論人民幣自由化與中國(guó)的金融改革

1、Research on the RMB Liberalization and the Financial Reform of China論人民幣自由化與中國(guó)的金融改革論人民幣自由化與中國(guó)的金融改革BackgroundCurrency liberalization will significantly change the exchange rate and circulation mechanism, and it will almost affect all of the industrys basic environment in the popularity of free trade

2、today. Before reform and opening up, the RMB convertibility began with Chinas planned economy system, the government has been implementing foreign exchange control to cope with the situation of foreign exchange shortage. In the late 1970s, since Chinas reform and opening up, marketization gradually

3、became the mainstream of Chinas economic system, the government began to deregulate on the RMB freely convertibility.貨幣的自由化將顯著的改變匯率和流通機(jī)制，在自由貿(mào)易普及的今天，幾乎將影響一切行業(yè)經(jīng)營(yíng)的基本環(huán)境。人民幣自由兌換始于改革開(kāi)放之前，當(dāng)時(shí)中國(guó)實(shí)行計(jì)劃經(jīng)濟(jì)體制，政府一直實(shí)行外匯管制，以應(yīng)對(duì)外匯缺乏的局面。上世紀(jì)70年代末，改革開(kāi)放以來(lái)，市場(chǎng)化逐漸成為中國(guó)經(jīng)濟(jì)體制的主流，在人民幣自由兌換上，政府也開(kāi)始放松管制。The whole paper is divided into

4、 four parts, the first chapter mainly discusses what is the RMB liberalization and describeits trend. The second chapter analyses the forming conditions of the RMB liberalization. The third chapter expounds what effects the RMB liberalization have on Chinas finance, and makes a comment on it. The la

5、st chapter analyses the reform countermeasures that Chinas financial industry adopt in face of the liberalization.第一章：人民幣自由化的定義、趨勢(shì)以及限制性因素晏艷輝第二章：人民幣自由化的形成條件段安親第三章：人民幣自由化對(duì)中國(guó)金融改革的影響曾琦第四章：中國(guó)金融業(yè)面對(duì)人民幣自由化采取的對(duì)策粟開(kāi)Chapter 1 An Introductionto the RMB LiberalizationThe Definition: RMB Liberalization is the curr

6、ency convertibility based on the RMB.人民幣自由化即人民幣的自由兌換,是指人民幣持有者可以為任何目的而將所持有的人民幣按市場(chǎng)匯率兌換另一種貨幣的權(quán)利。人民幣自由化等同于人民幣國(guó)際化？人民幣自由化等同于人民幣國(guó)際化？人民幣自由化人民幣自由化 人民幣國(guó)際化人民幣國(guó)際化Free convertibilityRegionalizationInternationalization人民幣國(guó)際化的含義包括三人民幣國(guó)際化的含義包括三個(gè)方面：個(gè)方面：第一，是人民幣現(xiàn)金在境外享有一定的第一，是人民幣現(xiàn)金在境外享有一定的流通度流通度第二，也是最重要的，是以人民幣計(jì)價(jià)第二，也是最重

7、要的，是以人民幣計(jì)價(jià)的金融產(chǎn)品成為國(guó)際各主要金融機(jī)構(gòu)包的金融產(chǎn)品成為國(guó)際各主要金融機(jī)構(gòu)包括中央銀行的投資工具，為此，以人民括中央銀行的投資工具，為此，以人民幣計(jì)價(jià)的金融市場(chǎng)規(guī)模不斷擴(kuò)大幣計(jì)價(jià)的金融市場(chǎng)規(guī)模不斷擴(kuò)大第三，是國(guó)際貿(mào)易中以人民幣結(jié)算的交第三，是國(guó)際貿(mào)易中以人民幣結(jié)算的交易要達(dá)到一定的比重。這是衡量貨幣包易要達(dá)到一定的比重。這是衡量貨幣包括人民幣國(guó)際化的通用標(biāo)準(zhǔn)，其中最主括人民幣國(guó)際化的通用標(biāo)準(zhǔn)，其中最主要的是后兩點(diǎn)。要的是后兩點(diǎn)。人民幣自由化與人民幣國(guó)際化的區(qū)別人民幣自由化與人民幣國(guó)際化的區(qū)別兩者之間的聯(lián)系兩者之間的聯(lián)系:我國(guó)實(shí)現(xiàn)人民幣自由我國(guó)實(shí)現(xiàn)人民幣自由化的最終目標(biāo)是實(shí)現(xiàn)化的最終

