计价货币多元化的理论与应用  

Model and Application of Invoicing Currencies Diversification

作　　者：王相宁[1] 王兵[1] 

机构地区：[1]中国科学技术大学管理学院

出　　处：《投资研究》2017年第1期51-60,共10页Review of Investment Studies

基　　金：国务院第三次经济普查领导小组办公室全国招标项目:小微企业融资研究(Z1339)资助

摘　　要：基于资产组合理论,分析出口时以多种货币同时计价的可能性,并以中国对"一带一路"沿线国家出口为背景,分别得到了以三国货币和多国货币同时计价的有效计价货币选择,并比较了进口国不同时、出口商品不同时的结果。理论分析与应用表明,采用多种货币同时计价可以达到分散汇率风险的目的,并且在多数情况下,以出口国货币或工具货币计价优于以进口国货币计价。在确定有效边界后,企业计价货币选择还与企业的风险承受能力有关。The possibility of invoicing in multinational currencies based on the Modem Portfolio Theory is analyzed. After theo- ry analyzing, it is supposed that China exports to the ＂Belt and Road Initiative＂ area and finally obtains the effective portfolios of invoicing currencies involving three and more currencies. This paper also compares the situations when exporting to differ- ent countries and when exporting different goods. The theoretical analysis and the following application prove that invoicing in multinational currencies in the same time can efficiently disperse the exchange rate risk. It is also shown that exporter＇s curren- cy and vehicle currency are prior to importer＇s currency in most situations. What is more, the exporter＇s risk attitude is also an important factor in choosing invoicing currencies.

关 键 词：计价货币 资产组合 出口 

分 类 号：F832.6[经济管理—金融学]