跨境人民币资金流动驱动因素的实证研究:基础交易与金融交易划分的思路  

Evidence from the driving forces of cross-border capital flow of RMB:Based on the classification into substantial transactions flows and financial transactions flows

作　　者：王振[1,2] 胡振华[1] 杨波[2] 

机构地区：[1]中南大学商学院,湖南长沙410083 [2]中国人民银行,北京100800

出　　处：《重庆大学学报（社会科学版）》2016年第2期39-49,共11页Journal of Chongqing University(Social Science Edition)

基　　金：国家自然科学基金面上项目"非对称卖空约束下资产价格波动与泡沫演化的理论机制与实证研究"(71271214)

摘　　要：跨境人民币资金流动大幅增长并部分替代了外币流动,有其深刻的政策背景与经济环境。文章将跨境资金流动划分为基础交易与金融交易两类,运用计量方法对跨境人民币流动驱动因素进行验证,结果证明,政策性因素对跨境人民币资金流动具有重要的推动作用,且套利需求也是资金流动的重要原因;跨境基础交易人民币结算稳步发展,避险功能显现;金融资金流动大量存在,对利率及汇率变动敏感性较大,值得监管部门关注。The RMB capital cross-border flow partly increases rapidly and takes the place of the flow in foreign currency which implies the policy aim and economic conditions. Thus this paper classifies the flow into substantial transactions flows and financial transactions flows in terms of their relationships with the real economy and applies the econometric methods to show the evidences of the driving forces. The results show that the policy factor plays a key role in driving the flow as well as the arbitrage factors.

关 键 词：跨境人民币资金流动 基础交易 金融交易 套利 

分 类 号：F833.0[经济管理—金融学]