8、目標(biāo)是實(shí)現(xiàn)人民幣國(guó)際化，而人人民幣國(guó)際化，而人民幣國(guó)際化的前提是民幣國(guó)際化的前提是人民幣需自由化。人民幣需自由化。The RMB Liberalization has become an international trend, the process is accelerating.人民幣自由化已成為一種人民幣自由化已成為一種國(guó)際趨勢(shì)國(guó)際趨勢(shì), ,其進(jìn)程正在不其進(jìn)程正在不斷加快斷加快. .the Tendency of the RMB Liberalization12 Analyze the tendency from the path of RMB Liberalization 19941

9、994年之前，年之前，我國(guó)實(shí)行比較嚴(yán)格的外匯管理制度，企業(yè)、居民個(gè)人使用我國(guó)實(shí)行比較嚴(yán)格的外匯管理制度，企業(yè)、居民個(gè)人使用外匯需要獲得外匯管理局的批準(zhǔn)，不能自由買(mǎi)賣(mài)外匯。外匯需要獲得外匯管理局的批準(zhǔn)，不能自由買(mǎi)賣(mài)外匯。從從19941994年年1 1月月1 1日起，人民幣實(shí)行日起，人民幣實(shí)行以市場(chǎng)供求為基礎(chǔ)的、有管理的浮動(dòng)匯以市場(chǎng)供求為基礎(chǔ)的、有管理的浮動(dòng)匯率制，率制，中資企業(yè)經(jīng)常項(xiàng)目下的外匯收付實(shí)行銀行結(jié)售匯制度，企業(yè)的外中資企業(yè)經(jīng)常項(xiàng)目下的外匯收付實(shí)行銀行結(jié)售匯制度，企業(yè)的外匯收入必須無(wú)條件地出售給外匯制定銀行，所需外匯憑有效單據(jù)可直接匯收入必須無(wú)條件地出售給外匯制定銀行，所需外匯憑有效單據(jù)

10、可直接從外匯指定銀行購(gòu)買(mǎi)。從外匯指定銀行購(gòu)買(mǎi)。19961996年年1212月月1 1日，我國(guó)宣布實(shí)現(xiàn)人民幣日，我國(guó)宣布實(shí)現(xiàn)人民幣經(jīng)常項(xiàng)目經(jīng)常項(xiàng)目可兌換?？蓛稉Q。 The Restraint Factor of the Liberalization of RMB國(guó)內(nèi)金融市場(chǎng)不夠完善國(guó)內(nèi)金融市場(chǎng)不夠完善的主要體現(xiàn)的主要體現(xiàn)Chapter 2 Forming Conditions of the RMB Liberalization1. Background2. Four conditions3. ConclusionImprovement of national comprehensive stre

11、ngthEconomic InternalizationStable RMB Exchange RateThe Macro-economy environmentBackground Since the implementing of Reform and Open policy, Chinas entry into WTO and with the rapid domestic economy and improvement of balance of payment, Chinese government has been releasing its regulations on fore

12、ign currency. Many laws have been enacted and domestic economic environment has improved a lot because of fast but smooth exchange rate. All above has built the premises for the liberalization of RMB.（如：如：結(jié)匯，售匯及付匯管理規(guī)結(jié)匯，售匯及付匯管理規(guī)定，外資銀行結(jié)匯，售匯及付匯業(yè)務(wù)實(shí)施細(xì)則，境內(nèi)定，外資銀行結(jié)匯，售匯及付匯業(yè)務(wù)實(shí)施細(xì)則，境內(nèi)居民因私出境兌付外匯的有關(guān)規(guī)定，中國(guó)人民銀行遠(yuǎn)期結(jié)居民

