跨境资金流动中的套利模式:一起境外投资案例

Arbitrage Model of Cross-border Capital Flows：a Case of Overseas Investment

在当前国际国内经济形势下,境内外融资成本存在较大差异,部分银行、企业通过资金曲线运作从中获取短期双赢,但在宏观层面上却进一步加大了跨境资金流动的波动性,不利于国际收支平衡,最终会影响到微观经济效率。本文选取了一个境外投资案例,对其资金曲线运作手法、套利模式等进行了深入剖析,进而对当前合法合规套利资金的监管方式进行了延伸性探讨。

Under the current international and domestic economic situation, there exists a large difference between the domestic and overseas financing costs. Some banks and enterprises benefit from curve capital operation. Though a short-term win-win situation is realized, yet the fluctuations of our country＇ s cross-border capital flow are further increased, which is not conducive to the realization of balance of international balances and eventually influence the macro-economic efficiency. This paper chooses a case of overseas investment to make a deep analysis of the curve capital operation technique and arbitrage. Then it conducts an extension study on the supervision model of current legal arbitrage funds.