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近年来,境外投机资本以套利、套汇以及获得资产价格上涨的收益为目标流入我国,并且绕开严格控制的资本项目,隐蔽在国际贸易中,在数量上占到我国投机资本净流入的绝大比例,呈现出金融资本贸易化的特征。本文定量测算了我国国际贸易中非正常资本流入的规模和原因,并从金融与贸易结合的角度探究资本流入的触发机制。结论是:贸易项下非正常资本流入归根结底在于我国贸易顺差的变动。我国巨额的贸易顺差为投机资本的流入提供了动力和途径。
In recent years, overseas speculative capital flows into our country with the goal of arbitrage, arbitrage, and gains from rising asset prices. By bypassing strictly controlled capital accounts and hiding in international trade, overseas speculative capital accounts for the vast majority of the net inflow of speculative capital in our country Ratio, showing the characteristics of the commercialization of financial capital. This paper quantitatively estimates the size and causes of non-normal capital inflow in China’s international trade and explores the trigger mechanism of capital inflow from the perspective of the combination of finance and trade. The conclusion is that the abnormal capital inflows under trade are in the final analysis the changes in China’s trade surplus. The huge trade surplus in our country provides impetus and avenue for the inflow of speculative capital.