13、因私出境兌付外匯的有關(guān)規(guī)定，中國(guó)人民銀行遠(yuǎn)期結(jié)售匯業(yè)務(wù)暫行管理方法等條例。）售匯業(yè)務(wù)暫行管理方法等條例。）改革開(kāi)放以來(lái)，隨著經(jīng)濟(jì)的高速增長(zhǎng)，國(guó)際收支改革開(kāi)放以來(lái)，隨著經(jīng)濟(jì)的高速增長(zhǎng)，國(guó)際收支的改善，我國(guó)的外匯管制一直不斷的在放松。我國(guó)加的改善，我國(guó)的外匯管制一直不斷的在放松。我國(guó)加入世貿(mào)組織后入世貿(mào)組織后，我國(guó)經(jīng)濟(jì)實(shí)現(xiàn)了人民幣匯率穩(wěn)中有升我國(guó)經(jīng)濟(jì)實(shí)現(xiàn)了人民幣匯率穩(wěn)中有升前提下的高速增長(zhǎng)，國(guó)內(nèi)宏觀經(jīng)濟(jì)環(huán)境不斷改善，為前提下的高速增長(zhǎng)，國(guó)內(nèi)宏觀經(jīng)濟(jì)環(huán)境不斷改善，為實(shí)現(xiàn)人民幣自由化提供了良好的條件。實(shí)現(xiàn)人民幣自由化提供了良好的條件。1. Improvement of national strengt

14、h The economic growth rate has leaped to the first place since the Reform and Open policy was introduced. Meanwhile, the gap between China and major developed countries in the economic aggregate has been narrowing since the reform. And at the same year, domestic economic structure has been well adju

15、sted and economic benefit has been obviously enhanced. We can assume that liberalization of RMB is just a matter of time with the continuous improvement of national comprehensive strength and perfection of socialist market economy. 自改革開(kāi)放以來(lái)，我國(guó)的經(jīng)濟(jì)增長(zhǎng)率多次居世界首位。世界經(jīng)濟(jì)總量自改革開(kāi)放以來(lái)，我國(guó)的經(jīng)濟(jì)增長(zhǎng)率多次居世界首位。世界經(jīng)濟(jì)總量與世界主要發(fā)達(dá)國(guó)

16、家的差距在縮小。我國(guó)在市場(chǎng)經(jīng)濟(jì)體制改革方面取得了與世界主要發(fā)達(dá)國(guó)家的差距在縮小。我國(guó)在市場(chǎng)經(jīng)濟(jì)體制改革方面取得了突破性進(jìn)展，市場(chǎng)化程度明顯加強(qiáng)，市場(chǎng)在資源配置中起到應(yīng)有的基礎(chǔ)性突破性進(jìn)展，市場(chǎng)化程度明顯加強(qiáng)，市場(chǎng)在資源配置中起到應(yīng)有的基礎(chǔ)性作用。伴隨著財(cái)稅，金融，外匯，貿(mào)易等領(lǐng)域改革的深化，適應(yīng)于社會(huì)主作用。伴隨著財(cái)稅，金融，外匯，貿(mào)易等領(lǐng)域改革的深化，適應(yīng)于社會(huì)主義市場(chǎng)經(jīng)濟(jì)的宏觀調(diào)控體系開(kāi)始形成并不斷完善，正朝著有利于人民幣自義市場(chǎng)經(jīng)濟(jì)的宏觀調(diào)控體系開(kāi)始形成并不斷完善，正朝著有利于人民幣自由化方向發(fā)展。由化方向發(fā)展。2. Economic Internalization Internatio

17、nalizing of Chinese economy has gone deeper, which also shows in the export and import. They play an important role in economic development. Domestic economy has not recovered from the Asian Crisis in 1997 until the year 2000. International trade has shifted from quantity-based mode to quality benef

