【作者】 吴婷婷；

【导师】 刘锡良；

【作者基本信息】 西南财经大学 ， 金融学， 2011， 博士

【副题名】来自中国的经验证据

【摘要】 1980年代以来,金融国际化浪潮席卷全球。随着金融国际化逐步成为当今国际金融领域的主旋律,全球爆发了多次严重的金融危机。1980年代的拉美债务危机、1990年代的亚洲金融危机、2010年代的美国次贷危机等接连不断的金融危机,极大地冲击了世界金融和经济体系。危机的阴霾,令人们倾向于将“金融风险”、“金融危机”与“金融国际化”直接挂钩。金融国际化进程中的金融风险防范与金融安全维护作为世界性经济难题,受到了各国实务界和理论界的高度重视。然而,反观中国,虽然自2001年底入世以来金融国际化进程迅速提速,但却从未爆发过金融危机,金融业反而因对外开放提升了运行效率。中国的现实,仿佛又在暗示我们,积极参与到金融国际化浪潮中才能实现开放经济条件下真正意义上的国家金融安全。国内外这些相悖的事实,引发了本文对金融国际化与国家金融安全二者关系的思考：第一,推进金融国际化进程对一国金融安全而言,产生的是正效应,还是负效应?若是正(或负)效应,那么产生这种正(或负)效应的作用路径是什么?第二,一国不实行金融对外开放,是否就不存在金融安全问题?如果仍然存在,那么在金融国际化与金融非国际化的不同条件下,金融安全问题的表现特征有何差异?第三,二者之间的关系与金融国际化推进国的国家类型和形态是否有关(即是否具有国别效应)?第四,二者间的关系是否与金融国际化的推进阶段有关(即是否具有时变效应)?第五,就中国而言,在推进金融国际化的过程中,金融国际化对国家金融安全的总体影响是净的正效应,还是净的负效应,二者关系有何特征?第六,未来中国在推进金融国际化的进程中,应该怎么做才能尽可能地获得净的正效应?应重点关注哪些因素?基于这六个核心问题的引导,本文的研究欲采用下述思路逐层推进：首先,界定金融国际化、金融安全的概念,并探讨金融国际化进程中存在的金融安全问题,并分析前者正、负向作用于后者的路径,以厘清其内在机理；然后,基于美、韩两国的案例,分析其各自在金融国际化进程中遭遇的金融风险与安全问题,比较其共性和差异性,以总结出有益于中国的政策启示；接着,以中国为样本,研究中国金融国际化程度与金融安全状况之间的数量关系与特征；随后,对中国自1979年以来金融国际化进程发展的历史轨迹划分阶段,并分析每个金融国际化子进程中存在的主要问题；最后,基于维护国家金融安全的视角,对中国金融国际化未来的宏观发展方向进行展望,并初步设计出中国金融国际化进程的推进模式、次序和方向。基于上述研究思路,本文将研究分为理论、案例、实证、政策分析四大篇,各篇具体的研究内容与主要观点、结论如下：第一、二章是理论分析篇。其目的是,在提出问题且理清本文逻辑框架的前提下,为全文研究奠定理论基础。重点想解决的是本文提出的第一和第二个核心问题。本篇完成的工作主要有五个方面：1.从国别视角,定义了金融国际化。其核心内涵是“两个经济体之间金融融合的双向过程与状态”,主要表现为资本运动、金融机构、金融业务、金融市场、金融监管、货币政策和货币的国际化。其中,货币国际化是大国金融国际化进程中的最高层级。2.基于金融国际化的视角,对金融安全的概念进行了界定,并指出金融国际化进程中的金融安全是一种“动态”而非“静态”的安全。同时,厘清了个体金融风险、系统性金融风险、金融安全与金融危机四者之间逐层递进的关系。3.回顾了国内外有关金融国际化与金融安全关系的研究成果,并在此基础上,分析了现有文献在研究内容、视角、方法上存在的研究倾向与不足,以此找寻到了本文的研究切入点。4.从金融国际化的表现维度入手,分析了资本运动国际化等七个金融国际化子进程中,存在的风险与金融安全问题,并较系统地梳理出金融国际化正、负向作用于国家金融安全的路径。正向作用路径主要有助推经济增长、促进金融发展、弱化制度落差三大路径。负向作用路径主要有资本外逃、增加外源性风险导入渠道、加剧金融体系脆弱性、国际监管套利、监管与金融国际化进程错配、削弱货币政策独立性、特里芬难题、货币国际化进程逆转引发国内通胀等多重路径。同时,指出大、小国在各金融国际化子进程中面临的风险程度不同。大国在货币政策协调、监管国际协作、货币国际化进程中所面临的金融风险与安全问题,比小国突出；小国主要面临的是资本运动、金融机构、业务、市场的国际化进程中的金融安全隐患问题。5.跳出“就事论事”的思维模式,进一步分析了金融国际化与金融安全二者的关系。指出,虽然同时存在金融国际化正、负向影响金融安全的渠道,但金融安全问题与金融国际化并没有必然联系。金融国际化与金融非国际化情况下,一国都可能存在金融安全隐患,甚至爆发危机。只是两种情况下,金融安全问题表现出的特征有所差异。因此,不能因为爆发金融危机,就因噎废食,中止金融国际化进程。一味地“闭关锁国”,反而容易使一国金融系统中已经出现的金融风险,暂时隐匿并囤积起来,从而得不到及时释放,而一旦遭遇冲击,便易引发危机。第三章是案例分析篇。本章想重点解决的是本文提出的第三个问题。想要达到的研究目的是,通过对比发达国家和发展中-市场经济国家金融国际化进程的异同,总结出值得中国在推进金融国际化的过程中借鉴的共性与差异性启示。为此,本章主要进行了四个方面的工作：1.选取美国、韩国分别作为发达国家和发展中-市场经济国家的代表国,梳理了各自金融国际化的发展历程。发现,伴随着资本运动国际化的美元国际化启动于20世纪初期,而美国其他维度的金融国际化则集中发端于1960年代末期。其采用的推进模式是,借助两次世界大战,以资本输出的方式实现美元国际化,并以美元国际化带动金融业务、机构、市场的国际化进程。而韩国的金融国际化进程,发端于1980年代的利率管制的放松,随后金融机构、市场、业务国际化进程陆续启动,并于1990年代提速了资本运动国际化进程,实现了经常账户和资本账户的可自由兑换,进而以此为契机,开启了韩元国际化进程。2.运用比较分析的研究方法,对二者金融国际化的发展模式进行了对比研究。结果发现,美国的金融国际化具有“松-紧-松”螺旋式放松金融管制的自然演进特征,与韩国在政府主导下赶超式的金融国际化发展模式有着本质不同。一是美韩两国金融国际化的初始目的不同,所以立场不同；二是美韩两国金融国际化进程的起始点不同,从而开放的受益情况不同；三是美韩两国大、小国的不同国家形态决定了其开放策略的不同；四是美韩两国发达国家、发展中-市场经济国家的不同国情决定了其金融国际化各维度推进的先后次序不同。3.阐释了美韩两国各自在推进金融国际化进程中遭遇的金融风险与危机问题,并总结出几点启示。共性启示有四：稳定的宏观经济环境与良好的实体经济基础是—国推行金融国际化战略的首要条件；奉行自由主义,并不意味着政府丧失了调控、干预的作用和功能,相反地,政府应主动、适时地调整金融国际化的推进进度；超越监管边界的金融创新必将带来风险的集聚；放松金融管制与强化金融监管并举,不断修正、改进、更新监管方式方法,动态地优化金融监管体系,使其能与金融自由化、国际化改革的进度相匹配。差异性启示有二：其一,美国经验告诉我们,金融国际化进程是一种“松-紧-松”式的螺旋循环。