自贸区金融创新对跨境人民币结算影响研究  

Research on the Impact of Financial Innovation in Free Trade Zones on Cross-Border RMB Settlement

作　　者：沈悦[1] 王宝龙 赵欣悦 SHEN Yue;WANG Baolong;ZHAO Xinyue(School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710061,China)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《当代经济科学》2023年第2期28-43,共16页Modern Economic Science

基　　金：国家社会科学基金重大项目“防止资本无序扩张风险研究”(22ZDA053);国家社会科学基金重点项目“突发公共卫生事件冲击下系统性金融风险防控研究”(21AZD075)。

摘　　要：自贸区设立的一个重要使命是金融创新,对跨境人民币结算具有重要影响。首先分析自贸区金融创新对跨境人民币结算的影响机理及路径,然后对上海、天津、福建、广东自贸区金融创新对跨境人民币结算的影响进行实证分析。研究结果表明:(1)自贸区金融创新对跨境人民币结算具有促进作用,上海自贸区的影响最为显著且持续性强,其余自贸区影响的持续性有待提升;(2)资本账户开放和离岸金融中心建设在自贸区金融创新影响跨境人民币结算的机制中发挥完全中介作用。因此,自贸区应因地制宜推进金融创新,稳步有序开放资本账户、建设健全离岸金融中心以促进自贸区金融服务业发展。An important mission of the establishment of the free trade zones is financial innovation,which has an important impact on cross-border RMB settlement.Since the establishment of free trade zones,a series of breakthroughs have been achieved in the financial innovation in free trade zones through the pilot reform and innovation,which not only promoted regional economic development,but also effectively promoted the rapid development of cross-border RMB settlement.A series of innovative achievements have been made in the existing literature on the impact of financial innovation in free trade zones on cross-border RMB settlement.However,research on the mechanism and path of the impact of financial innovation in free trade zones on cross-border RMB settlement,and whether the impact is heterogeneous,is not systematic or in-depth.This presents an important topic that requires attention from practical departments and academia to conduct in-depth research.To explore the impact of financial innovation in free trade zones on cross-border RMB settlement,this paper employs mathematical models to analyze the mechanism and path of such an impact.Then,this paper empirically investigates the impact of financial innovation in four free trade zones,namely Shanghai,Tianjin,Fujian,and Guangdong,on cross-border RMB settlement using the composite control method.The findings of this study are twofold.First,financial innovation in free trade zones positively affects cross-border RMB settlement,but the impact between different free trade zones is heterogeneous.The China(Shanghai)Pilot Free Trade Zone has the largest and most significant impact,whereas the sustainability of the impact of the other free trade zones needs to be improved.Second,the opening of capital accounts and the construction of offshore financial centers play a full intermediary role in the mechanism of financial innovation in free trade zones affecting cross-border RMB settlement.Compared with previous literature,this paper makes an expansion in two aspects.First,it comp

关 键 词：自贸区金融创新 跨境人民币结算 资本账户开放 离岸金融中心 

分 类 号：F832.6[经济管理—金融学]