資本項(xiàng)目下人民幣可兌換的法律監(jiān)管
發(fā)布時(shí)間：2019-03-22 16:37
【摘要】：資本項(xiàng)目管制對我國經(jīng)濟(jì)的穩(wěn)定帶來了巨大的保障，但是面對人民幣國際化的大趨勢，人民幣資本項(xiàng)目可兌換是一個(gè)必須要經(jīng)歷的過程。伴隨著綜合國力的提升，人民幣國際地位的提升也被提上了議程�，F(xiàn)階段我國雖然在立法層面已經(jīng)完善了各類型的金融法律制度，但是目前對資本項(xiàng)目還是實(shí)施較為嚴(yán)格的管制，并沒有完全開放資本項(xiàng)目。在開放監(jiān)管的新形勢下，現(xiàn)有的金融法律體系尤其是對外匯管制的法律法規(guī)存在著較大的問題，目前我國的改革已經(jīng)步入深水區(qū)，嚴(yán)格的管制制度不利于我國進(jìn)一步深化經(jīng)濟(jì)體制改革，金融體制改革尤其是資本項(xiàng)目的開放會為此注入活力。但從許多新興發(fā)展中國家的資本開放經(jīng)驗(yàn)來看，未完善制度而過快的放開監(jiān)管會為國家在帶來經(jīng)濟(jì)效益的同時(shí)也給自己帶來了很大的風(fēng)險(xiǎn)，具體表現(xiàn)為匯率波動(dòng)、債務(wù)負(fù)擔(dān)、資本外逃、銀行及資本市場受資本流動(dòng)過快帶來的系統(tǒng)性沖擊。可見，無論哪一種監(jiān)管模式，都不可避免的會面臨各種風(fēng)險(xiǎn)，要想將風(fēng)險(xiǎn)的危害降到最低，就必須找到風(fēng)險(xiǎn)成因加以防范，建立完善的監(jiān)管體系。 2013年12月2日，中國人民銀行頒布了《關(guān)于金融支持中國（上海）自由貿(mào)易試驗(yàn)區(qū)建設(shè)的意見》，首次將實(shí)現(xiàn)人民幣資本項(xiàng)目可兌換的改革試點(diǎn)放到了上海自貿(mào)區(qū)，作為上海自貿(mào)區(qū)建設(shè)的一個(gè)重要環(huán)節(jié)。人民幣資本項(xiàng)目可兌換已引起業(yè)界的高度關(guān)注，隨后相關(guān)訊息也表明了我國開放人民幣可兌換的態(tài)度，但截至到目前為止，還未出臺相關(guān)規(guī)定，具體監(jiān)管細(xì)則仍處于法律的空白缺失狀態(tài)。在缺乏現(xiàn)有的監(jiān)管制度的情形下，參考域外經(jīng)濟(jì)發(fā)展模式和經(jīng)濟(jì)開放程度幾乎同樣的亞洲新興國家和金磚國家的資本項(xiàng)目可兌換監(jiān)管經(jīng)驗(yàn)可以為自貿(mào)區(qū)的試點(diǎn)以及今后我國的開放監(jiān)管提供豐富的經(jīng)驗(yàn)。 人民幣資本項(xiàng)目下可兌換的法律監(jiān)管上應(yīng)注重明確監(jiān)管主體、確定監(jiān)管對象、細(xì)化監(jiān)管內(nèi)容，通過這三點(diǎn)構(gòu)建完善的法律監(jiān)管體系。監(jiān)管主體應(yīng)明確人民幣資本項(xiàng)目下的各監(jiān)管部門，清晰職責(zé)劃分、協(xié)調(diào)監(jiān)管；監(jiān)管對象要在不同階段逐步開放資本項(xiàng)目政策安排，從難到易，資本流入早于資本流出，，直接投資早于間接投資，長期外債早于短期外債，最后是金融衍生品的開放；監(jiān)管內(nèi)容體現(xiàn)在市場準(zhǔn)入、持續(xù)經(jīng)營和退出機(jī)制三個(gè)方面，建立健全的準(zhǔn)入退出機(jī)制，保護(hù)投資者的利益，同時(shí)還應(yīng)當(dāng)建立風(fēng)險(xiǎn)預(yù)警機(jī)制來控制風(fēng)險(xiǎn)的危害，在危機(jī)出現(xiàn)的初期能夠通過緊急應(yīng)急機(jī)制將損害降到最低。
[Abstract]:Capital account control has brought great guarantee to the economic stability of our country, but in the face of the trend of RMB internationalization, the convertibility of RMB capital account is a process that must be experienced. With the promotion of comprehensive national strength, the promotion of the international status of the RMB has also been put on the agenda. At present, our country has perfected all kinds of financial legal system in the aspect of legislation, but at present the capital account is still strictly controlled, and the capital account is not completely open. Under the new situation of open supervision, the existing financial legal system, especially the laws and regulations of foreign exchange control, has great problems. At present, the reform of our country has stepped into the deep water area. The strict regulation system is not conducive to further deepening the economic system reform of our country, and the financial system reform, especially the opening up of the capital account, will inject vitality into it. However, judging from the experience of capital opening in many emerging developing countries, too fast deregulation of the imperfect system will bring economic benefits to the country as well as great risks to itself, specifically as exchange rate fluctuations and debt burdens. Capital flight, banks and capital markets by the rapid flow of capital brought about a systemic impact. It can be seen that no matter which kind of supervision mode, it is inevitable to face all kinds of risks. In order to reduce the risk harm to the lowest, we must find out the cause of risk to prevent it and establish a perfect supervision system. On December 2, 2013, the people's Bank of China promulgated the "opinions on Financial support for the Construction of China (Shanghai) Free Trade Experimental Zone," which for the first time placed the pilot reform of realizing the convertibility of RMB capital account in the Shanghai Free Trade area. As an important link in the construction of Shanghai Free Trade Zone. The convertibility of RMB capital account has aroused the high concern of the industry, and the relevant information has also indicated China's attitude towards opening up RMB convertibility, but so far, no relevant regulations have been issued. Specific regulatory details are still in the blank state of the law. In the absence of an existing regulatory system, The experience of capital account convertibility regulation in emerging Asian countries and BRICS countries, which are almost the same in terms of economic development pattern and opening degree, can provide rich experience for the pilot of free trade area and the open regulation of China in the future. The convertible legal supervision under RMB capital account should pay attention to defining the subject of supervision, determining the object of supervision, refining the content of supervision, and constructing a perfect legal supervision system through these three points. The main body of supervision should clearly define the supervision departments under the RMB capital account, divide the responsibilities