汇率调整对外商直接投资的影响——来自制造业内部结构的经验证据

On the Impact of Exchange Rate Changes on Foreign Direct Investment——An Empirical Evidence of Internal Structure in Manufacturing Industry

通过分析汇率变化对不同行业的外商直接投资的异质性影响及模型,说明中间产品进口和最终产品出口的比例同时影响了外商直接投资的汇率弹性。利用我国行业特征数据实证检验的结果说明,随着使用东道国中间产品比例的增加,FDI的汇率弹性在降低;而随着最终产品在东道国市场销售比例的增加,FDI的汇率弹性在增加。最后,对上述样本根据出口比例、进口比例和要素密集度进行分样本检验,其结果是基本稳定的。

In this paper, we analyze the heterogeneity effect of exchange rate changes on foreign direct investment in different industries, it shows that the proportion of imports of intermediate products and exports of final products affect the elasticity of exchange rate of FDI. With character- istic data of industry we make an empirical test, and it shows that with the increase in use of inter- mediate product proportion, flexibility of FDI exchange rate is decreasing, and with the increase in market sales ratio of final products, the elasticity of exchange rate on FDI is increasing. Finally, we testify the samples according to the proportion of exports, proportion of imports and factor intensity, it shows that the result is basically stable.