泛亚电竞

厘清本外币资金池政策

发布:泛亚电竞_泛亚电竞app怎么下载-官网APP下载 2014-01-27 14:08 来源:泛亚电竞_泛亚电竞app怎么下载-官网APP下载 《中国外汇》2015年第1期 作者:汪征
本外币跨境资金政策应尽量统一、兼容。市场主体理想的资金归集是对多币种资金进行统一归集管理,因此,在同一框架内,本外币政策不应存在显著差异。

泛亚电竞 kuaguogongsiwaihuizijinjizhongyunyingguanliyewuzhengzaiquanguowenjiankaizhan。qizhong,renminbizuoweiduobizhongkuangjiazhongdeyigebizhong,beiqiyeguangfanyingyong。2014nian11yuechutaide《zhongguorenminyinxingguanyukuaguoqiyejituankaizhankuajingrenminbizijinjizhongyunyingyewuyouguanshiyidetongzhi》(yinfa〔2014〕324hao,xiacheng324haowen),mingquelekuajingrenminbizijinjizhongyunyingyewuguanliyaoqiu,danyuxianxingde《kuaguogongsiwaihuizijinjizhongyunyingguanliguiding(shixing)》(huifa〔2014〕23hao,xiacheng23haowen)youyidingjiaoji。

政策比较

适用范围

yishiqiyefangmian(xiangjianbiao1)。

biao1.jpg

ershiyinxingfangmian。324haowenduikaihuxingwuyaoqiu;er23haowenzeyaoqiukaihuxingyingweijinsannianzhixingwaihuiguanliguidingniandukaohebleijiyishang。

点评: 企业门槛方面,人民币资金池业务准入条件要求更高,对股权认定有清晰定义和明确比例要求,且营业收入、经营年限的要求延伸覆盖到境外成员公司;其目标企业范围比外汇局跨国公司政策更窄、更“高大上”。目的在于通过提高门槛防范风险,避免企业利用政策在境外成立皮包公司套利。但部分有真实经营需求的企业因经营年限和营业收入达不到要求也无法参与。

准入形式

324号文为备案制,以银行为主体提交申请,材料齐备之日起10个工作日;原则上主办单位:泛亚电竞_泛亚电竞app怎么下载-官网APP下载

23号文为备案制,以企业为主体提交申请,材料齐备之日起20个工作日;主办单位:泛亚电竞_泛亚电竞app怎么下载-官网APP下载

点评: 二者备案主体不同,跨境人民币业务采用“间接管理”的思路,以银行为媒介调控市场主体,故324号文要求的备案主体为银行。但鉴于银行备案资格非一次性取得,而是需要和每家合作企业都向当地跨境办履行一次备案手续,二者在备案管理上没有实质性区别。需设立一个以上资金池的,可另行向人民银行总行申请。

账户模式

324haowenhe23haowendezhanghukuangjiarutu1、tu2suoshi。

tu1.jpg

tu2.jpg

324haowenhe23haowendegongtongdian。an“yixianfangkai、erxianguanzhu”silu,liangxiangzhengceduiwumaoyihetouzibeijingzijinjinrujingneidezijinchizhuzhanghu(liangzhangtuzhonghuisezhanghu)doupeiyouliuliangkongzhi“famen”。lveyoubutongdeshi,23haowenkuangjiaxia“famen”shejitongguotongdaotixian,duiyinxinglaishuozhixusuodinglianggezhuzhanghujiandezijinliujikeshixianeduguanli。324haowenkuangjiaxia,youyumeiyoutongdao,zijinchizhuzhanghubenshenduijingneiwaiduogezhanghuyouhuazhuanguanxi,yaoshishikongzhijingliuruedu,yinxinghejianguanfangguanlinandudougengda。zheizhongjiegouleisiyu23haowenzhongdezhanghujianhuamoshi(jizhikaiguoneizhuzhanghubukaiguojizhuzhanghudemoshi),suiranyunxuqiyexuanze,danshijianzhongyinxing、qiyeweishixianguanlidejianmingqingxi,jihubucaiyongzheizhongmoshi。

