摘要
本文首先采用外销比例指标,构建理论模型以研究汇率变动对不同类型FDI的影响,然后使用跨国数据进行实证检验,最后对人民币汇率的波动效应进行经验分析。研究表明,当东道国货币升值时,处于技术优势的跨国公司增加对外直接投资;双边实际汇率的波动程度对FDI的影响很弱,这是由于跨国公司采取了有效的汇率风险管理;由于汇率风险是影响外资企业出口的关键因素,实际有效汇率的波动程度对出口导向型FDI的影响较大;人民币升值和扩大人民币汇率的波动区间对市场导向型FDI的影响较弱,却能够显著促进出口导向型FDI。
This paper first constructs a theoretical model with FSR index to study the effects of exchange rate movements on different types of FDI, and then empirically tests these effects using cross-country data. In addition, it studies the effects of the RMB exchange rate on different types of FDI in China. If TNCs have technological advantages over local enterprises, inward FDI will increase when the host country's currency appreciates. However, the effects of exchange rate volatility are very weak because TNCs have effective exchange rate risk management. The effects of REER volatility on export-orientated FDI are remarkable, though. The appreciation of RMB and the expansion of RMB's floating band weakly affect market-orientated FDI, but remarkably increase export-orientated FDI into China.
出处
《经济学(季刊)》
2009年第3期1497-1526,共30页
China Economic Quarterly
基金
南开大学“985工程”哲学社会科学创新基地“跨国公司研究”项目资助(985TNC20070202)
南开大学校内青年人文社会科学研究基金项目(项目号:NKQ07001)的阶段性成果