中国对外直接投资(OFDI)对人民币国际化影响的实证研究

The Empirical Research on the Effect of China's Outward Foreign Direct Investment on RMB Internationalization

本文在前人关于货币国际化研究成果的基础上,利用广义矩估计(GMM)方法,探讨中国对外直接投资对人民币国际化的影响。研究结果表明:中国对外直接投资对人民币国际化具有显著的正向作用。随着我国对外直接投资的快速增长,"走出去"的层次、水平和效益得到进一步提升,对外直接投资将成为人民币输出的有效渠道,为人民币国际化提供重要的驱动力。当前是人民币国际化进程的关键时期,我国可充分利用对外直接投资快速发展的黄金时机为人民币国际化开辟新的道路。

Based on the existing research of currency internationalization, the paper using Generalized Method of Moments analysis on the effect of outward foreign direct investment of china on the internationalization of RMB. From the empirical results,we can find that the outward foreign direct investment of china can effectively promote the development of the internationalization of RMB. With the rapid growth of China＇s outward foreign direct investment, the level and efficiency of＂going out＂has been further promoted. Outward foreign direct investment will become an effective channel for RMB output, and provide an important driving force for the internationalization of the RMB. During the critical period of internationalization of RMB, we should make full use of the golden opportunity of the rapid development of China＇s OFDI to open up a new road for the internationalization of RMB.