【作者】 吕良宏；

【导师】 张贡生；

【作者基本信息】 兰州商学院 ， 金融学， 2008， 硕士

【摘要】 外汇储备是当今国际储备的主体,其作为一国对外经济交往流量累计结果的存量,是反映一国经济、金融实力的一个重要宏观经济变量。通常,适度规模的外汇储备在调节国际收支失衡、维持本国汇率稳定、充当向外举债保证及提高国家信誉等方面有着重要作用。但就本质而言,外汇储备是将本国的资金置于海外,以供他国使用,持有外汇储备的机会成本就是国内的投资收益率,持有储备的机会成本越高,则储备的保有量就应越低。然而,自上世纪90年代实行汇制改革以来,我国的外汇储备进入了一个高速增长期。截至2008年3月,我国外汇储备余额已达16822亿美元,储备规模和增速都稳居世界第一,远远高于其他国家。面对我国外汇储备增长过快的不争事实,如何就巨额外汇储备进行积极管理,改革现有僵化的管理体制,酝酿新型的管理模式,提高储备资产的运营绩效,缓解外汇储备过高带来的压力,减少由此造成的风险便是当前我国宏观经济管理中的重大课题。本文首先论述了外汇储备的内涵与功能、传统外汇储备管理与积极管理理论各自的特点和管理目标与原则;其次,就我国外汇储备的历史沿革、巨额储备形成的原因与弊端表现、传统外汇储备管理的困境展开阐述;随后介绍了美、日、欧盟、韩国和新加坡的外汇储备积极管理经验;最后就如何构筑我国的外汇储备管理模式和进行储备积极管理展开了论述,并从外汇储备管理体制变革、财政政策协调、汇率制度改革、币种结构管理、藏汇于民策略以及能力储备战略等不同方面进行了详细探讨。更多还原

【Abstract】 As the main part of international reserves,foreign exchange reserve is a significant macroeconomic variable reflecting on country’s economic and financial power. Usually, China definitely needs a certain amount of foreign exchange to ensure external payments, interfere with foreign exchange market and promote the country credit. But excessive exchange cover scale may produce the administration problem: scale controls problem, cost and avails. Since the reform of RMB exchange rate regime, by the end of 2007,the total amount of foreign exchange reserve has reached 1528 billion USD,outclassing any other country in the world.Based on the growing foreign exchange reserves, how to use foreign exchange reserve effectively, reduce risk and then improve the management of foreign exchange reserve has become a matter of high priority. Strengthening management of foreign exchange reserve is also an urgent issue, particularly in the form of a single and low efficiency circumstances in China. The paper includes five parts: the first chapter discusses the theories of foreign exchange reserve, traditional management and positive management; Secondly, the paper empirically analyses the history of the China’s foreign exchange reserve reform and various factors that may affect reserve; Thirdly, this paper illustrates the positive management of foreign exchange reserve from experience of America, Japan, EU, Korea and Singapore; At last this paper concludes with suggestions on future management regime of foreign exchange reserve and some noticeable problem.更多还原