汇率变动对外商直接投资的影响——基于不同投资动因的理论分析被引量：2

The Influence of Exchange Rate Movement on FDI:Based on Diverse Motives of Investing

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摘要借鉴实物期权理论,通过构建汇率和FDI的简单模型,研究汇率水平和汇率波动对外商直接投资(FDI)的影响,尤其是对不同投资动因的外商直接投资的影响。理论模型证明了汇率的不确定性对东道国FDI的流入有负面影响。另外,东道国货币贬值可能会增加成本导向型的FDI流入,贬值可能会减少市场导向型FDI的流入。 Based on the real options model,this paper develops a simple model to study the impact of exchange rate movements on export-oriented FDI and market-seeking FDI.The model shows that exchange rate uncertainty will have a negative impact on foreign direct investment.Moreover,the while the depreciation of a host country's currency tends to stimulate FDI activity of cost-oriented firms,the depreciation tends to deter FDI activity of market-oriented firms.

作者李辉陈慧

机构地区东北财经大学津桥商学院东北财经大学研究生院

出处《昆明理工大学学报（社会科学版）》 2012年第2期68-74,共7页 Journal of Kunming University of Science and Technology(Social Sciences)

基金教育部人文社会科学研究青年基金项目"外需减少契机下中国产业结构调整与出口贸易结构升级"(09YJC790026)

关键词汇率变动市场导向型FDI 成本导向型FDI 实物期权 exchange rate movements export-oriented FDI market-seeking FDI real options approach

分类号 F832.6 [经济管理—金融学]

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