这种具有自然演进特征的金融国际化发展模式往往伴随金融危机的产生,这要求我们关注金融制度建设、金融监管、金融创新的合理边界,并能有效地对虚拟经济予以管理,保持社会信用总量与经济总量的适当比例。能否对虚拟经济实施有效的管理,是影响政府宏观调控和危机救助效果的重要因素。其二,韩国作为与美国不同的赶超型国家,其经验启示我们,发展中国家必须注重金融国际化进程的合理次序安排；金融自由化改革,须以政府主导为主,具备计划性、渐进性的特点；一旦危机爆发,采用政府干预、激进型、彻底性的金融改革方案,能更快地走出危机困境。4.基于美国和韩国,分别具有发达国家、发展中-市场经济国家的国家类别和大国、小国的国家形态,通过对其实施的案例分析和比较分析,得到了金融国际化与金融安全二者关系具有“国别效应”的结论。第四章是实证分析篇。本章欲解决的是本文提出的第四和第五个问题。想要达到的研究目的是,探寻中国金融国际化程度与金融安全状况二者之间在长、短期内存在的数量关系及其特征,从而为现有有关二者关系的研究提供来自中国样本的证据。为此,本章主要进行了三个部分的工作：1.对中国金融国际化程度进行了量化研究。其一,运用经济指标法,利用包含官方外汇储备在内的跨境资本流动规模,度量了中国的“广义金融开放度”；其二,基于金融国际化表现维度的视角,构建了能较全面刻画中国金融国际化各维度子进程的“中国金融国际化程度综合评价指标体系”,并沿用法规描述指标法的思想,对各指标进行赋值,最后运用主成分分析法,对指标样本数据提取主成分,从而构建出综合衡量金融国际化程度的“中国金融国际化指数”(CFII)。进一步地,通过分析该指数在[1979,2010]区间段上曲线斜率、趋势与波幅的变动情况,全面描绘出中国金融国际化程度在入世前后的变化特征。2.对中国金融安全状况进行了量化研究。从金融机构、金融市场、宏观环境的视角,分别构建了中国微观、中观、宏观金融安全状况综合评价指标体系。基于数据的可得性,运用主成分分析法,测度了中国1982-2009年间的宏观金融安全状况。通过对由此合成的中国金融安全指数(CFSI)的走势予以分析,得到的结论主要有二：(1)随着金融国际化程度的提升,内源性危机(外源性危机)爆发的概率分别会降低(增加)；(2)金融国际化与国家金融安全之间的关系具有时变效应。二者间的关系会随金融国际化进程的推进,呈现动态变化的特征。在金融国际化初始阶段,金融国际化对国家金融安全的负向影响效应通常会起主导作用,使得二者呈现负向关系；在中后期,正向影响效应往往会起主导作用,从而令二者间呈现正向关系。3.对量化研究得到的中国金融国际化指数和中国金融安全指数,实施了计量经济学分析。将CFII和CFSI分别作为解释变量和被解释变量,引入协整模型和误差修正模型中,对二者间的长、短期关系进行了实证研究。研究结果表明：(1)长期内CFII与CFSI之间存在稳定的协整关系,短期内二者间存在误差修正关系。但无论是从长期还是短期来看,在t时刻二者之间均呈现出正向的数量关系；(2)从长期来看,在其他条件不变的情况下,CFII每变动1%,CFSI将平均同向变动18.05个基点；从短期来看,在其他条件不变的情况下,CFII增长率每变动一个单位,CFSI波幅将平均同向变动15.26个基点,而当CFSI的短期波动偏离长期均衡关系时,非均衡误差将以0.49的调整力度把这种短期波动导致的非均衡状态,反向拉回至长期的稳定状态。第五章是政策分析篇。本章欲解决的是本文提出的第六个问题。想要达到的研究目的是,为中国今后一段时期推进金融国际化进程提供一定的实践指导,以期尽可能地发挥金融国际化提升国家金融安全状态的正向作用。为此,本章进行了四个部分的工作：1.基于金融国际化表现维度的视角,回顾了自1979年改革开放以来中国金融国际化进程发展的历史轨迹,并分析了各维度国际化进程中存在的主要问题。研究表明：(1)虽然自入世以来,中国金融国际化各维度对应的国际化程度均从总体上呈现上升态势,但不同维度的国际化程度却有着非一致性变化。总体而言,金融机构和市场的国际化程度最高,业务次之；金融监管国际化程度虽稳步提升,但仍略滞后于金融机构、市场、业务；货币政策国际化进程因1993、1994年的利率、汇率市场化改革,显著提速,这种相对于其他维度的领先状态一直持续到了2003年,而此后,该子进程推进得相对平稳；资本运动的国际化程度,随经常账户的完全开放和资本账户的逐步开放而逐渐提升,但其推进进度相对于前述五个维度,更为审慎；人民币国际化在入世前的较长一段历史时期内,一直处于相对停滞状态,而自次贷危机以来却显著提速,更在2009-2010年一举超越了其他六个维度的国际化程度；(2)每个维度包含的各子国际化进程呈现出非对称的发展格局。以人民币国际化进程为例,其虽自2008年以来显著提速,然而“重贸易、轻金融”的问题依旧存在——人民币国际化的贸易进程远远领先于金融进程,呈现出明显的非对称发展状态。2.结合CFIl在不同时间段中斜率与数值的变化以及对中国金融国际化发展历史的回顾,将中国金融国际化进程划分为了四个主要阶段,分别是金融抑制阶段(1979-1991)、金融运行机制开始逐步走向市场化的阶段(1992-2000)、走向金融全面开放的过渡阶段(2001-2005)和金融业全面对外开放阶段(2006年至今)。3.基于维护国家金融安全的视角,对未来金融国际化的宏观发展方向予以了展望。一是要推进社会信用体系的国际化演进,逐步缩小与发达国家间的制度落差,以降低被风险转移、危机转嫁的可能性；二是要借后危机时代世界金融格局变革之机,通过多种途径积极参与国际金融秩序的重构,以在维护国家金融安全的国际博弈中占据主动；三是要突破原有局部性思维模式,转货币政策决策的一国视角为全球视角,加强货币政策操作的国际协作,并根据自身与其他参与货币政策国际协调国的经济融合度,确定选用规则性还是相机性政策协调模式；四是要在动态修正自身金融监管框架的基础上,强化在监管细节方面的国际合作,强调国际联合监管的及时性与实效性,将已签署的“谅解备忘录”落到实处；五是要把握国际监管的演进趋势,及时将监管模式、方法、技术的最新变化吸纳到本国的金融监管体系中,以各种监管模式、方法、手段并举的方式,构筑国家金融安全的监管防线。4.结合美韩两国推进金融国际化进程的经验、启示与中国金融国际化推进过程中存在的问题,提出了“中国金融国际化战略推进模式”,对今后一段时期,中国金融国际化的推进次序、方向进行了探讨。提出,中国可采取“以人民币国际化为核心,以货币政策国际化为先导者,以金融机构、业务、市场、资本运动国际化为助推者,以金融监管国际化为并行者”+“产业国际化与金融国际化联动、共振”的金融国际化战略推进模式,即为实现人民币国际化这一中国金融国际化的终极目标,需要首先以利率、汇率市场化改革为金融国际化创造利益驱动源,并通过逐一推进金融机构、业务、市场国际化与资本运动的国际化,借四维度之合力,为人民币搭建起“走得出、留得住、流得回”的循环途径,助推人民币国际化进程；同时,由于前述六个维度的国际化进程都离不开金融监管体系及时的更新与修正,以实现相互间的动态匹配,因此需要将金融监管国际化作为其余国际化维度的并行者；另外,一国金融要实现国际化需要充足的原始动力源,因此单一从金融领域出发,促进某一个或几个子维度的国际化进程,不足以持续性地推动中国金融国际化进程,必须从实体经济领域寻找动力源,即应以实体企业的海外扩张带动金融企业“走出去”,以发挥实体企业国际化与金融企业国际化之间的联动效应,最终实现产业国际化与金融国际化共振的目标。