人民币国际化促进了中国企业国际化吗?

Has the Internationalization of the RMB Promoted the Internationalization of Chinese Enterprises?

自2009年4月我国跨境贸易人民币结算试点启动以来,人民币国际化加速,这对我国对外开放和经济发展都产生了广泛影响。根据2008—2018年A股上市公司数据,通过构建人民币国际化指数,可以检验人民币国际化水平对我国企业国际化进程的影响。(1)人民币国际化水平的提升可以显著促进我国企业国际化进程。(2)对我国企业国际化的影响存在所有权和地区差异:与国有企业相比,非国有企业的国际化经营更有可能从人民币国际化水平的提升中获益;对东部企业国际化进程影响最大,中部企业次之,西部企业无显著影响。这为拓展人民币国际化与企业国际化的相关研究,进一步推进人民币国际化和跨国公司成长提供了重要的理论指导。

Since the launch of the trials of settling cross-border trade accounts in Renminbi(RMB),the internationalization of the RMB has entered an accelerated path,and its impact on the real economy has received widespread attention.Based on this,using Chinese A-share listed companies’data from 2008 to 2018,this study investigated the effect of RMB internationalization on Chinese enterprises’internationalization by constructing the RMB internationalization index for the first time.Our research identifies the following conclusions.(1)The internationalization of the RMB can significantly promote the process of Chinese enterprises’internationalization.(2)The effects of RMB internationalization depend on the ownership types and locations of the enterprises.Compared with state-owned enterprises,the international operations of non-state-owned enterprises are more likely to benefit from the internationalization of the RMB,which has the largest impact on the internationalization of the enterprises in the China’s coastal areas,while the midlands areas take second place and there has been a limited impact in the western regions.Therefore,this study further expands the research on the internationalization of the RMB and those enterprises,and provides important theoretical guidance for China to further advance the monetary internationalization processes which can better serve the real economy.