泛亚电竞 324haowenhe23haowendezhuyaoqubie。yishiwaihuijukuangjiasheyouyiguojizijinzhuzhanghuweizaitidejingwaizijinguijipingtai(yujingwaizijinwanglaiziyou);erkuajingrenminbikuangjiazhong,meiyouzheigebankuai。

点评: 虽然超过限额的部分不可调入境内,但国际主账户仍可依托其离岸性质对集团境外散布的外汇资金进行集中管理。2014年下半年,北京地区国际资金主账户日均存量在2亿美元左右,表明实践中该账户在一定程度上发挥了这一功能。跨境人民框架中,由于没有对境外资金进行在岸归集的平台,企业境外人民币资金池仍将存在于中国香港、新加坡等地区。

二是外汇局框架对境内外汇资金统一在国内资金主账户管理;而跨境人民币框架中对资金池业务和经常项下集中收付业务(含轧差)进行分账户管理。并且集中收付汇业务账户可以由非主办单位:泛亚电竞_泛亚电竞app怎么下载-官网APP下载

点评: 324号文分账户管理的初衷是为了把企业间调剂归集的资金(无贸易背景、融资性质)和经常项下资金分开管理和统计;但实际上,由于集中收付账户也会形成头寸,形成主办单位:泛亚电竞_泛亚电竞app怎么下载-官网APP下载

324号文允许资金池主办单位:泛亚电竞_泛亚电竞app怎么下载-官网APP下载

额度管理

泛亚电竞 324haowen。duijingrongchuebushexian;duijingrongrueshixingshangxianguanli,jisuangongshiruxia:

kuajingrenminbizijinjingliurueshangxian=zijinchiyingjisuoyouzhequanyi×hongguanshenshenzhengcexishu(xishuchushizhiwei0.1)

zijinchiyingjisuoyouzhequanyi=∑(jingneichengyuanqiyedesuoyouzhequanyi×kuaguoqiyejituandechigubili)

泛亚电竞 23haowen。duijingliuruehejingliuchuedousheyoushangxian。jingrongruebudechaoguojingneichengyuanqiyejizhongdewaizhaiedu,jingrongchuebudechaoguojingneichengyuanqiyejizhongduiwaifangkuanedu。

点评: 净融出方面(即对外放款),跨境人民币已经放开,外汇局仍在进行额度管理。净融入方面,相较之下,跨境人民币净流入额度计算方式有几个优势: 一是以所有者权益为计算基础,解决了中外资企业平等对待的问题(而外汇局外债额度以“投注差”为核定依据,纯中资企业无“投注差”,即使具备良好的偿债能力也无法获得额度引入外债,利用境外市场资源,有失公平);二是创新了“应计所有者权益”的概念,通过比照企业集团对成员公司持股比例计算的形式,增加了评估企业偿债能力的科学性;三是引入了宏观审慎系数,增加了阀门收放的主动性和灵活性。

但据企业和银行反映,出于审慎考虑,人民银行宏观审慎系数初始值设定较低(0.1),计算出的融入上限也较低。以北京地区跨国公司业务中跨境人民币业务较为活跃的9家企业为例,所有企业依照324号文计算的额度均较23号文额度有显著差距。合并计算跨境人民币额度为外汇局额度的29.65%,其中差距最小企业的人民币净流入额度为外汇局23号文额度的62.58%,差距最大企业的人民币额度仅为外汇局23号文额度的3.08%。

资金池运营

zhanghushouyi。324haowenguiding,kuajingrenminbizijinchizhuzhanghuzhixingdanweicunkuanlilv,buyunxugoumailicaichanpin,qiyekexuanzehuoqi、dingqi、xieyihetongzhicunkuan。yibannianqiweili,gaizhanghulilvzai2.8%zuoyou。waihuiju23haowenguiding,guoneizhuzhanghucunkuangeyinxingbaojiacunzaichayi,zuigaokedao2.2%zuoyou;kegoumailicaichanpin。

点评: 两个账户间资金收益存在一定差异,但差距不大,并且境内外、本外币市场报价一直在动态趋近中,企业因套取利息收益变更外债币种的可能性不大。从企业反馈情况看,由于归集资金是企业短期闲置资金,期限以1~3个月为主,且大多已经有实际生产经营用途,币种选择上不会因为资金价格的短期和微小差异进行错配。从以往业务实践情况看,在企业可以对资金通道币种自由选择的情况下,跨境人民币在北京地区跨国公司通道业务中占比为三分之一;企业引入外债的结汇率仅为15.8%。这些情况表明,在跨国公司资金集中运营管理业务中,本外币息差对跨国公司短期资金币种选择没有太大影响。

