汇率水平、汇率波动与中国企业对外直接投资

发布时间：2018-08-02 07:58

【摘要】：基于微观层面中国企业数据,企业层面的有效汇率水平并不能影响中国企业的对外直接投资,说明汇率水平带来的"财富效应"与"成本效应"对中国企业是相互抵消的。同时,企业层面的有效汇率波动反而能够促进中国企业的对外直接投资,说明我国企业在对外直接投资中,存在着显著的风险偏好特点。另外,我国企业的对外直接投资还会考虑东道国的劳动力成本以及东道国的市场规模。
[Abstract]:Based on the data of Chinese enterprises at the micro level, the level of effective exchange rate at the enterprise level can not affect the foreign direct investment of Chinese enterprises, which indicates that the "wealth effect" and "cost effect" brought by the exchange rate level are mutually counterbalanced to the Chinese enterprises. At the same time, the fluctuation of effective exchange rate at the enterprise level can promote the foreign direct investment of Chinese enterprises, which indicates that there are significant risk preference characteristics in the foreign direct investment of Chinese enterprises. In addition, the foreign direct investment of Chinese enterprises will take into account the labor cost and market size of the host country.
【作者单位】：南开大学中国特色社会主义建设协同创新中心;南开大学国际经济研究所;
【分类号】：F125;F279.2;F832.6

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