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为防范外债的汇率风险和利率风险 ,该文运用现代投资理论中的有价证券组合理论 ,根据债务的实际成本 ,在综合考虑了外汇储备结构和外贸收支外汇结构的条件下 ,提出了一种中国外债的最佳币种结构和期限结构的计算方法。并运用实际统计数据 ,用这种方法计算了中国外债的最佳币种结构和期限结构。计算结果与中国外债状况基本相符 ,如美元债务占中国外债总额的 60 %～ 70 %。研究结果表明 ,这种研究方法是可行的、有效的
In order to prevent exchange rate risk and interest rate risk of foreign debt, this paper uses the portfolio theory of modern investment theory, according to the actual cost of debt, considering the foreign exchange reserve structure and foreign exchange revenue and foreign exchange structure, The Best Way to Calculate the Currency Structure and Term Structure of China ’s Foreign Debt. And using the actual statistics, this method is used to calculate the optimal currency structure and term structure of China’s foreign debt. The calculation result basically matches with the situation of China’s foreign debt. For example, the U.S. dollar debt accounts for 60% -70% of the total foreign debt of China. The results show that this method is feasible and effective