摘要
本文利用1990—2015年42个国家或地区上市公司数据以及IMF、 RR汇率制度分类数据,深入探讨汇率制度对公司投资弹性的影响及作用机理,并检验金融发展水平不同经济体下汇率制度对公司投资弹性影响的跨国差异。研究表明,汇率制度对公司投资弹性产生显著影响,汇率制度弹性越大的经济体,公司投资弹性越小,且这种影响对亏损公司更强烈;汇率制度弹性增大会通过增大公司需求不确定性和削弱公司间学习效应作用于公司投资弹性;金融发展水平越高,汇率制度弹性对公司投资弹性的负向影响越弱。本文明确汇率制度对公司投资行为影响,以提高公司资源配置效率,也给政府完善汇率形成机制提供政策借鉴。
The study investigated the impact and mechanism that exchange rate regimes have on corporate investment elasticity.It further examined the different effects that exchange rate regimes have on companies’investment elasticity in different countries and at various financial development levels.Empirical analyses are employed to study the data of listed companies in 42 countries and regions from 1990 to 2015 and the classification of IMF/RR’s exchange rate regimes.The study found that the exchange rate regimes had a significant impact on the investment flexibility of the company.Specifically,the more flexible the exchange rate regimes were,the smaller the investment elasticity the companies had.The increase of flexibility of the exchange rate regimes had an impact on the investment flexibility of a company through increased uncertainty of the company’s demand and weakened the learning effect among companies.The higher the level of financial development,the weaker the negative influence of the exchange rate regimes flexibility on the investment elasticity of the company.The study clarified the influence of exchange rate regimes on corporate investment behaviors to improve the efficiency of companies’resource allocation,and provided policy references for the government to improve the exchange rate formation mechanism.
作者
郑建明
王万军
高凌云
Zheng Jianming;Wang Wanjun;Gao Lingyun
出处
《国际金融研究》
CSSCI
北大核心
2019年第1期46-56,共11页
Studies of International Finance
基金
国家自然科学基金一般面上项目"企业动态视角下中国内需变动影响出口的机制及政策应对研究"(71573271)
国家自然科学基金应急管理项目"新常态下中国企业对外投资的管治结构研究"(71541005)
对外经济贸易大学研究生科研创新项目"汇率冲击与公司投资决策--来自跨国微观数据的经验证据"(201826)资助
关键词
汇率制度
公司投资弹性
金融发展
Exchange Rate Regimes
Corporate Investment Flexibility
Financial Development