本文關(guān)鍵詞： 離岸金融 離岸金融市場 利弊共存 經(jīng)營模式 法律規(guī)制　出處：《山東大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：離岸金融是交易貨幣游離于貨幣發(fā)行國境外或發(fā)行國在岸金融循環(huán)體系之外的、主要以非居民為參與主體的各種金融活動。而凡是主要以外幣為交易貨幣,以非本國居民為市場參與主體,游離于本國或本地區(qū)金融循環(huán)系統(tǒng)之外,在本地銀行或外國銀行之間進行的交易所形成的金融體系,都可稱為離岸金融市場。離岸金融是在傳統(tǒng)金融(即國內(nèi)金融與涉外金融)的基礎(chǔ)上發(fā)展而來,本質(zhì)上都是以資本增值為目的而進行的資本運作行為,但其相對于傳統(tǒng)金融往往更具有時代特色,更加順應(yīng)全球化的潮流。其通常是非居民之間以離岸貨幣為交易貨幣所從事的金融交易,資金交易的供求雙方都是非本國居民,交易主體“兩頭在外”；運作方式虛擬化,營運靈活；交易對象為非市場所在國的離岸貨幣。這些特性在融通資金推動全球經(jīng)濟的發(fā)展、提升市場國經(jīng)濟效應(yīng)和福利效應(yīng)、加快全球金融創(chuàng)新進程方面發(fā)揮了重大的作用,但同時也給全球金融體系的穩(wěn)定帶來風(fēng)險、過度的保密制度為犯罪提供庇護、避稅天堂導(dǎo)致各國稅收流失、“返程投資”享受“超國民待遇”使得居民和非居民面臨待遇不同而逆向選擇的道德風(fēng)險。自1989年6月以來,中國人民銀行和國家外匯管理局先后批準了招商銀行等5家位于深圳的分行試點開辦離岸金融業(yè)務(wù),我國也有了自己的離岸金融業(yè)務(wù)。然而,國際環(huán)境的驅(qū)動因素不斷在變化,而我國現(xiàn)階段離岸金融市場發(fā)展現(xiàn)狀也并不理想,還存在著許多制度障礙：缺少規(guī)制我國離岸金融市場的總原則,立法滯后,更缺少一部完備的離岸金融基本法。而配套的特殊法規(guī)缺少使得離岸金融的負面效應(yīng)顯著。加之監(jiān)管的混亂與真空,增加了我國離岸金融體系發(fā)展的操作風(fēng)險,很難進行風(fēng)險管理以有效應(yīng)對。離岸金融市場既有的發(fā)展歷史,已經(jīng)十分鮮明地顯露出其“利弊共存”的特性,對所在國和參與主體都是嚴峻的考驗,發(fā)展中國家參與這一新興市場更將面臨重大挑戰(zhàn)。為使我國內(nèi)離岸金融市場在法制的框架下發(fā)展,我們應(yīng)將國際社會相對成熟的經(jīng)驗同我國的實踐結(jié)合起來,從國際離岸金融市場的構(gòu)建和監(jiān)管中汲取經(jīng)驗和教訓(xùn),為中國離岸金融業(yè)務(wù)的發(fā)展打下堅實的基礎(chǔ)。通過考察我們發(fā)現(xiàn)：離岸金融市場發(fā)展較快的美國、日本和俄羅斯,在本國離岸金融市場構(gòu)建和監(jiān)管過程中,都很注重離岸金融市場模式的選擇、離岸金融市場主體準入規(guī)定、離岸金融業(yè)務(wù)經(jīng)營管理規(guī)定、離岸金融市場的稅收與法律優(yōu)惠規(guī)定以及離岸金融市場退出機制監(jiān)管的規(guī)定。在此基礎(chǔ)上,注重離岸與在岸的共贏,進行著監(jiān)管與反監(jiān)管的博弈,兼顧金融穩(wěn)定與效率的平衡。我國離岸金融市場法律制度的完善,首先,在經(jīng)營模式的選擇上,顯然無法借鑒內(nèi)外一體型的經(jīng)營模式,但卻可以嘗試適當?shù)淖兺?比如以內(nèi)外分離型模型為基礎(chǔ),允許適當滲透的離岸金融市場模式,同時借鑒國際上避稅港型離岸金融中心的成功經(jīng)驗,在一定的海島封閉區(qū)域內(nèi),建立齊全的金融稅制、專業(yè)的人才隊伍和健全的法律保障,采用避稅港型的模式未嘗不是一種可行做法。其次,在離岸金融市場的監(jiān)管方面,建立統(tǒng)一的法律監(jiān)管法律制度,完善配套法規(guī)以克服負面效應(yīng),完善監(jiān)管權(quán)分配以解決監(jiān)管的真空與混亂,堅持創(chuàng)新以解決發(fā)展滯后的問題。最后,應(yīng)積極參與國際合作與國際金融監(jiān)管體系的整體設(shè)計,以提升我國的金融競爭力,促進我國金融業(yè)的發(fā)展。
[Abstract]:Offshore finance is free from currency trading currency issuing country or abroad in addition to bank financial circulation system, mainly by non residents for various financial activities. And as the main participants in foreign currency denominated, to non residents for market participants, outside the country or region of financial circulation system. Between the local bank or a foreign bank exchange form of the financial system, can be called the offshore financial market. Offshore finance is in the traditional financial (domestic and foreign financial development and financial) on the basis of the essence is the behavior of capital operation to capital appreciation purposes, but compared with the traditional financial often more characteristics of the times, more conform to the global trend. It usually is non residents in offshore currency denominated in financial transactions, capital supply and demand both sides of a transaction Are non residents, transactions subject to the "two out" mode of operation; virtualization, flexible operation; offshore currency trading is non market country. These characteristics promote the development of the global economy in financing, improve the economic effect of the market of China and the welfare effect, has played a major role in speeding up the process of global financial innovation at the same time, but also to the stability of the global financial system risk, excessive secrecy harboring crime, tax havens have contributed to the loss of tax revenue, "return investment" enjoy "super national treatment" makes the residents and non residents face moral hazard and adverse selection of different