境外投资穿透式监管模式的探索研究

Research on Overseas Investment Penetration Supervision Mode

随着我国对外开放程度不断提升,跨境资本流动的规模不断扩大、频率不断加快,个别市场主体利用复杂的金融产品设计、冗长的交易链条,披着合法的外衣从事资本项目活动,但实质却违反监管要求,对跨境资金流动产生较大的风险隐患。穿透式监管作为一种监管方法逐步被运用到各个领域。中国人民银行、银保监会和证监会分别表态将共同加强行业统一监管,以促进金融创新与金融安全的协调共进,并在某些环节已经实现了穿透式监管模式、监管原则和实践。本文将探索资本项目境外投资运用穿透式监管的方式方法,穿透式监管的应用将为外汇监管融入新理论、新思想。

With the continuous improvement of China＇s opening to the outside world, the scale and frequency of eross- border capital flows are constantly expanding and speeding up. Individual market participants use complex financial product design, lengthy trading chains to engage in capital account activities in a lawful cloak, but in essence, they violate the regulatory requirements for cross-border capital flows. There are bigger risks. As a method of supervision, penetrative supervision has been gradually applied to various fields. The People＇s Bank of China, the Banking and Insurance Regulatory Commission and the Securities Regulatory Commission have said that they will jointly strengthen the unified supervision of the industry in order to promote the coordination and progress of financial innovation and financial security. In some links, they have realized the penetrating supervision mode, supervision principles and practice. This paper will explore the way and method of penetrating supervision of capital account overseas investment. The application of penetrating supervision will integrate new theory and new ideas into foreign exchange supervision.