泛亚电竞 zijinshiyongfanwei。324haowenzijinshiyongcaiqufumianqingdanzhi,guidingzhanghuneizijinbudetouziyoujiazhengquan、jinrongyanshengpinyijifeiziyongfangdichan,budeyongyugoumailicaichanpinhexiangfeichengyuanqiyefafangweituodaikuan。23haowenduiyuzijinshiyongyecaiqufumianqingdanzhi,guidingzhanghuneizijinbudezhijiehuojianjieyongyuzhengquanheyanshengpintouzi;budezhijiehuojianjieyongyufafangrenminbiweituodaikuan(jingyingfanweixukedechuwai)、changhaiqiyejianjiedai(handisanfangdiankuan)yijichanghaiyizhuandaiyudisanfangdeyinxingrenminbidaikuan;chuwaishangtouzifangdichanqiyewai,budeyongyuzhifugoumaifeiziyongfangdichan。

点评: 除了23号文国内主账户资金允许购买理财产品,二者使用范围最大差别是跨境人民币资金池资金可以用于偿还企业人民币贷款,而外汇局资金池不可以。这将是企业使用324号文的重要动力之一。

风险控制

泛亚电竞 fengxiankongzhifangmian,lianggezhengcejunjiangzhenshixingshenhezerenxiafangzhiyinxing。jutieryan: 324haowenzhenshixingshenhefangmianshixing“lejiekehu、lejieyewu、jinzhishencha”sanyuanze;23haowenguiding,chufanyadianjingmaoyidengxiangmuduiwaizhifurengxuanguidingtigongshuiwubeianbiaowai,zhenshixingshenheyouyinxingan“lejiekehu、lejieyewu、jinzhishencha”sanyuanzebanli,bingmingqueliucundanzheng5nianbeicha。

统计监测

324haowenguiding,jizhongshoufu(hanyacha)yewu,anshijijingebaosongzhircpmisxitong,qihaiyuanjiaoyixinxiyiyuebaobiaoxingshibaosonggedikuajingban。

23haowenguiding,jizhongshoufuhuiheyachayewushijijiaoyijinehehaiyuanshenbaojinejuncongyinxingjiekoucaiji,t+5(gongzuori)wanchengbaosong。

点评: 324号文要求还原信息按企业分别制作月报,加大了银行的工作量。

政策影响评估

324haowenjiao23haowenjubeiliangtiaoxianzhuyoushi: yishieduhedingfangshigengkexue,jiejuelezhongziqiyewuwaizhaiedudewenti,shoudaochunzhongziqiyeguangfanhuanying;ershizijinshiyongfanweigengguang,baohanguihaijingneirenminbidaikuan,xiangdangyuhuodeyiwaizhaiguimozhihuanjingneidaikuanguimodexuanzequan,shiqiyegengyuanyicong324haowenkuangjiaxiayinruwaizhai。

danyejietongshifanying,324haowenbiqidaixiandegengweijinshen,yecunzaiyixiebubian。yishimenjiangao,yingyeshouruhejingneiwaijingyingnianxiandeyaoqiudadajiangdileshiyongfanwei。mouwaiziyinxingzaihuazongbufanying,qigenzongguanzhuzheixiangzhengcedechubeikehuzhong,jinyijiajubeishenqingzige。ershihongguanshenshenxishuchushizhishedingjiaodi,jisuanchudejingliurushangxianedujiaodi。ruguoyi324haowenweirenminbiwaizhaiweiyiliurutujing,zenanyimanzuqiyeshengchanjingyingxuyao。sanshiyaoqiujizhongshoufuhuizhanghuhezijinchizhuzhanghufenbiekaili,shizhishiduizibenxiangmuhejingchangxiangmuzijinfenchiguanli,erwaihuijukuangjiayitongguoguoneizhuzhanghushixianledajizhong,duizhuzhanghuneizijinbutiebiaoqian。sishihaiyuanjiaoyixinxixuyiyuebaofenzhuti(anchengyuangongsi)baosong,yigechengyuangongsiyizhangbiao,duici,yinxing、qiyerenwei,zheiyangzuogongzuoliangtaida。

