本文選題：貨幣國際化 + 人民幣國際化��； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：自2009年4月國務(wù)院關(guān)于上�！皟蓚�(gè)中心”建設(shè)文件出臺以來,上海金融中心建設(shè)取得了明顯成效,但距離成為與我國經(jīng)濟(jì)實(shí)力相匹配的國際金融中心的目標(biāo),還有較大差距。因此,研究貨幣國際化促進(jìn)金融中心功能深化的規(guī)律和借鑒發(fā)達(dá)國家的有關(guān)經(jīng)驗(yàn),對抓住人民幣國際化加速帶的有利機(jī)遇,推動(dòng)上海金融中心國際功能的深化和建設(shè)具有重要意義。 本文在梳理學(xué)習(xí)貨幣國際化及金融中心相關(guān)理論的基礎(chǔ)上,對貨幣國際化與國際金融中心功能的關(guān)系進(jìn)行了實(shí)證分析。主要是從宏觀和中觀的視角分析了貨幣國際化促進(jìn)金融中心功能深化的機(jī)理,對貨幣國際化程度和金融中心功能的度量模型進(jìn)行了分析,選取具有代表性的指標(biāo)量化后,對美元、英鎊、日元三種貨幣的外匯儲(chǔ)備占比、外匯交易占比分別與其對應(yīng)的金融中心股票市場年度融資額在全球中占比、股票市場年度交易額在全球中占比、上市的非居民企業(yè)市值在全球中占比開展格蘭杰(Granger)因果關(guān)系檢驗(yàn)。對人民幣國外匯交易占比與上海金融市場年度融資額占比、年度交易額占比也進(jìn)行了格蘭杰檢驗(yàn)。檢驗(yàn)結(jié)果顯示,在貨幣國際化加速、增強(qiáng)或者地位較為鞏固的情況下,貨幣國際化與金融中心的股市之間存在相互因果關(guān)系,或者說前者是引起后者變化的原因；人民幣國際化與上海股市之間存在正向變化的因果關(guān)系；而在貨幣國際化減弱或衰退的情形下,貨幣國際化與金融中心的股市之間的因果關(guān)系表現(xiàn)得不明顯。同時(shí),對主要貨幣國際化促進(jìn)金融中心功能深化的做法進(jìn)行了歸納總結(jié),提出了對上海的借鑒啟示。 在實(shí)證研究得出規(guī)律的基礎(chǔ)上,對人民幣國際化推動(dòng)上海金融中心國際功能深化進(jìn)行了分析,人民幣國際化與上海國際金融中心功能深化相輔相成,上海金融中心國際功能深化具備發(fā)展階段、交易主體、市場平臺、基礎(chǔ)設(shè)施、人民幣國際化等方面的基礎(chǔ)條件,同時(shí)也面臨著金融開放度不夠、金融創(chuàng)新缺乏、金融人才缺乏等制約因素。為此,提出了上海金融中心國際功能進(jìn)一步深化的方向建議,即打造人民幣全球資產(chǎn)清算中心、人民幣離岸金融中心和人民幣全球財(cái)富管理中心。最后,提出了順應(yīng)人民幣國際化,促進(jìn)上海金融中心國際功能深化的具體策略：(1)加快人民幣利率匯率市場化改革,構(gòu)建人民幣全球資產(chǎn)清算中心；(2)加大金融創(chuàng)新力度,建設(shè)人民幣離岸金融中心；(3)加大金融創(chuàng)新機(jī)構(gòu)吸引力度,建設(shè)人民幣全球財(cái)富管理中心。
[Abstract]:Since the implementation of the State Council's document on the construction of "two centers" in Shanghai in April 2009, the construction of Shanghai financial center has achieved remarkable results, but there is still a big gap between the construction of Shanghai financial center and the international financial center which matches the economic strength of our country. Therefore, studying the law of monetary internationalization to promote the deepening of the function of financial center and drawing lessons from the relevant experiences of developed countries will provide a favorable opportunity to seize the accelerating zone of RMB internationalization. It is of great significance to promote the deepening and construction of the international function of Shanghai Financial Center. On the basis of studying the theories of monetary internationalization and financial center, this paper makes an empirical analysis on the relationship between monetary internationalization and the function of international financial center. This paper mainly analyzes the mechanism of monetary internationalization to deepen the function of financial center from the macro and meso angle of view, analyzes the measure model of the degree of monetary internationalization and the function of financial center, and selects the representative index to quantify the degree of monetary internationalization and the function of financial center. The share of foreign exchange reserves in three currencies, the dollar, the pound and the yen, the proportion of foreign exchange transactions, the proportion of annual financing in the stock markets of their corresponding financial centers in the world, and the annual trading volume of the stock market in the world, Market value, a listed non-resident enterprise, conducted Granger causality test in the world. Granger test was also carried out on the proportion of foreign exchange transactions between RMB countries and the annual financing volume of the Shanghai financial market. The results show that there is a causal relationship between the monetary internationalization and the stock market in the financial center, or the former is the reason for the change of the latter. There is a positive causal relationship between RMB internationalization and Shanghai stock market, but the causality between currency internationalization and the stock market in financial center is not obvious when currency internationalization weakens or declines. At the same time, the paper summarizes the ways of promoting the deepening of the function of the financial center by the internationalization of the major currencies, and puts forward some lessons for Shanghai. On the basis of empirical research, this paper analyzes the internationalization of RMB promotes the deepening of the international function of Shanghai Financial Center. The internationalization of RMB and the deepening of function of Shanghai International Financial Center complement each other. The deepening of the international function of the Shanghai Financial Center has the basic conditions of the development stage, the main trading body, the market platform, the infrastructure, the internationalization of the RMB, and so on. At the same time, it is also faced with insufficient financial openness and lack of financial innovation. Lack of financial talent and other constraints. Therefore, the paper puts forward the direction of further deepening the international function of Shanghai Financial Center, that is, to establish the RMB Global Asset Clearing Center, the RMB Offshore Financial Center and the RMB Global Wealth Management Center. Finally, the paper puts forward a specific strategy to comply with the internationalization of the RMB and promote the deepening of the international function of the Shanghai Financial Center: 1) accelerate the marketization reform of the RMB interest rate and exchange rate, and construct the RMB Global Asset Clearing Center (GCSC) to increase financial innovation. The construction of RMB offshore financial center will increase the attraction of financial innovation institutions and build a global wealth management center for RMB.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.6;F832.51

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