汇率及其波动与日本对华直接投资

发布时间：2018-01-01 01:03

本文关键词：汇率及其波动与日本对华直接投资　出处：《东北亚论坛》2010年03期 　论文类型：期刊论文

【摘要】：日本是我国重要的贸易伙伴和外商直接投资来源国。影响日本企业对我国直接投资的因素可能有多种,本文拟从汇率因素切入,并以日本对华直接投资的事实数据和特征为背景,研究日元与人民币双边真实汇率对日本对华直接投资的影响。首先通过GARCH模型对双边真实汇率的波动进行测算,然后以此变量和真实汇率变量为基础,通过脉冲响应函数和方差分解技术,研究真实汇率水平及其波动对流入我国的日本FDI带来的影响。模型结果显示,双边真实汇率及其波动均对FDI产生了显著影响,而且该影响同理论预期相吻合,说明真实汇率是影响日本对华直接投资的重要因素,现阶段保持人民币汇率的相对稳定性有利于日本对华直接投资的增长。
[Abstract]:Japan is China's important trade partner and source of foreign direct investment in China. Japanese enterprises of China's direct investment effect may have many, this article from the perspective of exchange rate factors, and in fact data and the characteristics of Japanese direct investment in China as the background, effect of yen and RMB bilateral real exchange rate against the Japanese direct investment in China. Calculate first through the volatility GARCH model of bilateral real exchange rate and real exchange rate, then the variable variables as the basis, through the impulse response function and variance decomposition technique, effects of the real exchange rate fluctuations on the research and the inflow of China's FDI in Japan. The results of the model show that the bilateral real exchange rate and its volatility had significant effect of FDI, and the effect is consistent with the theoretical prediction is consistent, that the real exchange rate is an important factor influencing Japanese direct investment in China, at the present stage to maintain The relative stability of the RMB exchange rate is conducive to the growth of Japan's direct investment in China.

【作者单位】：南开大学跨国公司研究中心;河北金融学院金融研究所;河北大学经济学院;
【基金】：教育部人文社会科学研究项目“贸易摩擦与产业结构优化——从日本化解贸易摩擦的对策谈起”(06JAGJW005)
【分类号】：F224;F832.6
【正文快照】： 一、前言日本是我国外商直接投资的重要来源国,早在2000年的时候,日本已经成为我国的第三大投资国,并且在此之后对我国的FD I呈快速上升态势,一直延续到2005年。由于受我国汇率形成机制改革及2008年金融风暴等因素的影响,近几年,日本的FD I及增速出现下降和回落,但仍然是我国

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