【作者】 曾之明；

【导师】 岳意定；

【作者基本信息】 中南大学 ， 管理科学与工程， 2011， 博士

【摘要】 离岸金融中心(Offshore Financial Center)又称离岸金融市场或境外金融市场,是指在高度自由化和国际化的金融管理体制和优惠的税制条件下,主要由非居民参与的、经营可自由兑换货币、在货币发行国境内或境外进行资金融通的、基本不受法规和税制限制的自由交易中心。货币国际化的市场条件,是随着各项该货币相关的离岸业务展开并随着该货币计价的产品成长成熟而逐步扩散的市场自发过程,发展离岸业务可以说是货币国际化的必然过程。后金融危机时代是中国加快资本形成和资源布局的重要时间窗口,人民币离岸中心将成为中国金融稳渐开放战略的重要支点。按照“人民币跨境贸易结算-人民币离岸中心-人民币国际化”的国家金融战略,应积极打造人民币资本的境外“资金池”,寻找提升香港离岸金融中心优势的路径,也为人民币国际化提供一个试验场,同时完善上海国际金融中心的多元功能,形成人民币资金的良性回流机制,加强香港和内地的金融创新和监管合作,通过人民币离岸中心建设的国际化“跳板”稳步推进人民币国际化进程,是一个亟待探讨的现实课题。本文基于人民币国际化大背景,剖析了现阶段创建人民币离岸金融中心的必要性,揭示人民币离岸中心发展的动力机制。根据国际离岸金融中心成因理论,借鉴国际离岸金融中心发展的模式经验,评估我国创建离岸金融中心的可行性,探讨现阶段人民币离岸金融中心的功能定位。运用博弈分析和模糊评价法、多因子分析法对人民币离岸金融中心发展的区位模式进行实证抉择。对人民币离岸金融市场的发展势态及其对境内货币金融的效应进行评估,指出建设人民币离岸金融中心面临的障碍因素。提出完善人民币离岸金融中心运行机制的思路,探讨构建合理的人民币离岸市场利率形成机制、汇率形成机制、信用扩张机制、多方竞争机制、协调发展机制。进而对人民币离岸金融中心的发展路径进行设计,提出采取政府推动市场主导的动力模式,探讨了香港人民币离岸中心的功能定位、发展战略和政策支持体系。最后揭示了人民币离岸中心发展面临的风险挑战,对人民币离岸金融中心监管模式进行比较选择,提出应采取分离型监管模式,并探讨了人民币离岸金融中心风险监管的框架内容。1.本文基于金融创新、货币国际化和金融地理理论,剖析国际离岸金融中心的发展动因、社会经济功能。在人民币国际化大背景下,根据人民币离岸货币的形成和运行渠道,揭示人民币离岸中心发展的市场需求,剖析了构建人民币离岸金融中心的必要性及现实意义,为探讨人民币离岸中心创新奠定理论基础。2.本文运用协整检验等实证方法,进行了人民币离岸货币的规模测算,分析了跨境人民币结算对人民币离岸中心发展的助推效应。运用协整方法实证研究跨境人民币流通扩容态势及对离岸金融创新的需求引导,论证了后危机时代创建人民币离岸中心的可行性,提出了民族经济背景下人民币离岸中心的功能定位。3.基于金融集聚理论和信息流金融理论分析,揭示了现代国际离岸金融中心的成因要素。构建了离岸金融中心竞争力指标体系,运用金融中心成熟度模型对几大金融中心进行竞争力综合评价。进而运用层次分析法构建人民币离岸中心形成要素评价体系,结合模糊评价法和多因子分析法对人民币离岸中心发展做出区位模式选择。4.根据制度经济学理论解释了离岸金融中心的运行机理,提出完善人民币离岸中心运行机制的思路。探讨人民币离岸市场的利率形成和汇率形成定价机制,剖析人民币离岸市场的信用扩张机制及对货币政策的影响,探讨了人民币离岸中心发展的多方竞争机制和协调发展机制。5.根据金融集聚理论进行了离岸金融中心创建的条件分析,进行了人民币离岸金融中心布局的博弈选择。通过对国际离岸金融中心形成路径的比较借鉴,提出人民币离岸中心发展可选择政策推动、市场主导的动力模式。合理界定现阶段香港人民币离岸中心的功能定位,评估了现阶段香港人民币离岸中心发展的优势与不足,提出了香港人民币离岸中心发展的战略步骤,探讨了优化香港金融生态的创新策略,并对人民币离岸金融中心发展的政策支持体系进行了配套设计。6.通过金融生态理论揭示离岸金融中心发展中制度要素的权重地位。通过人民币离岸市场发展对境内货币金融的影响的实证研究,揭示了其利弊效应,评析了人民币离岸金融中心在跨境资本流动中的潜在风险,进而对人民币离岸金融中心的监管模式进行比较选择,提出应构建“分离型”人民币离岸金融中心,逐渐向适度“渗透型”过渡,构思了完善人民币离岸金融中心风险监管体系的内容框架,提出稳健推进人民币离岸金融中心建设的运作思路和整体方案。更多还原