duixinzengqiyebankuaieryan,324haowenzuijijidecanyuzhejiangshiwu“touzhucha”dezhongziqiye。zheibufenqiyedesuqiuzai23haowenzhongmeiyoubeimanzu,quefacanyukuaguogongsizhengcedejijixing;er324haowenzefuyuqihewaiziqiyetongyibiaozhundejingliuruedu,juyoujiaodadexiyinli。genjubeijingdiqukuaguogongsiyewuliangnianlaiwaizhaishiyongzhutifenxi,88%weizhongziqiye。yujixinzengqiyejiangyizhongziweizhu,tongdaorenminbijingliurujiangyoujiaodazengzhang。

duicunliangqiyebankuai(yijingbeiankuaguogongsiyewudeqiye)eryan,renminbijingliurutoucunzehuixiajiang。suiranbufenyuanlaimeiyoueduhuoedujiaoxiaodezhongziqiyejiangewaihuodeyikuairenminbieduyinruwaizhai,dantongshi,gebieyuanlaiyijingyikuajingrenminbixingshijieruwaizhaideqiyejiangmianlinguimochao324haowenyaoqiudediaojian。ciwai,bufenyuanlaiyijingkaizhanrenminbitongdaoyewudeqiye,yinweidabudao324haowenbeianmenjianyaoqiu,zebukejixuyirenminbixingshirongru、rongchuzijin。duanqinei,zaibukaolvxinzengqiyedeqingkuangxia,renminbizaitongdaoyewuzhongzhanbijiangchuxianzengzhangtingzhihuoshousuo;zhangyuankan,zheibufenxuqiuzuizhonghuizhuanweiwaibixingshijixuzaitongdaoliuzhuan。

泛亚电竞 zongshang,liangzhongyinsuxiangdixiao,jianrongmoshixia,324haowenduixianxingkuaguogongsiyewuyingxiangbuda。shoufangdeshichangzhutiyerenwei,324haowenshiduikuajingzijinguijizhengcedebuchong,shichangbiaoshihuanying。kuaguogongsizhengceyijingheshichangmoheliangnian,qiye、yinxingguangfanrentongqicaozuoxinghebianlixing,yewujichujiaoweilaogu。

厘清几种管理关系

324haowenchutaihou,shichangzhutiduiqihe23haowendeguanxicunzaiduozhonglijie,xuyaoliqing。yixqiyeweili,jiasheqishikuaguogongsiyewucunliangqiye,an23haowenjisuan,huopijingliurushangxianwei50yimeiyuan(a),an324haowenjisuan,kehuopirenminbijingliurushangxianwei50yiyuan(b)。zheikenengmianlinruxiasanzhongguanlimoshi:

各自独立但不排他模式

guanxi: a+b,qieazhongyehanrenminbibizhong。23haowenkuangjiawanquanweichiyuanzhuang,rengkejixubanlikuajingrenminbiyewu,renminbijingliuruzhan23haowenedutoucun,bushou 324haowenxianzhi。zheizhongqingkuangxia,324haowenxiangdangyujiqiyexinzengleyigejingneiwailiantongqudaoheyigexinderenminbiliuruedu。xqiyeruguofuhe324wenshenqingmenjian,zeshijihuodedezijinjingdiaoruedushi50yimeiyuan+50yiyuanrenminbi,qiewaihuiju50yimeiyuaneduyekeyirenminbixingshidiaoru。zheizhongqingkuangxia,qiyekeyikuajingrenminbixingshidiaorudeshangxianwei(50yi×6.125)+50yi=356.25yiyuan。

