人民币汇率对外部投资流入的影响分析

The impact of RMB exchange rate on FDI

人民币汇改的本质在于不断提高市场在汇率形成中的决定性作用，进而优化汇率对实体经济资源配置的信号作用。自2005年人民币汇率启动以来，人民币实际有效汇率经历明显升值，同期我国外商直接投资也实现了显著增长，研究两者之间的影响关系具有较强的现实意义。该文以计量方法对人民币汇率以及FDI来源地经济规模、双边贸易规模等重要变量对FDI流人的影响进行统计分析，并给出相关政策建议。

The RMB exchange rate regime reform aims to let the market play a decisive role in the formation of exchange rate, thus to enhance the role of the exchange rate in resource allocation. Since the RMB exchange rate regime reform in 2005, the real effective exchange rate of RMB has recorded remarkable appreciations, and China＇s foreign direct investment （FDI） has achieved significant growth. Therefore, to analyze the relations between the FDI and the RMB exchange rate has strong practical meanings. This paper adopts quantitative methods and conducts statistical analysis to find out the impact of the RMB exchange rate, the economy size of FDI source countries and the bilateral trading volume on FDI, and offers relevant policy recommendations.