本文可能有的贡献之处如下：1.理论研究方面可能有的贡献其一,比较系统地梳理了金融国际化七个表现维度下存在的金融风险问题及其负向作用于国家金融安全的一般路径,与此同时,基于金融开放性收益,提出了金融国际化正向作用于一国金融安全的三个主要路径。其二,基于金融国际化表现维度的视角,分门别类地梳理了自1979年以来中国金融国际化各子进程中发生的代表性事件,并在此基础上刻画出了中国金融国际化各维度具有的“非对称性”结构特征。其三,初步构建了“中国金融国际化战略推进模式”,探讨了在以人民币国际化为中国金融国际化终极目标的假设前提下,应如何通过其他维度的国际化,辅助、推动人民币的国际化?其推进的先后顺序、主次关系应如何安排?每个维度应重点推进的方向是什么?2.实证研究方面可能有的贡献其一,首次比较系统地测度了中国在1979～2010年间金融国际化程度的大小与变化趋势。在对金融国际化的量化研究中指出,金融国际化是个多维概念,并不简单地等同于金融开放度,因此,在量化其程度时需要从其表现维度出发对其进行全面界定。本部分的主要贡献有三：一是基于金融国际化表现维度的视角,全面构建了“中国金融国际化程度综合评价指标体系”；二是对法规描述指标法予以了一定修正,弱化了事件赋值的主观性；三是运用主成分分析法,合成了可用于纵向比较的“中国金融国际化指数”,由此创建了“中国金融国际化时序数据库”,为后续的相关研究奠定了数据基础。其二,基于金融国际化动态演进的视角,分宏观环境、金融市场、金融机构三个层面,构建了宏、中、微观金融安全评价指标体系。与现有研究的主要差异在于,观察视角的不同(强调是在金融开放条件而非封闭条件下,并且突出是在金融国际化进程中动态而非静态地考察金融安全状况),从而指标选择与设计的侧重不同,以此反映中国金融国际化加速进程中金融安全状况的动态变化特征。其三,基于包含相关系数与交叉系数在内的相关性检验、正态性检验、序列相关检验、异方差检验、协整检验以及误差修正模型等计量经济学检验方法与建模手段,对中国金融国际化程度与金融安全状况之间的关系进行了系统的实证研究,较全面地刻画了二者长、短期关系具有的数量特征。更多还原

【Abstract】 Since the 1980s, the financial internationalization tide has swept over the entire world. With the financial internationalization gradually becoming the main melody in international finance field, the world has erupted serious financial crises many times. Latin American debt crisis in the 1980s, Asian financial crisis in the 1990s, American subprime mortgage crisis in the 2010s and other continuous financial crises, have enormously attacked the world financial and economic systems. The haze of crises makes people tend to link "financial risks", "financial crises" with "financial internationalization" directly. Financial risks prevention and financial security maintenance in the process of financial internationalization, as a worldwide economical puzzle, has been attached great importance by various countries.In a contrast, although China’s financial internationalization process has accelerated since its entry into WTO, there has never been any crisis breaking out in China, and contrarily, the operating efficiency of China’s financial industry has been enhanced due to the financial opening-up. China’s realities hints us that only actively participating in financial internationalization tide can realize a country’s goal of financial security under the open economy conditions.These contradictory facts have sparked us to ponder over the relationship between financial internationalization and financial security:Firstly, will financial internationalization cause positive or negative impact on a country’s financial security? If positive (or negative) effect, what are the factors and their functioning paths through which causing the specifically effect? Secondly, if a country does not implement the financial opening-up, whether there are no financial security problems? If still existing, what are the differences in the performance characteristics of financial security problems under the conditions of financial