广东自由贸易试验区进行资本账户开放的体制改革，是一项重要的金融创新，但也存在一定风险，对其风险进行有效管理具有重要意义。首先，给出本文的两个理论基础，一是关于资本账户开放与国内利率、汇率和金融市场改革之间相互关系的理论研究，二是关于自由贸易试验区金融风险管控之核心原则“一线放开，二线管住”和核心措施“自由贸易账户分账核算体系”的理论基础。其次，归纳总结政府给予自由贸易试验区的一系列金融制度和政策安排，它们是自由贸易试验区资本账户开放及金融创新的重要依据。再次，指出自由贸易试验区资本账户开放下金融创新之基础是设立分账核算单元以及依托分账核算单元开立的自由贸易账户，并给出自由贸易试验区可行且具体的金融创新方向。最后，探讨自由贸易试验区在资本账户开放背景下金融创新可能面临的风险类型及如何管理风险。
This paper mainly discusses the financial innovation and risk management of Guangdong Free Trade Zone under the capital account openness. First，the thesis gives the two theoretical bases. One is the theoretical research on the relationship between capital account openness and domestic interest rate，exchange rate and financial market reform，the other is the theoretical basis on the core principle and the core measure of financial risk management. Secondly，summarizes a series of financial system and policy arrangements given by the government，which is an important basis for capital account openness and financial innovation. Then，points out that the foundation of financial innovation is set up separate accounting unit and Free trade account，and gives the feasible and specific financial innovation direction. Finally，the paper discusses the risk types of financial innovation and how to manage risk in the context of capital account openness.
