汇率波动对外商直接投资的影响——基于知识资本模型从产业角度的实证检验

Exchange Rate and Foreign Direct Investment:A Knowledge Capital Model

本文运用知识资本模型分别从国别和产业的角度对汇率波动与国际直接投资(FDI)进行实证检验。该模型考虑到资源禀赋对FDI的影响,并将FDI细分为垂直型和水平型;同时,为了使计量更加精确,本文还将模型中汇率的波动分解为一价定律失效导致的波动和不可解释的原因导致的波动;最后,本文还检验了美元盯住制对FDI的影响。结果发现,东道国货币贬值是否有利于吸引FDI取决于该国FDI是以水平型还是垂直型为主,同时,美元盯住制对FDI没有促进作用。

This paper regressed on the exchange rate and the international direct investment from the angle of nationality and industry using a knowledge capital model. The model considered the influence of resources on FDI, in subdivides FDI for vertical and the level. At the same time, in order to make the measurement more precise, this paper also decomposed the exchange rate volatility into two kinds, one is caused by that price law fails; the other is caused by unexplain reasons. Finally, the article also examined the influence of US dollar peg on FDI. The result discovered that, whether the host country currency devaluation is advantageous to attract FDI depends on that FDI is by the level or vertical primarily, simultaneously, US dollar peg have not promoted FD Iimflow.