internationalization and financial non-internationalization? Thirdly, whether the relationship between financial internationalization and financial security is related to the type and state of a country that promotes the process of financial internationalization (i.e. whether there is a nationality effect)? Fourthly, whether this relationship is related to a country’s propulsion phase of financial internationalization (i.e. whether there is a time-variant effect)? Fifthly, as for China, the net impact of financial internationalization on national financial security is positive or negative? Sixthly, in the process of China promoting financial internationalization in the near future, what should we do to obtain net positive effect and what factors should we pay special attention to?Guided by these six core questions, the research is promoted step by step as follows:At first, it defines the concepts of financial internationalization and financial security, probes into the financial security problems existing in the process of financial internationalization, and analyzes the routes of financial internationalization positively and negatively impacting on financial security so as to sort through its intrinsic mechanism. Then, based on US and South Korea’s cases, it respectively analyzes the financial risks and financial security problems they encountered in the process of financial internationalization and compares their commonness and diversity in order to summarize some policy enlightenment for China. Further, it makes a research on the quantitative relation between the degree of China’s financial internationalization and its financial security state. At last, it reviews China’s process of financial internationalization since 1979, puts forward China’s development direction of financial internationalization from the perspective of maintaining financial security, and preliminarily designs the promoting model, order and directions.Based on the above research mentality, this paper is divided into four main parts including the chapters of theoretical analysis, case analysis, empirical analysis and policy analysis. The main content and viewpoints of these four chapters are as follows:The chapter of theoretical analysis includes the first and second chapters. Its goal is to put forward questions and clear off the logical framework, thus to lay the theoretical foundation for the following research. This chapter accomplishes the work of five aspects:1.From the perspective of nationality, it defines the conception of financial internationalization. Its core connotation is "a bidirectional process and the state of financial inosculation between two economies" and its main performance dimensions include the internationalization of capital movement, financial institutions, financial business, financial markets, financial supervision, monetary policy and domestic currency. And the currency internationalization is the topmost level in the process of financial internationalization for a big country. 