【Abstract】 Offshore Financial Center is also called Offshore Financial Market or External Market. It is a free trading center involved mainly with non-resident, operate the convertible currency, finance inside the issuing country or outside it, basically under no legal regulation nor taxation limitation, with a condition of highly liberalized and internationalized financial management system and favorable taxation. The requirement of a currency’s internationalization is a spontaneous process of a market that was spread step by step accompanied by the currency’s related offshore financial services going on and the growth and grown of products priced in this currency, it is an inevitable process of a currency’s internationalization to develop offshore financial services. Times of post financial crisis is an important time window for China to accelerate its capital formation and resource placement, RMB Offshore Financial Center (RMB OFC) will be a major supporting point for the strategy of financial opening-up of China steadily. According to the national financial strategy guide line of "Cross-border RMB trade settlement—RMB OFC—Internationalization of RMB", we should build offshore "capital pool" for capital priced in RMB positively, seeking the route to promote the favorable conditions of HK being an international financial center, keep a leading position on the competition of offshore financial services, and provide a testing field for the internationalization of the RMB. At the same time we should fully perfect the multiple-function of Shanghai being an international financial center, form an optimum of RMB capital backflow system, strengthen the financial innovation and supervision cooperation of HK and China’s mainland. Via the "springboard" of the construction of RMB OFC to steady advance the process of RMB internationalization, it is an actual task urgently to be discussed.This article was based on the background of RMB internationalization, treated the found and development of RMB OFC as the object to study, took the model experience of the development of other international OFCs for reference, discussed the practicable condition and functional orientation for the development of RMB OFC. Applied the Analysis of Game Theory, Fuzzy Comprehensive Evaluation and multiple-factor analytics to make empirical choose for the location and building mode of RMB OFC. This article Proposed to perfect the operation mechanism of RMB OFC, structured reasonable interest rate formation mechanism, credit expansion mechanism, fund circulation mechanism and multi-participator competition mechanism of RMB OFC. And then designed the path of development for RMB OFCs, proposed the driving force model to be a government-pushed market-orientated power model, discussed the functional location, development strategy, and policy-supporting system of HK RMB OFC. In the end this article assessed the monetary and financial impact of the development of RMB OFCs, proclaimed the risk effect of its development, made an comparable choice of supervise model of it, presented that we should take separated supervision model, while also discussed the frame content of risk supervision of RMB Offshore Center.1. This article was based on the theories of financial innovation, currency internationalization, and geographical finance, analyzed the motivational reason of the development of international OFCs, functions of social economy and its operational mechanism. Via the penetrating inside of evolutional trend of International OFCs, revealed the social economical effect of OFCs, took the historical experience of other international OFCs, and established theoretical foundation for the discussion for the innovation of RMB OFCs.2. This article applied plenty of empirical methods like Cointegration Test, by means of an analysis of the forming process of RMB OFCs, presented the nudge effect of cross border RMB settlement for the development of RMB OFC.By applying the cointegration method to measure and calculate the scale of currency in RMB OFCs, doing empirical research in the expansion situation of cross border RMB circulation and the demand guidance of OFCs innovation, this article demonstrated that in the times after financial crisis to establish RMB OFCs has both its necessity and feasibility, and conducted the functional positioning of RMB OFCs under the background of national economy. 3. According to the theory of financial agglomeration, this article conducted the conditional analyze for the establishment of OFC, made a Game Theory backed selection of composition for RMB OFCs, structured an index system for the competitiveness of OFCs, utilized the model of maturity evaluation for financial centers to made an overall merit of competitiveness for some leading Financial Center. Proceed to the next step structured formative factor evaluation system for RMB OFCs by Analytic Hierarchy Process, combining Fuzzy Comprehensive Evaluation and Multivariate Analysis to made a location and building mode of RMB OFCs development, raised the structure of Shenzhen-Shanghai cooperative mechanism to boost the RMB OFC development.4. On the basis of Institutional Economics theory this article explained the operational mechanism of OFCs, analyzed the cost and efficiency of establishing OFC. Proposed to perfect the interest rate formation mechanism and pricing mechanism, straighten out and moderately regulate and control credit expansion mechanism of RMB OFCs, create certain condition to structure reasonable RMB backflow mechanism, clear the domestic and foreign circulation of funds in RMB OFCs, and coordinate the multiple participant competitive thinking in RMB OFC.5. Based on Financial Agglomeration Theory and Information Flow Analyses, this article revealed the factor of formative causes of modern international OFC. Via the comparison and evaluation of the formative path of International OFCs, this article proposed that the RMB OFCs development could apply a policy-driven and market-dominated motivational model. This article also rationally defined the functional position of HK RMB OFCs in current stage, estimated the strength and weakness of HK RMB OFCs development in current stage, proposed the strategic procedure for the development of HK RMB OFC, and discussed the innovative tactics to optimize the financial ecology of HK, also conducted a mating design for the policy supporting system of RMB OFC development.6. This article proclaimed the weight status of the institutional element in OFCs development via the Financial Ecology Theory. And by means of empirical study of the impact of domestic currency and finance influenced by RMB OFC development, revealed its effect of advantages and disadvantages, assessed the potential risks of cross border capital flow in RMB OFCs, then made a comparable choice of supervisory and regulatory model of RMB OFC, proposed that we should establish "separated type" in RMB OFC, and then gradually transform into moderately "infiltrate type", conceived the content frame to perfect the risk supervise and regulate system in RMB OFC, proposed the operational thinking and suggested counter plan to steady proceed the development of RMB OFC.更多还原