金融学院知识库

经济全球化和金融国际化趋势的加强，让各种类型的跨境资本在国际间流动的自由度逐渐上升，从历史经验来看，跨境资本流入有利于东道国实体经济的生产经营，提高其技术与管理水平，同时，跨境资本流入也有利于国内金融市场的资金配置，从而促进东道国经济发展和金融进步，然而跨境资本的流动也具有消极影响，如果跨境资本流动规模上升、流动频率加快甚至无序流动，金融体系在资本流动风险冲击后恢复到正常水平的能力会受到影响，金融体系的韧性建设面临着考验，因此，在当前金融开放和经济金融环境不确性上升的背景下，探究跨境资本流动影响金融韧性的理论机制，并提出相应的对策建议具有重要理论和现实意义。 本文首先梳理了相关文献，对跨境资本流动和金融韧性的概念进行界定，并总结了与金融韧性相关的理论，描述了样本经济体跨境资本流动的现状，然后分析了跨境资本流动对金融韧性的影响机制，并从防御抵抗能力、适应恢复能力和转换学习能力三个维度构建了总体金融韧性指标，最后实证研究了跨境资本流动对金融韧性的影响。实证结果表明：（1）跨境资本流动总体上能够提高一国的金融韧性，并主要通过提升一国金融体系的适应恢复能力和转换学习能力实现。（2）跨境资本流动对金融韧性的提升作用存在显著的经济体异质性。跨境资本流动对新兴经济体金融体系韧性的促进作用比发达经济体更大。（3）跨境资本流动对金融韧性的提升作用存在显著的结构异质性。跨境资本流入有利于增强金融韧性，流出不利于增强金融韧性，其原因可能在于跨境资本流入比流出带来的防御抵抗能力和恢复适应能力提升作用更大；跨境直接投资对金融韧性具有显著促进作用，而证券投资对金融韧性的促进作用不显著。（4）全球金融环境不确定性的上升会减弱跨境资本流动对金融韧性的促进作用。基于以上结论，本文提出了监测跨境资本流动、推进金融开放、深化金融改革等建议，希望为跨境资本流动风险防控和加强金融韧性的相关工作提供借鉴和参考。

The strengthening of economic globalization and financial internationalization has gradually increased the freedomof various typesof cross-border capital to flow internationally. From historical experience, cross-border capital inflows are conducive to the productionandoperation of the host country's real economy, improving its technologyand management level. At the same time, cross-border capital inflows arealso conducive to the allocation of funds in the domestic financial market, thereby promoting the economic development and financial progress of the host country, However, cross-border capital flows also haveanegative impact. If the scale of cross-border capital flows increases, theflow frequency accelerates or even flows out of order, the abilityof thefinancial system to recover to the normal level after the risk impact of capital flows will be affected, and the resilience constructionof thefinancial system is facing challenges. Therefore, in the context of thecurrent financial openness and the rising uncertainty of the economicandfinancial environment, Exploring the theoretical mechanismbywhichcross-border capital flows affect financial resilience and proposingcorresponding countermeasures and suggestions has important theoretical and practical significance. 

This article first reviews relevant literature, defines the concepts of cross-border capital flows and financial resilience, summarizes thetheories related to financial resilience, describes the current situationof cross-border capital flows in sample economies, and analyzes the impact mechanism of cross-border capital flows on financial resilience. Theoverall financial resilience indicators are constructed fromthreedimensions: defense resistance, adaptive recovery, and transformational learning ability, Finally, an empirical study was conducted on the impact of cross-border capital flows on financial resilience. The empirical resultsindicate that: (1) cross-border capital flows can generally improveacountry's financial resilience, mainly through enhancing the resilienceand transformational learning ability of a country's financial system. (2) There is significant economic heterogeneity in the enhancement effect of cross-border capital flows on financial resilience. Cross border capital flows have a greater promoting effect on the resilience of financial systems in emerging economies than in developed economies. (3) Thereis significant structural heterogeneity in the enhancement effect of cross-border capital flows on financial resilience. Cross border capital inflows are conducive to enhancing financial resilience, while outflowsare not conducive to enhancing financial resilience. The reason maybethat cross-border capital inflows have a greater impact on enhancingdefense and resilience compared to outflows; Cross border direct investment has a significant promoting effect on financial resilience, while securities investment has no significant promoting effect onfinancial resilience. (4) The increase in uncertainty in the global financial environment will weaken the promoting effect of cross-border capital flows on financial resilience. Based on the above conclusions, this articleproposes suggestions for monitoring cross-border capital flows, promoting financial openness, and deepening financial reform, hopingtoprovide reference and reference for relevant work on risk preventionandcontrol of cross-border capital flows and strengthening financial resilience.