本文選題：人民幣國際化 + 人民幣離岸市場��； 參考：《廣西大學(xué)》2015年碩士論文

【摘要】：隨著經(jīng)濟(jì)全球化一體化進(jìn)程的不斷加深,人民幣國際化戰(zhàn)略被提出。但是在我國資本項目仍受管制、匯率形成機制還未完善的特殊背景下,人民幣國際化進(jìn)程受到了一定的制約。此時,通過人民幣離岸市場發(fā)展來推動人民幣國際化成為一個合理的選擇。據(jù)我們所知,人民幣離岸市場的首要功能便是服務(wù)于人民幣國際化。因此,人民幣離岸市場發(fā)揮服務(wù)功能的程度到底多深?人民幣離岸市場深化發(fā)展面臨什么障礙?這都是本文要探討的問題。本文首先分析了發(fā)展人民幣離岸市場的基礎(chǔ)理論。其次,就人民幣離岸市場的現(xiàn)狀進(jìn)行深入分析,具體分析了香港、新加坡、臺灣等人民幣離岸市場的發(fā)展歷程與發(fā)展現(xiàn)狀。再次,分析人民幣離岸市場發(fā)揮其服務(wù)功能的程度。通過前文的理論分析我們可以得出,人民幣離岸市場的服務(wù)功能是其首要功能,所以測度其服務(wù)功能的發(fā)揮程度就顯得十分有必要。本文選取2010-2014年的人民幣國際化指數(shù)與與人民幣離岸市場的數(shù)據(jù)來進(jìn)行。通過協(xié)整方程可以看到,人民幣離岸市場的發(fā)展對人民幣國際化有著長期穩(wěn)定的影響。脈沖響應(yīng)結(jié)果顯示人民幣離岸市場有著短期的作用,所以無論是長期還是短期,人民幣離岸市場發(fā)展對人民幣國際化有著正向作用。但是在長期內(nèi),人民幣離岸市場對人民幣影響程度是比較低的,仍需繼續(xù)深化。人民幣離岸市場需要深化發(fā)展,研究顯示,以下障礙阻礙了人民幣離岸市場深化發(fā)展：境外人民幣絕對規(guī)模偏小,人民幣投資渠道有限；離岸市場的人民幣流出過于依賴單一渠；人民幣回流機制不健全,缺乏健全的離岸人民幣清算系統(tǒng)；金融立法機制不完善,保密制度欠缺。因此,本文提出了促進(jìn)人民幣離岸市場深化發(fā)展的政策建議：加強立法與監(jiān)管；擴(kuò)大人民幣業(yè)務(wù)的資金池,豐富離岸市場的金融產(chǎn)品種類；構(gòu)建合理的人民幣回流機制與便捷的人民幣清算網(wǎng)絡(luò)；加快國內(nèi)金融市場發(fā)展的步伐。
[Abstract]:With the deepening of economic globalization, RMB internationalization strategy has been put forward. However, under the special background that the capital account is still under control and the exchange rate formation mechanism is not perfect, the internationalization process of RMB is restricted to a certain extent. At this time, it is a reasonable choice to promote RMB internationalization through the development of RMB offshore market. As far as we know, the primary function of RMB offshore market is to serve the internationalization of RMB. So to what extent does the offshore renminbi market play a service role? What are the obstacles to the further development of RMB offshore market? These are the problems to be discussed in this paper. This paper first analyzes the basic theory of developing RMB offshore market. Secondly, this paper analyzes the current situation of RMB offshore market, including Hong Kong, Singapore, Taiwan and so on. Thirdly, it analyzes the extent to which the offshore market of RMB exerts its service function. Through the theoretical analysis above, we can draw the conclusion that the service function of RMB offshore market is its primary function, so it is very necessary to measure the extent of its service function. This paper selects the 2010-2014 RMB internationalization index and the offshore market data. The cointegration equation shows that the development of RMB offshore market has a long-term and stable effect on RMB internationalization. The impulse response results show that the offshore market of RMB has a short-term effect, so the development of offshore market of RMB has a positive effect on the internationalization of RMB both in the long run and in the short term. But in the long run, the impact of the yuan offshore market on the yuan is relatively low and needs to be deepened. The further development of RMB offshore market needs to be deepened. The research shows that the further development of RMB offshore market is hindered by the following obstacles: the absolute scale of offshore RMB is small and the channel of RMB investment is limited; The RMB outflow in the offshore market is too dependent on a single channel; the RMB reflux mechanism is not perfect and there is no sound offshore RMB clearing system; the financial legislation mechanism is not perfect and the secrecy system is lacking. Therefore, this paper puts forward some policy suggestions to promote the further development of RMB offshore market, such as strengthening legislation and supervision, expanding the pool of funds for RMB business, and enriching the types of financial products in offshore market. Construct reasonable RMB reflux mechanism and convenient RMB clearing network, and accelerate the development of domestic financial market.
【學(xué)位授予單位】：廣西大學(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：1865436