论文部分内容阅读
国际收支平衡表中的资本项目,主要记录资本输入与输出,反映以货币表示的债权债务在国际间的变动。当资本在国际间移动时,资本流入计入资本项目中的贷方,资本流出计入资本项目中的借方。资本项目分为长期资本与短期资本两大类:借贷期限为一年以上的资本称为长期资本,其形式有直接投资,如私人企业、跨国公司在国外采矿、建厂、办企业等;以及证券投资,如购买外国政府的公债券、公司债券、股票等。短期资本是指借贷期限为一年以下的资本。其形式有暂时周转用的相互借贷、存款、购买一年内到期的汇票及证券等。短期资本的特点是数额大、流动性强和富有风险。例如,作为短期资本国际移动的形式——“游资”(Hot Money),由于流动性更强,因而对国际金融市场的影响很大。随着资本输入与输出的规模愈来愈大,资本项目已成为国际收支中的一个相当重要的项目。
The capital items in the balance of payments account mainly for capital input and output, reflecting the international changes in the claims and liabilities expressed in currency. When capital moves internationally, capital inflows are credited to capital items and capital outflows are debited to capital items. Capital projects are divided into two categories: long-term capital and short-term capital: Capital with a borrowing period of more than one year is called long-term capital, and its form is direct investment, such as private enterprises, multinational companies mining abroad, building factories, and running enterprises; and Securities investment, such as buying foreign government bonds, corporate bonds, stocks, etc. Short-term capital refers to capital with a loan period of less than one year. It takes the form of mutual loans, deposits for temporary turnover, money orders and securities that expire within one year of purchase. Short-term capital is characterized by large amounts, strong liquidity, and risks. For example, as a form of international movement of short-term capital - “Hot Money”, due to its greater liquidity, it has a great impact on the international financial market. With the increasing size of capital input and output, capital projects have become a very important item in the balance of payments.