贸易自由化、实际汇率变动与公司投资——来自跨国微观数据的经验证据

本文以1990-2014年42个国家(地区)的上市公司为样本,从总体关系、作用渠道和跨国异质性等方面考察了实际汇率变动对公司投资的影响。研究发现:实际汇率变动会对贸易公司的投资产生显著影响,实际汇率贬值会显著地促进贸易公司新增投资;而实际汇率变动对非贸易公司投资的影响并不显著。劳动份额对产出贡献越大、融资约束越低和风险承担水平越高的贸易公司,实际汇率贬值对其投资的正向影响越强烈,表明实际汇率变动会通过内源融资、风险承担和融资约束渠道作用于公司投资,且三种渠道中内源融资渠道解释能力最强。贸易自由化越高的经济体,实际汇率贬值对贸易公司投资的正向影响越强烈。

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Nanjing Yiming Investment Consulting & Trading CompanyOur company is located in the Nanjing Jiangning High-New Economic & Technical Development Zone. We mainly engage in project investment and research, business consultancy, and trading. The level of projects we recommend ranges between US $300,000 and US $30 million. We have so far recommended projects to 50 or more domestic and international investors.