新兴市场非金融公司与资本流动

Non-financial corporations from emerging market economies and capital flows

近年发达国家松货币、银行惜贷，激励新兴市场非金融企业直接或通过其海外附属公司到境外资本市场融资。募集资金有三种渠道回流境内：直接贷给总部（公司内贷款流动）、向非关联企业提供信贷（公司间流动）、存人境内银行（企业存款流动）。文章利用国际收支数据和BIs国际银行数据（IBs）测算流人新兴经济体的资金规模，发现近年通过这三种渠道的流人资金出现较快增长，文章指出尤其在IMF以BPM6新模板收集国际金融交易数据背景下，应关注其对金融稳定的影响。

Funds raised overseas can be transferred back to its home country via three channels： lending directly to itsheadquarters （within company flows）, extending credit to unrelated companies （between-company flows） or making across-border deposit in a bank （corporate deposit flows）. Cross-border capital flows to the emerging market economiesassociated with all three of the above channels have grown considerably over the past few years as revealed by balanceof payments data and IBS data, which could be a source of financial stability concerns.