近10年来,香港地区与大陆均经历了若干重大的内部变化与外部冲击,香港与大陆之间也签订了一系列CEPA协议。这些内部变化、外部冲击与制度性安排必将对两地之间的贸易与资本流动产生重大影响。本文从国际收支表框架出发,系统梳理了近10年来两地之间在商品贸易、服务贸易、FDI与证券投资等方面的资金流动趋势,并利用余额法估算了两地之间的其他跨境资本流动。结果表明,两地之间的贸易和投资在规模增长的同时也发生了一些显著的结构性变化,而其他跨境资本流动的变化则反映了两地之间可套利机会的变化。 In the past 10 years, Hong Kong and the Mainland have undergone several major internal and external changes. A series of CEPA agreements have also been signed between Hong Kong and the Mainland. These internal changes, external shocks and institutional arrangements will surely have a significant impact on the trade and capital flows between the two places. Based on the balance of payments framework, this paper systematically reviews the trend of capital flow between the two places in commodity trade, service trade, FDI and securities investment over the past 10 years and uses the balance method to estimate the other cross-straits between the two places Capital flows. The results show that there have been some notable structural changes in the trade and investment between the two places as they grow in size, while changes in other cross-border capital flows reflect the changes in arbitrage opportunities between the two places.