本文關(guān)鍵詞： 外匯儲(chǔ)備 幣種結(jié)構(gòu) 黃金儲(chǔ)備 優(yōu)化策略　出處：《東華大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國(guó)外匯儲(chǔ)備規(guī)模的迅速擴(kuò)大及新增儲(chǔ)備的急劇增加,我國(guó)外匯儲(chǔ)備結(jié)構(gòu)優(yōu)化已成為國(guó)內(nèi)外研究的熱門課題。外匯儲(chǔ)備逐年增加的事實(shí)本身,充分顯示了我國(guó)經(jīng)濟(jì)實(shí)力的不斷增強(qiáng),是我國(guó)改革開放基本國(guó)策、尤其是對(duì)外開放方針政策收獲的豐碩成果。 截止2012年6月末,國(guó)家外匯管理局公布的數(shù)據(jù)顯示,我國(guó)官方外匯儲(chǔ)備余額為3.2萬億美元。同時(shí),根據(jù)國(guó)際貨幣基金組織(IMF)的統(tǒng)計(jì)數(shù)據(jù)顯示,我國(guó)外匯儲(chǔ)備組成中美元儲(chǔ)備占比超過六成,而美元指數(shù)自2002年起呈現(xiàn)一路下跌的趨勢(shì),尤其是在2008年金融危機(jī)期間下跌至71.31點(diǎn)的歷史低點(diǎn),在2002年-2012年九年間累計(jì)下跌了約1/3；股權(quán)投資比重過低,2011年,在對(duì)美投資中,股權(quán)占比僅7.8%；債權(quán)結(jié)構(gòu)與期限單一,不合理等等諸多問題。面對(duì)世界經(jīng)濟(jì)低迷、美國(guó)“財(cái)政懸崖”以及歐債危機(jī)等,我國(guó)巨額外匯儲(chǔ)備所帶來的經(jīng)濟(jì)損失和戰(zhàn)略風(fēng)險(xiǎn)都很大。因此,在世界經(jīng)濟(jì)形勢(shì)多極化發(fā)展的今天,調(diào)整我國(guó)外匯儲(chǔ)備的結(jié)構(gòu),確保我國(guó)高額的外匯儲(chǔ)備能夠做到保值增值,是我國(guó)外匯儲(chǔ)備管理體制中急需研究的重要課題。 本文以我國(guó)外匯儲(chǔ)備通過對(duì)幣種結(jié)構(gòu)、債權(quán)、股權(quán)、貴金屬以及IMF特別提款權(quán)五個(gè)方面為研究對(duì)象,得到對(duì)各個(gè)方面進(jìn)行優(yōu)化的路徑,幣種結(jié)構(gòu)方面,應(yīng)堅(jiān)持多元化策略,減少美元比例,增加歐元以及新興經(jīng)濟(jì)體貨幣,積極推進(jìn)人民幣國(guó)際化以使人民幣成為一籃子貨幣,進(jìn)而從幣種上確保安全性與收益性；債權(quán)方面,調(diào)整目前的債權(quán)結(jié)構(gòu)與期限,減少債權(quán)性儲(chǔ)備、美元資產(chǎn)儲(chǔ)備；股權(quán)方面,增加股權(quán)投資內(nèi)容與渠道,完善主權(quán)財(cái)富基金的投資機(jī)制；貴金屬方面,增加原生金儲(chǔ)備、藏金于民、建立貴金屬專項(xiàng)投資基金；IMF特別提款權(quán)方面,在SDR有限的分配上增資SDR,同時(shí)推進(jìn)人民幣國(guó)際化進(jìn)程使人民幣成為構(gòu)建SDR這一超主權(quán)貨幣的一員。 之后,筆者以數(shù)學(xué)模型為根據(jù),得出更優(yōu)的多元化策略,具體而言,多元化策略通過幣種多元化、資產(chǎn)多元化、投資渠道多元化幾個(gè)方面來實(shí)現(xiàn)。最后,筆者通過提出政策建議來終結(jié)本文。
[Abstract]:With the rapid expansion of China's foreign exchange reserves and the rapid increase of new reserves, the optimization of the structure of foreign exchange reserves has become a hot topic at home and abroad. It fully shows that our country's economic strength is continuously strengthened, which is the fruitful result of our country's basic national policy of reform and opening up, especially the policy of opening to the outside world. As of the end of 2012, the data released by the State Administration of Foreign Exchange showed that the balance of China's official foreign exchange reserves was 3.2 tillion US dollars. Meanwhile, according to the statistics of the International Monetary Fund (IMF), The US dollar reserves account for more than 60% of China's foreign exchange reserves, and the US dollar index has been on a downward trend since 2002, especially when it fell to a historic low of 71.31 points during the 2008 financial crisis. In the nine years from 2002 to 2012, the cumulative decline was about one third; the proportion of equity investment was too low. In 2011, the proportion of equity in investment in the United States was only 7.8 percent; the structure and maturity of claims were single, unreasonable and so on. In the face of the world economic downturn, In the United States, the "fiscal cliff" and the European debt crisis, the economic losses and strategic risks caused by China's huge foreign exchange reserves are very large. Therefore, with the multipolar development of the world economic situation, the structure of China's foreign exchange reserves has been adjusted. It is an important subject in the management system of foreign exchange reserves to ensure that the high foreign exchange reserves in China can maintain and increase their value. This article takes the foreign exchange reserve of our country through five aspects of currency structure, creditor's right, equity, precious metal and IMF special drawing right as the research object, obtains the path to optimize each aspect, currency structure aspect, should adhere to the diversification strategy. Reducing the dollar ratio, increasing the euro and emerging economies' currencies, actively promoting the internationalization of the renminbi to make the renminbi a basket of currencies, thereby ensuring safety and profitability in currencies; creditor's rights, Adjust the current structure and duration of claims, reduce the reserve of creditor's rights and US dollar assets, increase the contents and channels of equity investment, improve the investment mechanism of sovereign wealth funds, and increase the reserve of primary gold in the respect of precious metals, With regard to the limited allocation of the SDR, the Special drawing Rights (SDR), a special investment fund for precious metals, has been set up to boost the RMB's internationalization and make it a member of the SDR, a super-sovereign currency. Then, based on the mathematical model, the author comes up with a better diversification strategy. Specifically, the diversification strategy is realized through currency diversification, asset diversification and investment channel diversification. Finally, I put forward policy recommendations to end this article.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.6

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