外汇管制环境下外资流入管理政策效率研究

On the Effectiveness of Foreign Capital Inflow Regulation

本文运用理论和实证方法综合评价了外商直接投资项下外汇管理政策的效率。通过模型分析,我们认为在当前外汇资本通过各种渠道大量、频繁流入境内时,实施外商直接投资项下的外汇管理政策,能在很大程度上防止外资引进过程中可能造成的投机资本混入问题,缓解投机资本对国内市场的冲击。实施支付结汇制度以后,汇率、利率变化对资本金结汇率的影响明显减弱,运用行政性外汇管理手段增加外资流入成本的效果显而易见。

This paper, by applying to the theoretic and economcetric method; analyzes the effectiveness of foreign capital regular policy in the environment of foreign exchange regulation. After model analysis, we draw a conclusion that in the environment of mounts of foreign capital inflow and exchange, the regular policy on foreign capital exchange put down selling foreign exchange rate of fordgn capital, mostly made up the weakness of the regular policy on foreign capital inflow and cushioned hot money impact towards dominate production. Effectiveness can be easily found in the application of administrative regular policy on foreign capital.