18、it type, which is an advantageous contributor to the liberalization of RMB. 我國(guó)的外貿(mào)依存度越來(lái)越高（即外貿(mào)占國(guó)內(nèi)生產(chǎn)總值的比重）越來(lái)越我國(guó)的外貿(mào)依存度越來(lái)越高（即外貿(mào)占國(guó)內(nèi)生產(chǎn)總值的比重）越來(lái)越高。東南亞金融危機(jī)以后，人民幣匯率穩(wěn)中有升，對(duì)出口產(chǎn)生壓力，外貿(mào)高。東南亞金融危機(jī)以后，人民幣匯率穩(wěn)中有升，對(duì)出口產(chǎn)生壓力，外貿(mào)企業(yè)經(jīng)過(guò)兩年多的結(jié)構(gòu)調(diào)整，全方位的開(kāi)拓市場(chǎng)。至企業(yè)經(jīng)過(guò)兩年多的結(jié)構(gòu)調(diào)整，全方位的開(kāi)拓市場(chǎng)。至2000年，我國(guó)經(jīng)濟(jì)基年，我國(guó)經(jīng)濟(jì)基本走出本走出1997年?yáng)|南亞危機(jī)，并且我國(guó)的出口商品結(jié)構(gòu)得到了調(diào)整，基本

19、實(shí)年?yáng)|南亞危機(jī)，并且我國(guó)的出口商品結(jié)構(gòu)得到了調(diào)整，基本實(shí)現(xiàn)了出口貿(mào)易由初級(jí)產(chǎn)品和粗加工產(chǎn)品向工業(yè)制成品和精加工產(chǎn)品的結(jié)構(gòu)現(xiàn)了出口貿(mào)易由初級(jí)產(chǎn)品和粗加工產(chǎn)品向工業(yè)制成品和精加工產(chǎn)品的結(jié)構(gòu)性轉(zhuǎn)變，外貿(mào)經(jīng)濟(jì)正從數(shù)量型外貿(mào)向效益型外貿(mào)轉(zhuǎn)變。性轉(zhuǎn)變，外貿(mào)經(jīng)濟(jì)正從數(shù)量型外貿(mào)向效益型外貿(mào)轉(zhuǎn)變。3. Stable Exchange Rate RMB exchange rate is in a stable position and foreign currency reserves have been sustainably growing, which has also created one vital

20、condition for the liberalization. The increasing international reserves guaranteed the stability of RMB, and made domestic economy step out of the Asian Crisis and recover soon after. This increase in reserves also improved the international status of RMB and increased peoples confidence in RMB. All

21、 of these provide a reliable guarantee to the liberalization of RMB. 人民幣匯率基本穩(wěn)定，外匯儲(chǔ)備持續(xù)增長(zhǎng)。盡管受東南亞危機(jī)，次貸危機(jī)等影響，人民幣匯率基本穩(wěn)定，外匯儲(chǔ)備持續(xù)增長(zhǎng)。盡管受東南亞危機(jī)，次貸危機(jī)等影響，出現(xiàn)外貿(mào)順差不順收。但通過(guò)一系列的措施，扭轉(zhuǎn)了外匯收支逆差，穩(wěn)定了人民幣匯出現(xiàn)外貿(mào)順差不順收。但通過(guò)一系列的措施，扭轉(zhuǎn)了外匯收支逆差，穩(wěn)定了人民幣匯率，擴(kuò)大了外匯儲(chǔ)備規(guī)模。外匯儲(chǔ)備的不斷增加支持了人民幣的穩(wěn)定，是我國(guó)經(jīng)受住率，擴(kuò)大了外匯儲(chǔ)備規(guī)模。外匯儲(chǔ)備的不斷增加支持了人民幣的穩(wěn)定，是我國(guó)經(jīng)受住了幾次經(jīng)濟(jì)危機(jī)的考驗(yàn)，