clearly, and coordinate the supervision; The object of supervision should gradually open up the policy arrangement of capital account from difficult to easy, capital inflow is earlier than capital outflow, direct investment is earlier than indirect investment, long-term external debt is earlier than short-term external debt, and finally is the opening of financial derivatives. The content of supervision is embodied in three aspects: market access, sustainable operation and exit mechanism. We should establish a sound access and exit mechanism to protect the interests of investors. At the same time, we should also establish a risk early-warning mechanism to control the harm of risk. Damage can be minimized through emergency response mechanisms in the early stages of a crisis.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.285
本文編號：2445750
[Abstract]:Capital account control has brought great guarantee to the economic stability of our country, but in the face of the trend of RMB internationalization, the convertibility of RMB capital account is a process that must be experienced. With the promotion of comprehensive national strength, the promotion of the international status of the RMB has also been put on the agenda. At present, our country has perfected all kinds of financial legal system in the aspect of legislation, but at present the capital account is still strictly controlled, and the capital account is not completely open. Under the new situation of open supervision, the existing financial legal system, especially the laws and regulations of foreign exchange control, has great problems. At present, the reform of our country has stepped into the deep water area. The strict regulation system is not conducive to further deepening the economic system reform of our country, and the financial system reform, especially the opening up of the capital account, will inject vitality into it. However, judging from the experience of capital opening in many emerging developing countries, too fast deregulation of the imperfect system will bring economic benefits to the country as well as great risks to itself, specifically as exchange rate fluctuations and debt burdens. Capital flight, banks and capital markets by the rapid flow of capital brought about a systemic impact. It can be seen that no matter which kind of supervision mode, it is inevitable to face all kinds of risks. In order to reduce the risk harm to the lowest, we must find out the cause of risk to prevent it and establish a perfect supervision system. On December 2, 2013, the people's Bank of China promulgated the "opinions on Financial support for the Construction of China (Shanghai) Free Trade Experimental Zone," which for the first time placed the pilot reform of realizing the convertibility of RMB capital account in the Shanghai Free Trade area. As an important link in the construction of Shanghai Free Trade Zone. The convertibility of RMB capital account has aroused the high concern of the industry, and the relevant information has also indicated China's attitude towards opening up RMB convertibility, but so far, no relevant regulations have been issued. Specific regulatory details are still in the blank state of the law. In the absence of an existing regulatory system, The experience of capital account convertibility regulation in emerging Asian countries and BRICS countries, which are almost the same in terms of economic development pattern and opening degree, can provide rich experience for the pilot of free trade area and the open regulation of China in the future. The convertible legal supervision under RMB capital account should pay attention to defining the subject of supervision, determining the object of supervision, refining the content of supervision, and constructing a perfect legal supervision system through these three points. The main body of supervision should clearly define the supervision departments under the RMB capital account, divide the responsibilities clearly, and coordinate the supervision; The object of supervision should gradually open up the policy arrangement of capital account from difficult to easy, capital inflow is earlier than capital outflow, direct investment is earlier than indirect investment, long-term external debt is earlier than short-term external debt, and finally is the opening of financial derivatives. The content of supervision is embodied in three aspects: market access, sustainable operation and exit mechanism. We should establish a sound access and exit mechanism to protect the interests of investors. At the same time, we should also establish a risk early-warning mechanism to control the harm of risk. Damage can be minimized through emergency response mechanisms in the early stages of a crisis.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.285
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