汇率波动、企业异质性与中国对外直接投资研究

Research on Exchange Rate Fluctuation,Corporate Heterogeneity,and China’s Foreign Direct Investment

对外直接投资作为表现国际资本流动的一种形式,其成本受当前实际汇率水平变化影响,当汇率波动变化过大时,必然影响中国企业对外直接投资的积极性和主动性;不同生产水平、不同企业投资类型受到汇率波动变化所产生的影响也有着较大差异。因此,准确把握汇率波动、企业异质性与中国对外直接投资之间的内在联系,引导企业合理性投资,加快针对海外投资的相关政策完善建设,以期强化对企业对外直接投资的支持,切实提高企业在国际市场中的竞争力。

As a form of international capital flow,the cost of foreign direct investment is influenced by changes in the current actual exchange rate level.When exchange rate fluctuations are too large,it will inevitably affect the enthusiasm and initiative of Chinese enterprises in foreign direct investment.There are also significant differences in the impact of exchange rate fluctuations on different production levels and investment types of enterprises.Therefore,it is necessary to accurately grasp the internal relationship between exchange rate fluctuations,corporate heterogeneity,and China’s outward direct investment,guide rational investment by enterprises,accelerate the improvement and construction of relevant policies for overseas investment,in order to strengthen support for enterprises’outward direct investment and effectively improve their competitiveness in the international market.