2. From the perspective of financial internationalization, it defines the conception of financial security, and pointes out that the financial security in the process of financial internationalization is a kind of "dynamic" security, not a "static" security. At the same time, analyzes the relations of individual finance risks, systematic financial risks, financial security and financial crises.3.It reviews the domestic and foreign literature about the relationship between financial internationalization and financial security, and analyzes the research tendency and the insufficiency of the existing literature in the research content, perspective and methodology so as to find out the breakthrough point of our research.4. From the perspective of the performance dimensionality of financial internationalization, it analyzes the financial risks and the financial security problems existing in the process of capital movement internationalization, financial institutions internationalization and etc, and systematically sorts out the functioning routes of financial internationalization impacting on national financial security.5. It points out that, although financial internationalization can positively and negatively affect financial security simultaneously, there is necessary connection between the former and the latter. Under the conditions of financial internationalization and financial non-internationalization, there are both possibilities that a country has hidden danger to its financial security or even breaks out financial crisis. The only difference is that the performance characteristics under the two circumstances are dissimilar.The chapter of case analysis includes the third chapter. The research goal of this chapter is to summarize enlightenment beneficial for China to promote the process of financial internationalization in the future through comparing the similarities and differences of America’s and South Korea’s financial internationalization process. Therefore, this chapter carries out research work in four aspects:1.It sorts out the process of financial internationalization in America and South Korea.2. Using the research method of comparative analysis, it compares the two countries’development model of financial internationalization. It is find out that America’s model of developing financial internationalization is quite different from South Korea’s. The former has a characteristic of natural evolution through spiral deregulation, and the latter has a characteristic of government-leading catching-up development.3. It analyses the financial crises erupted in the USA and South Korea respectively and summarizes common enlightenment and different enlightenment from their experiences.4. Based on the fact that US has the type of a developed country and the state, of a great nation and South Korea has the national type of a developing country and the state of a small country, it is conclude that the relationship between financial internationalization and