22、人民幣的國(guó)際地位得到提高，也增強(qiáng)了人們對(duì)于人民幣的信了幾次經(jīng)濟(jì)危機(jī)的考驗(yàn)，人民幣的國(guó)際地位得到提高，也增強(qiáng)了人們對(duì)于人民幣的信心，為逐步實(shí)現(xiàn)人民幣的自由化兌換提供了可靠保證。心，為逐步實(shí)現(xiàn)人民幣的自由化兌換提供了可靠保證。4. The Macro-economy Environment Many good changes in domestic environment of macro-economy fasten the liberalization of RMB. Chinese government has reinforced its macro-control over the ec

23、onomy after 1994. Inflation has been almost well solved because of low price level and interest rate. However, at the same time, problems of unemployment and capital flight have been increasingly severe. Thus, it urges Chinese government to loose its regulation and move the process of liberalization

24、 of RMB forward. 我國(guó)宏觀經(jīng)濟(jì)環(huán)境發(fā)生變化，促使人民幣向自由化方向發(fā)我國(guó)宏觀經(jīng)濟(jì)環(huán)境發(fā)生變化，促使人民幣向自由化方向發(fā)展。我國(guó)不斷加強(qiáng)宏觀調(diào)控力度，通過(guò)膨脹得到有效治理，物展。我國(guó)不斷加強(qiáng)宏觀調(diào)控力度，通過(guò)膨脹得到有效治理，物價(jià)水平長(zhǎng)期在低位徘徊，國(guó)內(nèi)利率水平不斷下調(diào)，大大縮小了價(jià)水平長(zhǎng)期在低位徘徊，國(guó)內(nèi)利率水平不斷下調(diào)，大大縮小了與國(guó)際市場(chǎng)利率的差距。同時(shí)，我國(guó)在實(shí)現(xiàn)人民幣利率市場(chǎng)化與國(guó)際市場(chǎng)利率的差距。同時(shí)，我國(guó)在實(shí)現(xiàn)人民幣利率市場(chǎng)化的反面做了大量的工作，加強(qiáng)了國(guó)債市場(chǎng)建設(shè)，中國(guó)人民銀行的反面做了大量的工作，加強(qiáng)了國(guó)債市場(chǎng)建設(shè)，中國(guó)人民銀行積極參與公開(kāi)市場(chǎng)業(yè)務(wù)操作，這些都使

25、得人民幣朝著市場(chǎng)化方積極參與公開(kāi)市場(chǎng)業(yè)務(wù)操作，這些都使得人民幣朝著市場(chǎng)化方向邁進(jìn)，這有利于人民幣匯率機(jī)制形成。向邁進(jìn)，這有利于人民幣匯率機(jī)制形成。Conclusion Above all, realizing liberalization of RMB will not lead to huge fluctuation in the economy based on these conditions. Instead, it will deepen the reform of enterprises structural adjustment. However, positive attitu

26、des and awareness of financial risks prevention should be taken into great consideration. 我國(guó)的進(jìn)出口相比過(guò)去大幅增加，外匯儲(chǔ)備相當(dāng)充足，人民我國(guó)的進(jìn)出口相比過(guò)去大幅增加，外匯儲(chǔ)備相當(dāng)充足，人民幣的自由化不會(huì)引起巨大的經(jīng)濟(jì)波動(dòng)，反而會(huì)深化我國(guó)的企業(yè)結(jié)幣的自由化不會(huì)引起巨大的經(jīng)濟(jì)波動(dòng)，反而會(huì)深化我國(guó)的企業(yè)結(jié)構(gòu)調(diào)整，加快國(guó)內(nèi)市場(chǎng)機(jī)制和國(guó)際市場(chǎng)機(jī)制接軌，提高我國(guó)的綜構(gòu)調(diào)整，加快國(guó)內(nèi)市場(chǎng)機(jī)制和國(guó)際市場(chǎng)機(jī)制接軌，提高我國(guó)的綜合國(guó)際競(jìng)爭(zhēng)力。在實(shí)行人民幣自由化下，應(yīng)采取積極的態(tài)度，做合國(guó)際競(jìng)爭(zhēng)力。在實(shí)行人民幣自由化下，

