中文摘要：

一、引言 理论界关于资本控制的争论一直没有停止过。支持派认为基于以下原因发展中国家应实行资本管制；（1）有助于克服短期资本流动剧烈变动引起的国际收支危机或汇率波动；（2）保证国内储蓄用于国内投资，防止外国拥有国内生产要素；（3）维护当局对本国金融活动、金融收入和金融财富的课税能力；（4）防止资本流动对经济稳定和结构改革方案产生不利影响。反对派关于资本控制对经济增长的负面影响可概括为：（1）使国内投资者失去了国外投资的机会；（2）影响工业结构；（3）造成经济扭曲；（4）造成资源禀赋迁移，或资本外逃。

英文摘要：

Based on customhouse statistics of twenty-nine partners, trade misinvoicing for China is estimated in this paper. It is verified in events analysis that the indication of the estimations tracks the economic reform of China. It is indicated that the main channel for capital fight from China is export under-invoicing and import over-invoicing in 28 bilateral trades other than Hong Kong, while the import under-inwuing in the bilateral trades to Hang Kong results in a considerable illegal inflow of international portfolio capital. It is implied by the analysis that existent supervision of foreign trade is the shortage of capital control, and a reinforced custom system is the compensation for the national capit~d control system.