financial security has a "nationality effect".The chapter of empirical analysis includes the fourth chapter. The goal of this chapter is to make an empirical study on the short-term and long-term relations between China’s financial internationalization degree and its financial security state and find out the quantificational features of the relations. Therefore, this chapter carries on three partial works:1.It measures China’s financial openness by utilizing the method of economic indicators and systematically measures China’s financial internationalization degree by constructing an index called "China’s Financial Internationalization Index" (CFII) though the method of regulation description indicators.2. It makes a quantitative research on the state of China’s financial security. Due to the data availability, measures China’s macroscopic financial security state from 1982 to 2009 through constructing an index called "China’s Financial Security Index" (CFSI) by principal component analysis.3. It makes an econometric analysis of CFII and CFSI by treating them as explaining variable and explained variable respectively and leading them in both the cointegration model and error correction model.The chapter of policy analysis includes the fifth chapter. Its research goal is to provide certain practice guidance for China promoting the process of financial internationalization in the future. Therefore, this chapter carries on four partial works:1. From the perspective of the performance dimensions of financial internationalization, it reviews the China’s financial internationalization process since 1979, and analyzes the main problems existing in the process of capital movement internationalization and so on. Conclusions are drawn that (1) although China’s financial internationalization degrees of seven performance dimensions has risen up as a whole since China’s entry into WTO, there is non-uniformity change in their degrees; (2) various sub-internationalization processes contained in each performance dimension have asymmetrical development.2.It divides the process of China’s financial internationalization into 4 stages, which are finance suppression stage (1979-1991), the stage of financial operating mechanism starting to move toward marketization (1992-2000), the transitional stage of move toward financial opening-up (2001-2005) and financial opening-up stage (from 2006 to present).3. From the perspective of maintaining national financial security, it proposes the macroscopic development directions of financial internationalization in the future.4. It constructs "China’s Financial Internationalization Strategy Promoting Pattern", and probes into the promoting order and directions.The contributions of this thesis are as follows:1. Contributions in theoretical researchFirstly, it systematically analyses the financial risk problems in the process of capital movement internationalization and so on, sorts out the general routes through which financial internationalization