中国对美贸易差额的金融成本与收益研究(1993～2013)  

Study on the Financial Costs and Incomes of Sino- Us Trade Imbalance(1993-2013)

作　　者：段世德[1] 

机构地区：[1]中南民族大学经济学院,湖北武汉430074

出　　处：《国际经贸探索》2016年第11期16-29,共14页International Economics and Trade Research

基　　金：国家社科基金青年项目(12CJL053)

摘　　要：中美贸易差额由全球要素共同创造,而产生的金融成本却由中国单独承担,金融净收益外流造成我国贸易利益的耗散。文章以中国统计的中美贸易差额为基础,通过拆解并核算1993~2013年中国承担的金融成本与获得的金融收益,结果显示,机会成本是金融成本的主要组成部分,冲销成本和扭曲成本也有重要影响;金融收益主要来源于投资资本收益、本金增值收益和财政金融收益;中美贸易差额共给中国带来8941.05亿美元金融净收益流出,占贸易差额存量的47.39%。因此,中美贸易利益分配要考虑贸易差额带来金融净收益,不能简单以贸易差额和归属为依据,要改变我国对外汇储备的特殊偏好,降低中美贸易差额的金融成本并提高其收益,增强对美贸易的利益获取能力。Sino-Us trade imbalance is created by global elements, however, the financial costs of trade imbalance are borne by China alone, and the net financial income outflow leads to the dissipation of Chinese trade gains. This paper, based on the Chinese statistic data of Sino-Us trade imbalance, disassembles and calculates the financial costs and incomes from 1993 to 2013, and finds that opportunity costs are the main component of financial costs, and sterilization costs and distortion costs have an important influence; the main sources of financial incomes are foreign exchange investment incomes, capital gains and national treasury funds; Sino-Us trade imbalance brings 894.1 billion dollar net financial income outflow to China, which accounts for 47.39% of Sino - Us trade imbalance scale. Therefore, the benefit assignment of Sino-US trade should consider the net financial income of trade imbalance, but cannot be simply based on trade balance and belonging. China should change its special preference to foreign exchange reserve, reduce the financial cost of Sino- US trade and increase the financial income, and improve abilities to get benefits from Sino- US trade.

关 键 词：中美贸易差额 贸易利益 金融成本 金融收益 

分 类 号：F742[经济管理—国际贸易]