information asymmetry for those oversea investors.For the first time this study models the behaviors of choice for the international investors under the information asymmetry.The empirical tests are done accordingly to identify the relationship between foreign exchange reserve and external investment scale as well as its structure via panel data of 145 economies during 1970 ～ 2009.The study finds that equity-investment capital requires relatively high ratio of foreign exchange reserve than that of loan-investment one.The era of 1990s' witnessed the turn of tendency from focus on external capital scale to its structure in management of foreign exchange reserve.The high ratio of equity-investment capital also account for abnormal high foreign exchange reserve in China.

关 键 词：外部投资资本 适度外汇储备 信贷类投资 权益类投资 

分 类 号：F832.6[经济管理—金融学]