日本对外资产获得了高收益率吗?  

Has Japan Got High Return Rates on Its External Assets?

作　　者：周学智 ZHOU Xuezhi(Institute of World Economics and Politics,Chinese Academy of Social Sciences,Beijing,100732,China)

机构地区：[1]中国社会科学院世界经济与政治研究所,北京100732

出　　处：《现代日本经济》2022年第4期38-46,共9页Contemporary Economy OF Japan

基　　金：国家社科基金重大项目“中央银行的逻辑与现代中央银行制度的建设”(21ZDA045)。

摘　　要：通过对日本对外资产收益率的分析,在综合考虑投资收入和价值变动因素后,发现在2010年到2020年间日本对外资产的总收益率并不高,在91个样本中仅排名第29位,低于全球平均水平,并低于中国,更显著低于美国。在日本对外资产的总收益率中,投资收入收益率尚佳,但价值变动收益率表现较差,从而拉低了总收益率。进一步对价值变动收益率进行分解,发现日本对外资产的“收入效应”为负,是拉低其对外资产收益率的重要因素,而“组合效应”所体现的资产结构则相对合理。中国应借鉴日本经验和规避不足,提高对外投资收益率,助力国内国际双循环相互促进。Through the analysis of Japan’s return rate on external assets,after considering the factors of investment income and value changes,this paper finds that the total return rate on Japan’s external assets is not high,ranking only 29 th out of 91 samples,from the year of 2010 to 2020.This number is even lower than the global average,and lower than China,and more significantly lower than the United States.Dividing return rate on Japan’s external assets into two parts,the return rate on investment income is still good,but the rate of return on value changes is poor,which drives down the total yield.Further,after decomposing the rate of return on value changes,we find that the "return effect" of Japan’s external assets is negative,which is an important factor in pulling down the rate of return on external assets,while the asset structure reflected in the "composition effect" is relatively reasonable.China should draw lessons from Japanese experience.The improvement of the total rate of return on external assets can promote "dual circulation".

关 键 词：投资收入 收益率 对外资产 收入效应 组合效应 

分 类 号：F133.13[经济管理—世界经济]