自贸区金融开放下资本流动的动因和机制研究

Research on Motivation and Mechanism of Capital Flow in FTZ under Financial Opening

中文关键词:  上海自贸区  金融开放  资本流动

英文关键词:Free Trade Zone (FTZ)  financial opening  capital flow

中文摘要:

      文章以自贸区金融开放为视角,通过构建两国间国际资本流动的一般均衡模型,探寻国际资本流动的规律,揭示资本流动的动因和机制。研究表明:金融市场发达程度、国际资本流动成本、技术发展水平和企业家才能是影响国际资本流动的主要因素,投资净收益决定一国资本的流入与流出；自贸区各种类型的资本流动有其不同的动因和机制,资本流动产生的影响也不尽相同,从而面临的风险也各异。最后提出了防范资本流动风险的相关政策建议。

英文摘要:

      Based on the perspective of financial opening in Free Trade Zone (FTZ), by creating a general equilibrium model for international capital flow between two countries, this paper pursues the rules of international capital flow and reveals the motivation and the mechanism of capital flow. The result shows that the degree of financial market development, the cost of international capital flow, the level of technology development and entrepreneurship are the main factors that determine the capital flow. Besides, net investment income defines the input or output in a nation's capital flow. The motivation and the mechanism differ from different sorts of capital flow in FTZ, so the influences of capital flows are different and the risks are also different. Meanwhile, this paper puts forward some policy proposals to prevent and control the risk of capital flow. 