全球与中国隐藏的离岸证券资产  

Hidden Offshore Securities Assets in China and around the World

作　　者：许乐 冯熙树 汪洋 肖立晟[4,5] Xu Le;Feng Xishu;Wang Yang;Xiao Lisheng(Jiangxi Institute of Development Strategy,Jiangxi Academy of Social Sciences;Business School,The Hong Kong University of Science and Technology;College of Finance,Jiangxi Normal University;School of International Politics and Economics,University of Chinese Academy of Social Sciences;Institute of World Economics and Politics,Chinese Academy of Social Sciences)

机构地区：[1]江西省社会科学院江西发展战略研究所 [2]香港科技大学商学院,中国香港 [3]江西师范大学财政金融学院 [4]中国社会科学院大学国际政治经济学院 [5]中国社会科学院世界经济与政治研究所

出　　处：《国际金融研究》2024年第11期63-74,共12页Studies of International Finance

基　　金：国家社会科学基金重大项目“积极参与全球经济治理体系改革研究”(21ZDA097);国家社会科学基金哲学社会科学领军人才项目“多重约束下的中国财政政策、货币政策与汇率政策协调配合研究”(22VRC018);世界经济形势预测与政策模拟实验室(2024SYZH003);上海交通大学现代金融研究基金(202208)资助。

摘　　要：国际投资头寸数据中,全球负债总额高于资产总额,表明资产数据统计可能存在重大遗漏项。基于国际账户统计规则和多项数据来源的综合分析表明,国际投资头寸的资产负债差额主要来源于对离岸证券的统计遗漏。研究显示,2021年年末全球约有17.62万亿美元的离岸证券资产没有纳入国际投资头寸统计,中国境内高净值人群持有近4000亿美元离岸证券资产。全球离岸证券资产大部分掌握在欧美发达国家、中东产油国的高净值人群手中,中国境内占比相对较低。对“隐藏”证券资产的重估刷新了对各国和地区证券投资账户资产负债状况的认识,将“隐藏”的离岸证券资产纳入各国和地区的国际投资头寸统计后,各国和地区证券投资账户状态发生了明显变化,尤其是部分发展中国家的净债权/债务大幅提升。In international investment position data,global total liabilities are systematically higher than total assets,indicating significant omissions in asset data statistics.Based on international accounting statistical rules and comprehensive analysis of multiple data sources,it is shown that the balance of assets and liabilities of international investment positions mainly comes from statistical omissions in offshore securities.This paper calculates and presents the stock and distribution of global offshore hidden securities.This paper systematically sorts out the statistical rules of securities investment accounts in the international investment position.It uses different databases such as CPIS and IIP to identify global securities investment positions as completely as possible,calculates the total amount of offshore hidden assets worldwide from 2013 to 2021,and uses LBS's offshore household sector deposit data to locate the distribution of global offshore hidden securities.The results show that,at the end of 2021,approximately $17.62 trillion of offshore securities assets worldwide were not included in international investment position statistics,and high-net-worth individuals in China held nearly $400 billion in offshore securities assets.Most of the global offshore securities assets are held by high-net-worth individuals in developed countries and oil-rich countries,with a relatively low proportion in China.After incorporating“hidden”offshore securities assets into the international investment position statistics of various countries,the status of their securities investment accounts has significant changes,especially in some developing countries where the net debt-to-liabilities ratio has significantly increased.Compared to previous studies,this paper identifies some overlooked debt positions in OFC regions and international organizations and directly used BIS sub sector offshore deposit data for estimation,making it more complete and accurate.The revaluation of“hidden”securities assets has enhanced our

关 键 词：离岸金融中心 隐藏财富 证券投资 资产负债差额分析 

分 类 号：F831[经济管理—金融学]