汇率调整对外商直接投资的影响——基于理论和实证的研究被引量：39

Effect of Exchange Rate Adjustment and its Impact on Foreign Direct Investment

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摘要本文基于市场导向和成本导向两类外商直接投资,建立了两个汇率影响理论模型,并证明对这两类直接投资,汇率变动会有不同的影响,人民币升值将会促进市场导向型直接投资、抑制成本导向型直接投资。并对日、美两国对中国直接投资进行实证检验,得到与理论相符的结论。构造了直接投资总体实证模型,分析了汇率变化对直接投资总额的影响,并提出了相应的政策建议。 The paper develops two theoretical models for market-oriented and cost-oriented foreign direct investment （FDI） . The models predict that exchange rate adiustment has different effects on the two kinds of FDI. Appreciation of RMB yuan will attract more market-oriented FDI, whereas it will decrease cost-oriented FDI. To establish empirical validity of our model＇s implications, we develop two empirical models for Japan and the USA and the empirical results also support our theoretical models. Furthermore we establish a model of the whole FDI to China, and test the effect of exchange rate on FDI.

作者孙霄翀刘士余宋逢明

机构地区清华大学经济管理学院

出处《数量经济技术经济研究》 CSSCI 北大核心 2006年第8期68-77,共10页 Journal of Quantitative & Technological Economics

关键词直接投资汇率人民币 Foreign Direct Investment Exchange Rate RMB

分类号 F125.5 [经济管理—世界经济]

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参考文献13

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