CAJ | 학술논문

2006年以来我国外汇储备一直蝉联世界首位，巨额外汇储备在保证我国国际收支平衡和稳定本币汇率方面发挥着积极作用，但是也同样面临着收益率缩水和投资结构不合理等问题。本文基于历史演化过程的动态比较方法，运用国际收支平衡表分析工具，对1997—2012年间我国外jr-储备间接投资结构的动态变化过程进行了分析和比较。结果表明：我国外汇储备投资主要集中于政府中长期债权和货币市场工具，债权投资的比重大于股权投资的比重，外汇储备投资优先保证其安全性和流动性，而将盈利性置于次要位置，外汇间接投资结构具有明显的路径依赖特征。
2006년이래아국외회저비일직선련세계수위，거액외회저비재보증아국국제수지평형화은정본폐회솔방면발휘착적겁작용，단시야동양면림착수익솔축수화투자결구불합리등문제。본문기우역사연화과정적동태비교방법，운용국제수지평형표분석공구，대1997—2012년간아국외jr-저비간접투자결구적동태변화과정진행료분석화비교。결과표명：아국외회저비투자주요집중우정부중장기채권화화폐시장공구，채권투자적비중대우고권투자적비중，외회저비투자우선보증기안전성화류동성，이장영리성치우차요위치，외회간접투자결구구유명현적로경의뢰특정。
China＇s national foreign exchange reserve takes the fn＇st place in the world since 2006, huge foreign exchange reserve takes positive role in guaranteeing the balance of international payment and RMB foreign exchange, but it also bears some problems such as decreased returns and unreasonable investment structure. This paper adopts the dynamic comparison method and uses international balance sheet as the research tool to explore the dynamic changes of China＇s foreign exchange reserve indirect investment structure between 1997--2012. Our results reveal that China＇s foreign exchange reserve historically focused on securities investment rather than stock investment, in other word, China＇s foreign exchange reserve put the principal of security and liquidity as the first priority, rather than profitability, the indirect investment structure characterized as the path dependence.