计价货币（Invoice Currency）是国际货币(International Currency)在私人部门作为价值基础的重要职能，其在国际贸易中的结算比率也是判断某种货币国际化程度的重要指标之一。本文根据既有的计价货币选择理论，在对96家江苏省出口企业进行问卷调查的基础上，通过构建Probit个体二分变量计量模型，在价格政策制定这一微观层面上对企业以人民币计价出口的决定要因进行了详细的实证研究。实证分析表明：企业类型为跨国公司关联企业或出口加工型企业、企业出口产品为半成品的，与企业以人民币计价出口呈显著或较为显著的正相关关系；而企业出口地为美国或欧元区国家以及其他发达国家的，则与之呈较为显著的负相关关系。这一结果表明：从促进人民币国际化的角度来看，有必要进一步开放人民币的资本项目的管制，方便跨国公司一类企业进行一定的人民币理财活动，促使其使用人民币计价结算。此外，在货币之间的国际化及国际货币化是否存在有排他性竞争关系明确之前，有必要对其他国家货币的国际化或国际货币化保持警惕。 Invoice Currency is one of the important functions of international currency as a value basis in the private sector。The ratio of one currency as a settlement currency in international trade is also an important index of its degree of internationalization. According to the existing theories of the invoicing currency choice，and on the basis of a questionnaire survey of 96 export enterprises in Jiangsu Province, this paper builds a bivariate probit model with sample selection. From the perspective of price policy making, this article carries out a detailed empirical study on the determinants of the enterprises in RMB-denominated export. The empirical analysis shows that some enterprises have significant positive correlation with RMB-denominated export while others have negative correlation. The formers are enterprises with types of multinational affiliates or export processing enterprises, and with exporting products of the semi-finished products; while the latters are enterprises exporting to the United States, the euro-zone countries or other developed countries. This result suggests that when considering promoting the internationalization of the RMB, the capital control in China should be further released. Therefore, if multinational enterprises could carry out RMB financing, they would promote the use of RMB in trade invoicing and as a settlement currency. In addition, it's not clear whether an exclusive competition exists between the currencies that are in their paths of internationalization and becoming an international currencies. So, it's necessary to remain vigilant on other countries' currency internationalization or the internationalization of the currency.

随着跨境贸易人民币结算试点工作扩大至全国范围，学术界对“人民币国际化”问题的讨论也日趋热烈。但值得注意的是，众多的意见和观点并未对货币的“国际化”与“国际货币化”这两个不同的概念加以区别。本文通过对国际货币所应具有的六项职能的分析，指出了货币的“国际化”与“国际货币化”这两者的差异，并且通过对日本政府的所谓“日元国际化”相关一系列文件以及日元朝向国际货币发展历程的回顾和分析，指出目前日元国际货币化的挫折，很大程度上是日本政府长期模糊“货币国际化”与“国际货币化”这两者概念、消极应对日元发展成为国际货币的结果。最后，本文根据中日两国当前金融及货币、资本市场政策的比较，指出人民币今后将长期处于提高其国际影响力——即“国际化”的阶段，并据此提出了人民币“国际化”和“国际货币化”这两个不同进程的目标设想。 with the development of the strategy of “Going Global” with Renminbi, the relative research in academe is becoming more and more. However, in many views and papers, the concepts of “currency internationalization” and “becoming an international currency” are not distinguished from each other. This paper indicates the difference between them by an analysis on 6 functions of the “international currency”. Then, by the reviews of Japanese government’s documents about so-called “internationalization of Japanese Yen” and the Japanese Yen’s process of becoming an international currency, this article argues that the present frustration that Japanese Yen becomes an international currency is the consequence of the former Japanese government’s long-term resistances by casting a mist on it’s definitions of “currency internationalization” and “becoming an international currency”. Finally, based on a comparison of China’s financial, monetary and capital market’s policies with Japan’s , this paper indicates that Renminbi will be in a long-term stage of “currency internationalization”, namely, in the stage of increasing international influence, and concisely brings forward a line of internationalization and becoming an international currency for Renminbi.

外汇市场国际化是一国货币国际化的重要组成部分，广泛分布的外汇市场是促进本币在贸易、金融等交易中广泛使用的重要基础。本文首先分析东亚日元外汇市场的发展困境，然后从贸易顺差、汇率、日本跨国公司的经营特点、日本和东亚金融市场的缺陷等角度重点分析了造成该困境的主要原因，最后结合人民币现状，提出相应的政策建议来促进未来东亚人民币外汇市场的发展。

通过对日本债券市场历史和现状的分析，本文指出，虽然日本债券市场在市场发展和 自由化方面取得一些进步，但依然存在的市场结构不完善，以及货币政策和汇率波动都是债 券市场非居民参与度不高的重要原因，从而影响到日元国际化水平。日本的经验在完善债券 市场、扩大债券市场开放度、汇率政策等方面对于我国利用债券市场来提高人民币国际化水 平，具有一定的借鉴意义。

本文通过扩展比较优势理论的框架，以及对日元国际化典型化事实的考察分析了一国产业竞争力和金融竞争力对该国货币国际化的影响，认为前者是货币国际化的决定性因素；随后应用美元1993-2008年国际地位变化的实证分析结果证实了理论预期。本文的政策含义是显而易见的：要推进一国货币国际化，关键在于提高本国的产业竞争力，而不仅仅是培育和发展金融市场。