國際收支平衡手冊指明投資海外External investment in real estate, as地產亦屬一種直接投資。假如一個specified in BPM, is also a form of香港居民在本港經濟領域外擁有direct investment. If a Hong Kong地產，他便會被視為在該地產所在resident owns real estate outside theeconomic territory of Hong Kong, he的經濟體系內擁有一間名義性質should be regarded as owning a的公司，而該公司則擁有該地產。nominal company in the economy in該等土地或建築物的法定擁有者question which in turn owns the real與此等名義公司的關係，將視作直estate. The relationship between suchnominal company and legal owner of接投資關係。

the land and structures is then treatedas a direct investment relationship.（二）有價證券投資

有價證券投資是指對海外（非居Portfolio investment refers to民）股本（即股票）及債務證券（例investment in non-resident equities (i.e.如債券、可轉讓存款證）所作的投stocks and shares) and debt securities資。與直接投資者相比，有價證券(e.g. bonds, notes, negotiablecertificates of deposits). Compared投資者在投資非居民企業所發行with direct investors, portfolio的股票及債券時，對該等企業並無investors in equity and debt securities持久的利益或在管理方面具任何of non-resident enterprises have no影響力。凡持有一間公司不足10 %lasting interest or influence in themanagement of the companies they的股份，皆作有價證券投資論。

invest. A holding of less than 10%equity in an enterprise is regarded asportfolio investment.（三）金融衍生工具

金融衍生工具是指與某種特定的Financial derivatives are financial金融工具、指標或商品有連繫的金instruments that are linked to a specific融工具，當中特定的金融風險能透financial instrument or indicator or過金融衍生工具的交易而得以轉commodity, and through whichspecific financial risks can be traded in讓（例如期權、認股權證）。

financial markets in their own right(e.g. options, warrants).

（四）其他投資

其他投資是指不屬於直接投資、有Other investment refers to other價證券投資、金融衍生工具或儲備financial claims on and liabilities to資產，而對非居民的其他財務申索non-residents that are not classified as及負債，包括短期及長期非市場上direct investment, portfolio investment,financial derivatives, or reserve assets.買賣的貸款、存款、財務租約、貿Examples of these financial claims and易信貸等。

liabilities include short-term and long-term non-marketable loans, deposits,financial leases and trade credits.（五）儲備資產

儲備資產是指一個經濟體系的金Reserve assets consist of external融當局（在香港是指香港金融管理assets that are readily available to and局）可直接用來支付對外收支赤controlled by monetary authorities of字，兼且用於干預外匯市場以影響an economy (in the case of HongKong, the Hong Kong Monetary匯率從而間接調節該等赤字的外Authority) for directly financing地資產。

payment imbalances and for indirectlyregulating the magnitude of suchimbalances through intervention in theexchange markets to affect thecurrency exchange rate of thateconomy.

國際收支的盈餘或赤字

BoP Surplus or Deficit

在一個特定期間內，如果一個經濟For a reference period, if an economy體系在進行貨物、服務、收益及資receives more foreign currencies than it產的對外交易，以及在對外轉移及pays in external transactions in goods,匯款中，所收取的外匯總額比支付services, income and assets, as well asin external transfers and remittances,的多，該體系便有國際收支盈餘，then it is said to have a BoP surplus,其金額相等於其從世界各地的淨which is equal to its overall net inflow流入資金總額。相反地，便有國際

of funds from the rest of the world.Conversely, there will be a BoP deficit