treatment. Since June 1989, the people's Bank of China and Foreign Exchange Management Bureau has approved 5 investment banks in Shenzhen branch pilot offering offshore financial business, China has its own offshore financial services. The driving factors of the international environment is constantly changing, and the current development of China's offshore financial market at this stage is not ideal, there are still many obstacles: behind the general principle, the lack of regulation of China's offshore financial market legislation, the lack of a more complete offshore financial base. This Law and the special regulations of the lack of the negative effect of offshore finance is significant. And the chaos and vacuum supervision, increase the operation risk of developing offshore financial system in our country, it is difficult to carry out risk management to effectively deal with the offshore financial market. The existing development history, has been very clearly revealed its "advantages and disadvantages", is a severe test of the host country and participate in the subject, the participation of developing countries in this emerging market will face a major challenge. In order to make our domestic offshore financial market development in the framework of the rule of law, we should be the international community The practice of relatively mature experience with our country together, draw experience and lessons from the construction and supervision of the international offshore financial market, and lay a solid foundation for the development of Chinese offshore financial business. Through the investigation we found that: the rapid development of offshore financial market in the United States, Japan and Russia, the construction of offshore financial market and in the country in the process of supervision, are focusing on the mode of offshore financial market, the main offshore financial market access regulations, regulations on the management of offshore financial business, the provisions of the tax law and regulations on preferential treatment of offshore financial market and offshore financial market exit supervision system. On this basis, focusing on offshore and onshore win-win situation, playing and supervision anti regulation, taking into account the financial stability and balance of efficiency. Improve the offshore financial market of China's legal system, first of all, in the choice of business model, apparently no A method from inside and outside the business model, but you can try appropriate adaptations, such as internal and external separation model based on offshore financial market to allow appropriate penetration, and the successful international experience offshore financial center, in the island closed area, establish a complete financial system, professional the personnel and improving the legal protection, the tax havens model might be a feasible approach. Secondly, in the offshore financial market supervision, the establishment of a unified legal supervision legal system, improve the matching rules to overcome the negative effects, improve the regulatory power allocation to solve the vacuum and confusion of supervision, adhere to innovation to solve the problem of lagging development. Finally, the overall design should actively participate in international cooperation and the international financial regulatory system, to improve China's financial competitiveness, promote China's financial industry Development.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F832.6

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本文編號：1551737