摘要
基于数理分析,利用时间序列VAR模型,本文对企业利用影子银行套利与我国进口贸易跨境人民币结算的内在关系进行分析。结果表明:企业通过开立跨境人民币信用证境外融资的方式利用影子银行套取境内外汇率差、利率差获利,这一行为明显促进了进口贸易跨境人民币结算的发展;未发现进口贸易跨境人民币结算的发展对企业套取汇率差行为产生影响,进口贸易跨境人民币结算对企业套取利率差行为的抑制作用有限,即市场缺少对套利的自我调节机制。
This thesis analyzes the internal relationship between company arbitrage in Shadow banks and Cross - Border RMB Settlement in import trade on the basis of mathematical analysis and time series VAR model. Results show： companies obtain profits through overseas financing by issuing a letter of credit in cross- border RMB, and through difference of exchange rates and interest rate gap in shadow banks, which evidently advance the development of cross- border RMB settlement in import trade. However, the effects of the development of cross- border RMB settlement in import trade on companies＇ obtaining difference of exchange rates and interest rate gap remain unknown and limited respectively. Namely, market is lack of mechanism of serf- regulation in
出处
《财经科学》
CSSCI
北大核心
2014年第5期22-31,共10页
Finance & Economics
基金
教育部人文社科规划项目基金"基于管理层择时的股权融资偏好研究--动因
机制与监管"(10YJA790159)
关键词
影子银行
套利
跨境人民币结算
人民币国际化
Shadow Banks
Arbitrage
Cross- Border RMB Settlement
Internationalization of RMB
