人民币升值的动因、负面影响及其与企业研发投资的关系分析
发布时间：2018-11-09 09:48
【摘要】：内在体制不健全是人民币升值的根源,长期以来实施"重创汇,轻用汇"的外汇管理政策以及出口导向的贸易政策,导致外汇供求结构失衡;各级政府、企业对外资的偏好导致不少低质量的外资进入中国,加剧了外汇供求的不均衡;再者,国内资源紧张态势以及随之而来的成本急剧上涨对人民币升值起了推波助澜的作用。人民币升值会对出口贸易、就业水平、产业结构调整以及收入分配带来负面影响,除此之外,扩展的古诺模型显示,汇率升值还会增加企业生产的边际成本,导致企业进行研发投资的积极性受挫。当前,人民币升值正处于重要关口,充分认识升值可能带来的各种负面影响,尤其是可能会对企业研发投资带来一定的冲击,及时采取相应的对策,显得非常重要。
[Abstract]:The imperfect internal system is the root of RMB appreciation. For a long time, the foreign exchange management policy of "paying more attention to foreign exchange earning than using foreign exchange" and the export-oriented trade policy have led to the imbalance of foreign exchange supply and demand structure. The preference of governments and enterprises for foreign capital at all levels leads to the entry of many low-quality foreign capital into China, which exacerbates the imbalance between supply and demand of foreign exchange. Moreover, domestic resource constraints and the resulting sharp rise in costs have contributed to the appreciation of the yuan. RMB appreciation will have a negative impact on export trade, employment level, industrial structure adjustment and income distribution. In addition, the extended Cournot model shows that exchange rate appreciation will also increase the marginal cost of enterprise production. Lead to the enthusiasm of enterprises to invest in R & D frustrated. At present, RMB appreciation is at an important level. It is very important to fully understand the possible negative effects of appreciation, especially the impact on R & D investment of enterprises. It is very important to take corresponding countermeasures in time.
【作者单位】： 中南财经政法大学金融学院;
【基金】：中南财经政法大学振兴工程科研基金资助项目(31140910511)
【分类号】：F822.0;F273.1
[Abstract]:The imperfect internal system is the root of RMB appreciation. For a long time, the foreign exchange management policy of "paying more attention to foreign exchange earning than using foreign exchange" and the export-oriented trade policy have led to the imbalance of foreign exchange supply and demand structure. The preference of governments and enterprises for foreign capital at all levels leads to the entry of many low-quality foreign capital into China, which exacerbates the imbalance between supply and demand of foreign exchange. Moreover, domestic resource constraints and the resulting sharp rise in costs have contributed to the appreciation of the yuan. RMB appreciation will have a negative impact on export trade, employment level, industrial structure adjustment and income distribution. In addition, the extended Cournot model shows that exchange rate appreciation will also increase the marginal cost of enterprise production. Lead to the enthusiasm of enterprises to invest in R & D frustrated. At present, RMB appreciation is at an important level. It is very important to fully understand the possible negative effects of appreciation, especially the impact on R & D investment of enterprises. It is very important to take corresponding countermeasures in time.
【作者单位】： 中南财经政法大学金融学院;
【基金】：中南财经政法大学振兴工程科研基金资助项目(31140910511)
【分类号】：F822.0;F273.1
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