人民币汇率与外来直接投资关系的实证研究

An Empirical Study on the Relations between Exchange Rate of Reminbi and Foreign Direct Investment

通过当今外来直接投资理论的最新发展和对发达国家的实证研究,并结合我国利用外来直接投资的现状分析表明,人民币升值不仅会导致我国外来直接投资流入减少,而且会加剧外来直接投资向我国可贸易品比重较大的劳动密集和出口加工产业集中。

The paper surveys the latest developments in the literature of FDI and the result of empirical study on developed countries, and it explores the impact of exchange rate on the inflow of FDI into China through the model of Cournot competition and empirical test. Based on the theoretical solutions of the model and the reality of FDI in China, we find evidence that an appreciation of RMB would mot only decrease the FDI inflow in China, but also cause FDI to converge to labor-intensive and export-oriented processing sectors.