27、應(yīng)采取積極的態(tài)度，做好配套改革，加強(qiáng)金融風(fēng)險(xiǎn)防范。好配套改革，加強(qiáng)金融風(fēng)險(xiǎn)防范。Chapter 3 The Influence on China FinanceInfluences of RMB Convertibility Positive EffectsRationalizationofExchangeRateBalanceofInternationalPaymentsInternationalizationofChineseEconomyNegative EffectsInterestRatePolicyExchangeRatePolicyRMB Convertibility helps

28、 to maintain the rationalization of exchange rate. Managed single floating exchange rate regime(有管理的單一浮動(dòng)匯率制度） be confirmed and adjusted by Export Exchange Rate Costs（出口換匯成本：某出口商品換回一單位外匯需要多少本國(guó)貨幣（人民幣）的成本） lead to the distortion of RMB Exchange Rate to a large extent RMB Convertibility lift restriction

29、s of the Foreign Exchange Market completely according to the supply and demand conditions of Foreign Exchange Rate Market rationalizationofExchangeRatePositive EffectsRMB Convertibility helps to maintain the Balance of International PaymentsBecause of the effective operation of uniform and normative

30、 Foreign Exchange Market, which means when the market exchange rate turns to more substantial fluctuations, Central Bank is still able to access to banks and affect the range and trend by exchanging rate market operation achieve the policy objective of basic International Payments. RMB Convertibilit

31、y helps to achieve the Internationalization of Chinese Economy Accelerate the introduction of technology Promote domestic production Increase the types of goods and domestic consumption Enterprises are able to participate in the international division of labor and cooperation more effectively.Negati

32、ve Effects Capital Inflow Negative effects on Interest Rate PolicyChinas Interest Rate International Market Interest Rate Capital Inflow Inflation Chinas Interest Rate International Market Interest Rate Capital Outflow RMB DepreciationNegative effects on Exchange Rate PolicyDownward Exchange Rate Ca

33、pital Inflow Inflation Improvement of domestic investment climate and high capital profitability Capital Inflow RMB AppreciationChapter4TheStrategiesToRMBLiberalizationsRealizationConditionandprocess1. Intensify the form of exchange rate2. Adjust banks countermeasures3. Consummate and develop the po

34、licy to stock exchange1.IntensifytheformofexchangerateThe concrete measures for currency reform(1) Open the interbank lending rate and bond-market interest rates.(2) Decline reserve requirements. (3) Adopt the deposit currency float system to make a preparation of structuring a market exchange rate

35、system, and allow banks to change the deposit rates in a reasonable range according to day to day situation.(4) Implement to interest rate market reform and construct a sound monetary system and law system to reduce risks of investment. And construct a unique and authoritative credit evaluation syst

36、em.2.Adjustbankscountermeasures(1) Import foreign banks gradually and keep a curb on its activities and services range.(2) Accelerate the process of reforming solely commercial bank. (3) Strengthen the banks internal management and improve the transparency of financial operation. (4) Reduce the brai

37、n drain and improve the utilization ratio of elite. 3.Consummateanddevelopthepolicytostockexchange(1) Perfect stock market and improve efficiency of resource distribution.(2) Lending the hull appearing on market has a lower threshold, suits scale and the profits opposite smaller private enterprise.(

38、3) Participate in the international bond market and develop a common financing fund.放開(kāi)同業(yè)拆借率和國(guó)債市場(chǎng)利率 同業(yè)拆借市場(chǎng)作為銀行調(diào)劑頭寸的市場(chǎng)，與商業(yè)銀行關(guān)系最為密切，也最體現(xiàn)貨幣市場(chǎng)的特點(diǎn)，而且國(guó)債市場(chǎng)，票據(jù)市場(chǎng)的運(yùn)行結(jié)果都會(huì)反映到拆借市場(chǎng)上來(lái)。 放開(kāi)銀行同業(yè)拆借率，建立全國(guó)統(tǒng)一的拆借市場(chǎng)，可以形成一個(gè)高效的金融交易網(wǎng)絡(luò)。降低存款準(zhǔn)備金比率 利用降低的準(zhǔn)備金位專(zhuān)業(yè)銀行帶來(lái)超額儲(chǔ)備逐步收回央行的再貸款，逐步減少央行的社會(huì)信用結(jié)構(gòu)調(diào)整這一財(cái)政性職能。 存款準(zhǔn)備金比率下降使銀行可自主使用的資金來(lái)源增多，有效降

