境外人民币清算行对中国OFDI效率的影响及机制研究  

Study on the Impact and Mechanisms of Offshore RMB Clearing Banks on China's OFDI Efficiency

作　　者：丁一兵[1] 张晓鸥 刘紫薇 Ding Yibing;Zhang Xiaoou;Liu Ziwei(School of Economics,Jilin University)

机构地区：[1]吉林大学经济学院

出　　处：《国际金融研究》2023年第11期28-39,共12页Studies of International Finance

基　　金：教育部基地重大项目“中国式现代化道路中国有企业推进‘双循环’新发展格局构建的作用研究”(23JJD790006);国家社会科学基金青年项目“建设全国统一大市场背景下中国制造业企业出口结构升级路径研究”(23CJL014);吉林省社会科学基金项目“吉林省深度融入‘一带一路’:挑战、方式与实现路径”(2023C41);吉林省社会科学基金项目“吉林省‘双基地’技术创新赋能制造业高质量发展路径研究”(2023C040486)资助。

摘　　要：境外人民币清算行是人民币国际化进程中基础设施的组成部分、跨境人民币清算网络建设的重要过渡环节和跨境人民币结算的重要政策安排。本文以2003—2021年159个国家和地区的年度数据为研究样本,采用多期双重差分方法实证检验了清算行对中国OFDI效率的影响及其机制。结果表明:清算行的设立将对中国OFDI效率提升发挥促进作用。进一步机制检验发现:清算行可以通过降低汇率预期波动风险和汇率实际波动风险的汇率风险渠道提升中国OFDI效率,而在以金融效率、金融深度、金融诚信文化、金融稳定性和银行系统规模为标准衡量的金融发展水平更低的国家设立清算行会取得更为显著的效果。本研究对高效利用对外直接投资、有序推动跨境人民币清算网络建设、实现高水平对外开放以应对多重不确定性叠加的国际形势、推进中国式现代化道路发展提供理论参考与实践启示。Summary:Offshore RMB clearing banks are a part of the infrastructure in the process of RMB internationalization,an important transition link in the construction of cross-border RMB clearing network and an essential policy arrangement for cross-border RMB settlement.Using the annual data of 159 countries and regions from 2003 to 2021 as research samples,this paper empirically tests the impact of offshore RMB clearing banks on the efficiency of China's OFDI and its mechanism by using the multi-period difference-in-differences model.The conclusion shows that the establishment of offshore RMB clearing banks has promoted the efficiency of China's OFDI.Further analysis from the financial perspective shows that clearing banks can improve the efficiency of China's OFDI by reducing the exchange rate risk of expected exchange rate fluctuation and actual exchange rate fluctuation.Moreover,in countries with lower financial development level measured by financial efficiency,financial depth,financial integrity culture,financial stability and banking system scale,the establishment of clearing banks will achieve more obvious effects.Based on the above conclusions,this paper provides theoretical reference and practical inspiration for efficient use of foreign direct investment,orderly promotion of cross-border RMB clearing network construction,implementation of high-level opening up to cope with the international situation of multiple uncertainties,and the promotion of Chinese modernization.

关 键 词：境外人民币清算行 OFDI效率 多期双重差分 汇率风险 金融发展水平 

分 类 号：F832[经济管理—金融学]