人民币汇率与中国FDI流入:基于双边的视角被引量：11

RMB Exchange Rate and China's FDI Inflow: Bilateral View

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摘要主要考察了人民币双边实际汇率水平对中国FDI流入的影响,研究发现人民币相对一国的双边实际汇率升值会显著降低该国对华直接投资占中国GDP和全部FDI的比重。汇率波动幅度扩大会显著减少该国对华投资;双边利差和双边贸易开放度也显著地影响其他国家和地区的对华投资;经济增长率的差异对中国FDI流入没有显著影响。2005年汇率形成机制改革以来,汇率水平变化和汇率波动对中国FDI流入的影响显著增强,双边利差的影响则无显著差别。 In this paper, we explore the impact of level and volatility of bilateral exchange rate of RMB and China＇s FDI Inflow. The empirical evidence shows that changes and volatility of real exchange rate of RMB can cause significant effects on the China＇s FDI In-flow. The openness of export and relative real interest rate between China and the other partners can also cause significant impact on the China＇s FDI Inflow, while the impact of relative real interest rate on the FDI inflow declines accordingly. We also find that the impact of real exchange rate on the FDI inflow increases with the adjustment of RMB exchange rate policy since July 2005, while the impact of relative real interest rate on the FDI inflow declines accordingly.

作者毛日昇

机构地区中国社会科学院世界经济与政治研究所

出处《经济与管理评论》 2015年第4期93-105,共13页 Review of Economy and Management

关键词人民币双边实际汇率 FDI流入 RMB bilateral real exchange rate FDI inflow

分类号 F832.63 [经济管理—金融学]

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