39、低了銀行的資金成本。開(kāi)放外資銀行引進(jìn)，實(shí)行嚴(yán)密監(jiān)管 開(kāi)放外資銀行引進(jìn)有效的打開(kāi)資金市場(chǎng)，加快資金流動(dòng)，擴(kuò)大貨幣影響力。但在引入時(shí)需要加入硬性條件。必須金融實(shí)力雄厚，信用等級(jí)高，并符合風(fēng)險(xiǎn)共擔(dān)，利益共享的原則。 由于外資銀行有著自己的算盤(pán)，所以必須設(shè)定合理的業(yè)務(wù)范圍，不能侵犯到本國(guó)金融市場(chǎng)的利益。并對(duì)其實(shí)施嚴(yán)厲監(jiān)管。加快國(guó)有獨(dú)資銀行股份制改革進(jìn)程 中國(guó)目前的銀行不具備“入世”的能力，由于其制度的特殊和體制的限制，很難打開(kāi)對(duì)外的國(guó)際市場(chǎng)，因此該措施勢(shì)在必行。因?yàn)樨泿艑?duì)外影響力很大程度取決于銀行，所以走股份化道路，不是像某些國(guó)有企業(yè)股份化改制所形成的股份制，實(shí)為國(guó)有制的體制。強(qiáng)化銀行內(nèi)部管理，提高透

40、明度“透明度”是WTO中GATS條款的基本原則之一。制定法人經(jīng)營(yíng)管理責(zé)任制建立有效的內(nèi)部風(fēng)險(xiǎn)評(píng)估及預(yù)報(bào)系統(tǒng)建立獨(dú)立的有權(quán)威的內(nèi)部監(jiān)督機(jī)制建立科學(xué)的會(huì)計(jì)系統(tǒng)及審查充分發(fā)掘和利用人力資源 每年，中國(guó)大量?jī)?yōu)秀金融人才流失進(jìn)入其他投行，這對(duì)中國(guó)的金融業(yè)產(chǎn)生了極大的負(fù)面影響。除了中國(guó)的文化氛圍及社會(huì)實(shí)情外，有很大原因在于中國(guó)投行的工作效率。 提高對(duì)于人才的利用以及社會(huì)福利，并且給予福利的同時(shí)增加其約束力，完善相關(guān)法律體系，防止獵頭侵入。增強(qiáng)公司文化氛圍。大力推廣借殼上市方式 目前我國(guó)具有在海外證交所直接掛牌上市資格的企業(yè)數(shù)量有限，在短期間企業(yè)難以具備在海外直接上市的實(shí)力。買(mǎi)殼上市難度較小，可以避免在海外直接上市所面臨的嚴(yán)格審批過(guò)程和發(fā)行風(fēng)險(xiǎn)，也可以減少法律制度不同帶來(lái)的不便。積極開(kāi)拓國(guó)際證券市場(chǎng)，發(fā)展共同投金 共同投資基金是世界許多國(guó)家吸收外資，開(kāi)拓國(guó)際證券市場(chǎng)的成功做法，在海外發(fā)行共同基金和引進(jìn)國(guó)外基金是兩種切實(shí)可行且可以一箭雙雕的做法。 可以借鑒國(guó)外證券信托投資公司的市場(chǎng)經(jīng)驗(yàn)，利用其知名度和市場(chǎng)影響力打開(kāi)本國(guó)的資金利用寬度及效率。減少了本國(guó)不知名的投行在外國(guó)承擔(dān)的不必要的信用危機(jī)。DefinitionTendencyClassificationsFormingCon