negatively affects a country’s financial security, and simultaneously puts forwards three main routes through which financial internationalization positively affects national financial security from the perspective of financial opening-up benefits.Secondly, from the perspective of financial internationalization performance dimension, it classifies the representative event occurring in China’s financial internationalization process, and portrays the asymmetric structural feature owned by the seven performance dimensions of financial internationalization.Thirdly, it constructs "China’s financial Internationalization Strategy Promoting Pattern", inquires into how to promote the process of RMB internationalization through the internationalization of other dimensions, how to arrange the promoting order and which dimension and direction should be attached to great importance.2. Contributions in empirical researchFirstly, it systematically estimates the size and change tendency of China’s financial internationalization degree during 1979～2010 years for the first time. In the quantitative study on financial internationalization, it is pointed out that financial internationalization is a multi-dimensional concept and not simply equates to the degree of financial openness, therefore, it is needed to comprehensively define it from its various performance dimensions when quantizing its degree. There are three main contributions of this part:At first, from the perspective of financial internationalization performance dimensions, it constructs the "China’s Financial Internationalization Degree Comprehensive Evaluating Indicators System". Second, it revises the method of regulation description indicators, attenuates the subjectivity of event evaluation. Third, utilizing principal components analysis, it synthesizes CFII which can be used in longitudinal comparison and thus founds the "China’s Financial Internationalization Database" which lays the data foundation for the following related research.Secondly, from the perspective of financial institutions, financial markets and macroscopic environment, it separately constructs the "China’s Microscopic, Mesoscopic, and Macroscopic Financial Security State Evaluating Indicators Systems". The main difference from the existing research is that its observation angle of view is dissimilar, so the choice and design of indicators is different which emphasizes to reflect the dynamic-changing characteristic of national financial security in the process of China’s financial internationalization.Thirdly, it makes a systematic empirical research that the short-term and long-term relations between the degree of China’s finance internationalization and China’s financial security state by utilizing the methods of econometrics test and modeling including correlation coefficients and cross-correlation coefficients test, normality test, test for serial correlation, test for heteroscedasticity, cointegaration test as well as error correction model.更多还原