FISIM核算方法的改进及其中国实践——基于融合风险与期限双因素的视角  

Improvement of FISIM Accounting Method and Its Practice in China:From the Perspective of Integrating Risk and Term

作　　者：马晓君[1] 吕新颖 陈瑞敏 Ma Xiaojun;Lv Xinying;Chen Ruimin

机构地区：[1]东北财经大学统计学院 [2]东北财经大学管理科学与工程学院

出　　处：《统计研究》2023年第5期20-36,共17页Statistical Research

基　　金：国家社会科学基金重大项目“数字赋能中国全球价值链攀升的路径与测度研究”(21&ZD148);国家社会科学基金重大项目“卫星账户编制的理论、方法与中国实践”(19ZDA120)。

摘　　要：金融是国民经济的血脉,是社会主义市场经济体制强有力的支撑。间接测算的金融中介服务(FISIM)产出是保障金融业产出准确可靠的关键。随着金融市场的参与主体、交易方式与期限品种的日益丰富和多元,风险水平与期限结构因素对FISIM产出核算的影响更加明显。同时SNA2008也推荐使用考虑风险水平与期限结构的参考利率法核算FISIM产出。基于此,本文提出融合风险与期限的参考利率法,从稳定性、准确性、可靠性、便利性等方面检验改进方法的应用特征;并运用改进参考利率法核算我国FISIM产出规模及部门间、行业间的FISIM使用规模,全面探究改进方法对我国FISIM核算的影响。研究发现,融合风险与期限的参考利率法符合SNA2008对参考利率进行风险与期限调整的指导要求,克服了现有参考利率法无法体现期限结构的局限,能够较好反映我国金融业的实际情况,为我国FISIM核算方法的完善与改进提供有益参考。Finance is the pulse of the national economy and a powerful support for the socialist economic system.The output of financial intermediate services indirectly measured(FISIM)is the key to ensuring the true and effective output of the financial industry.With the increasing variety of participating entities,trading methods and maturities in the financial market,the impact of risk levels and maturity structure factors on FISIM's output accounting has become more obvious.While SNA2008 also recommends using the reference interest rate method that considers the risk level and term structure to calculate FISIM output.Therefore,this paper proposes a reference interest rate method that integrates risk and maturity,tests the application characteristics of the improved method in terms of stability,accuracy,reliability,and convenience.Then it uses the improved reference interest rate method to calculate the scale of China's FISIM output and the scale of FISIM use between departments and industries,so as to comprehensively explore the impact of the improved method on China's FISIM accounting.The study finds that the reference interest rate method that integrates risk and maturity meets the guidance requirements of SNA2008,overcomes the limitation that the existing reference interest rate method cannot reflect the term structure,can better reflect the actual situation of China’s financial industry,and provides a useful reference for the improvement and improvement of my China's FISIM accounting method.

关 键 词：FISIM核算 改进参考利率法 风险调整 期限调整 SNA2008 

分 类 号：F222.33[经济管理—国民经济]