系统重要性非金融企业跨境资金流动监管研究

Research on the Supervision of Cross-border Capital Flow of Systemically Important Non-financial Enterprises

系统重要性非金融企业跨境资金流动对国际收支平衡具有重要影响,外汇管理部门对其跨境资金流动风险识别并强化监管,是守住不发生系统性、区域性金融风险的重要方面。本文以宁夏辖区涉外企业为样本,选取衡量涉外企业的规模性、汇率敏感性、复杂性与关联性三个要素,构建系统重要性非金融企业识别指标体系,采用熵值法给指标赋予权重并综合评分,根据综合评分情况对涉外企业的系统重要性进行排序,将排名前20位的涉外企业界定为区域跨境资本流动系统重要性非金融企业。通过分析其跨境交易活动中的潜在风险点,结合实证研究分析结论,基于"以小见大""由案例到普遍"的思路,在全国层面提出构建外汇管理领域系统重要性非金融企业的识别及监测体系、完善系统重要性非金融企业监管框架、探索构建系统重要性非金融企业结构性宏观审慎工具等政策建议。

Cross-border capital flows of systemically important non-financial companies have an important impact on the balance of international payments.The foreign exchange management department identifies and strengthens supervision of the risks of cross-border capital flows,which is an important aspect of preventing systemic and regional financial risks from occurring.This paper takes foreign-related enterprises in Ningxia’s jurisdiction as a sample,selects three elements to measure the scale,exchange rate sensitivity,complexity and relevance of foreign-related enterprises,constructs a systemic non-financial enterprise identification indicator system,and uses entropy method to give weight to the indicators.And comprehensively score,rank the systemic importance of foreign-related companies according to the comprehensive scores,and define the top 20 foreign-related companies as non-financial companies of regional cross-border capital flow systemic importance。By analyzing the potential risks hidden in cross-border trading activities,combined with the conclusions of empirical research and analysis,based on the idea of“seeing the big from the small”and“from case to universal”,it is proposed at the national level to build a system of non-financial importance in the field of foreign exchange management.Policy recommendations such as identifying and monitoring systems for companies,improving the regulatory framework for systemically important non-financial companies,and exploring the establishment of structural macro-prudential tools for systemically important non-financial companies.