汇率波动对对外投资上市企业价值影响研究

The Study on Impact of Exchange Rates Fluctuations on Chinese Listed Foreign Invested Enterprises Value

全球经济金融的融合、人民币汇率浮动机制的实施以及人民币升值压力的加剧,势必会给中国对外直接投资企业带来越来越大的影响。以从事直接对外投资的沪深上市公司为样本,通过对传统的Jorion模型进行拓展,研究人民币兑美元、欧元、日元的汇率波动对这些企业价值的影响。结果显示,人民币兑美元、欧元、日元的汇率对企业价值影响最为显著的是人民币兑日元汇率;人民币兑美元升值造成了大部分企业价值的贬损;人民币兑欧元升值给企业价值带来的显著影响呈现出正向、负向共存的特点;而人民币兑日元贬值则给大多数企业价值带来了显著的正向影响。

The continued integration of the global economy, the implementation of RMB exchange rate mecha- nism and the growing pressure of RMB appreciation will exert an increasing impact to China＇ s foreign direct invest- ment enterprises. This paper takes the direct foreign investment enterprises as samples to study how the RMB ex- change rate fluctuations affect the value of these enterprises through the expansion of the traditional Jorion model. The empirical results show that the effect to the enterprise value of the RMB against the JPY is more significant than that of RMB exchange rate against the USD and the EUR; RMB appreciates against the USD, resulting in derogato- ry value for most sample enterprises. There is an inverse relationship between the value of most enterprises and ex- change rate of RMB against the USD; the RMB exchange rate against the EUR brings to these enterprises a signifi- cant impact which shows positive and negative coexistence characteristics; however, the RMB exchange rate against the JPY brings to most these enterprises a significant positive impaction.