泛亚电竞 zheizhonglijiedeyijushi,23haowenzhongguanyuguoneizhuzhanghushiduobizhongzhanghudebiaoshu,yiji《waishangzhijietouzirenminbijiesuanyewuguanlibanfa》(zhongguorenminyinxinggonggao〔2011〕di23hao)he《zhongguorenminyinxingguanyumingquewaishangzhijietouzirenminbijiesuanyewucaozuoxizedetongzhi》(yinfa〔2012〕165hao)zhong“waishangtouziqiyexiangqijingwaigudong、jituanneiguanlianqiyehejingwaijinrongjigouderenminbijiekuanhewaihuijiekuanhebingjisuanzongguimo”debiaoshu。qiyerenwei,benwaibihebingjisuanzongguimo,jizhanyongdeshiqiyetouzhuchaguimo,tixianzai23haowenedujisuanzhong,324haowenshixinzengdebuzhanguimodeedu。

gongzuoyingxiang。zheizhongqingkuangxia,yinxing、qiyexuyaoshenqingkaiban324haowenzijinchiyewude,duiqiyuankuaguogongsiyewumeiyouguanliyingxiang。qiyeruyourenminbibizhongxiadekuajingliuru,huiqingxiangyuyongman324haoweneduhou,zaiyou23haowenliuru。

各自独立且排他模式

泛亚电竞 guanxi: ajinshiyongwaibi,bjinshiyongrenminbi。cimoshixia,324haowenshikuajingrenminbiweiyishiyongdeguanliyiju,kuaguogongsiyewucunliangqiyehexinzengqiyedouxuyiqiweiweiyirenminbikuajingguijiqudao;23haowenkuangjianeibudebanlikuajingrenminbiyewu。zheizhongqingkuangxia,xqiyecongwaihuijuhuode50yimeiyuaneduzhinengyiwaibixingshidiaoru,qikuajingrenminbiyewushiyong324haowen,qiyekediaorujingtoucunzongewei50yimeiyuan+50yiyuanrenminbi。

泛亚电竞 gongzuoyingxiang。zheizhongqingkuangxia,qiyeruguoshicunliangqiye,zexuyaoguanbiqiyuanlaizaisanjiayinxingkailiderenminbiguoneizhuzhanghu;xuyaozhongzhiqiyijingjieruderenminbiwaizhaihetong,banlichanghai;jiangyirenminbixingshikaizhandejizhongshoufuheyachajiesuanyewucongguoneizhuzhanghufenlichulai,dandukailirenminbijiesuanzhanghuguanli。

泛亚电竞 zheiyifangshiduiqiyeshengchanjingyingyingxiangjiaoda,tebieshirenminbiwaizhaiyijingyinrubingtouruxiangmude,ruguoyaoqiuzijinchehui,qiyefangmiankenengmianlinzijinlianzhongduan,xiangmunanyijishizairongzidengwenti,xingchengjiaodadezhengcechengben。

兼容模式

泛亚电竞 guanxi: ahanb。23haowenkuangjiaxiakeyijixubanlikuajingrenminbiguijiyewu,danxiangguanyewuxufuhe324haowenyaoqiu。ruxqiyefuhe324haowenshenqingmenjian,zeshijijingliurushangxianwei50yimeiyuan,qizhongrenminbijingliurushangxianwei50yiyuan;ruaqiyebufuhe324haowenshenqingmenjian,zeqibukezaikuaguogongsikuangjiaxiajixubanlikuajingrenminbijizhongguanliyewu。

泛亚电竞 gongzuoyingxiang。xinzengqiyeruguobufuhe324haowenbeianyaoqiu,zebunengkailirenminbixingshideguoneizhuzhanghu。cunliangqiyerushijiyinrurenminbiwaizhaieduyichao324haowenjisuanshangxian,bukeyijixujierurenminbiwaizhai;dairenminbiwaizhaizirandaoqihou,zhubujiangjingliurutoucundiaozhengzhi324haowenyaoqiudefanweinei。

点评: 三种模式相比较: “各自独立但不排他模式”对现行跨国公司业务管理没有影响,企业不用变更任何备案手续或业务规模;“各自独立且排他模式”则需从跨国公司业务中挤出所有现存人民币业务,影响最大,企业成本也最高。但上述两个模式的共同缺点是,两个相互独立的归集框架使市场主体的资金集中管理被人为分至本外币两个池子,不符合资金集中管理的本质要求。“兼容模式”则真正实现了多币种资金的集约化管理,虽然有一定调节成本,但这一模式兼顾了外汇局和跨境人民币业务要求,真正实现了本外币资金集中管理,更便利市场主体。

 

作者单位: 外汇局北京外汇管理部

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