中国外汇储备收益率、管理效率与资产结构  

China's Foreign Exchange Reserve, Management Efficiency and Asset Structure

作　　者：范松杰 张冰涛 FAN Songjie;ZHANG Bingtao(Zhengzhou Information Technology Vocational College,Zhengzhou 450000,China;Southwest University of Finance and Economics,Chengdu 610000,China)

机构地区：[1]郑州信息科技职业学院,河南郑州450000 [2]西南财经大学,四川成都610000

出　　处：《商丘职业技术学院学报》2020年第6期48-52,共5页JOURNAL OF SHANGQIU POLYTECHNIC

摘　　要：我国外汇储备投资管理效率问题一直是我国外汇储备管理的重要问题。本文基于我国外汇储备投资管理效率的分析,一是在充分利用现有国际收支数据的基础上,用一种间接方法来测算2011—2016年我国外汇储备收益率;二是构建出评价外汇储备投资管理的与外汇储备资产结构相近的市场基准。通过我国外汇储备收益率与市场基准对比发现,虽然我国外汇储备在2011—2016年实现了保值、增值,但没有跑赢市场,因此,我国外汇储备投资管理效率有待提高。The efficiency of China's foreign exchange reserve investment management has always been an important issue in China's foreign exchange reserve management.Based on the analysis of the efficiency of China's foreign exchange reserve investment management,this paper uses an indirect method to measure China's foreign exchange reserve return rate from 2011 to 2016 on the basis of making full use of the existing balance of payments data;Second,we construct a market benchmark which is similar to the asset structure of foreign exchange reserve.Through the comparison of China's foreign exchange reserve yield and market benchmark,it is found that although China's foreign exchange reserve has achieved value preservation and appreciation from 2011 to 2016,it has not outperformed the market.Therefore,the investment management efficiency of China's foreign exchange reserve needs to be improved.

关 键 词：外汇储备 投资收益率 管理效率 资产结构 

分 类 号：F83[经济管理—金融学]