日元汇率波动对日本对外直接投资的影响研究
发布时间：2018-10-14 19:34
【摘要】：对外直接投资是指企业以跨国经营的方式所形成的国际间资本流动，其动机包括：获取原材料、寻求知识、降低成本、学习技术和规避贸易壁垒等。对外直接投资在促进经济增长、贸易增加、优化产业结构和带动就业等方面都起到了积极的推动作用。作为世界第二大经济强国的日本，其对外直接投资始于20世纪80年代中期，此后快速发展，步入对外直接投资大国的行列。汇率是一国货币兑换另一国货币的比率，汇率的变动对一国的进出口额、物价水平和资本流动都有重要影响，既能调节一国的国际收支，又能作为宏观调控的重要手段。1985年广场协议之后，日元大幅度升值，而后90年代的泡沫危机、亚洲金融危机和近年来的国际金融危机都使得日元汇率频繁波动。 汇率波动与OFDI之间的关系一直是国内外经济学家争论的焦点，至今也没有形成系统的理论体系。本文首先梳理国内外学者的研究文献，进行总结和评述；然后回顾广场协议之后日元汇率波动历史和对外直接投资的情况，从宏观整体上简单分析；接下来阐述对外直接投资动因理论和汇率决定理论，在此基础上分析汇率波动对OFDI影响的传导机制。最后一部分是实证检验，先建立实证模型，然后分别回归日元汇率波动对美国和中国投资的影响的方程，进行实证结果分析，提出现阶段中国如何引入外资的政策建议。 在实证检验部分，我们得出日本对中国的投资类型兼具出口导向型和市场导向型的结论。面对日本量化宽松货币政策和人民币贬值以及中国劳动力成本上升的现状，中国需要从引入外资政策调整、产业结构优化和稳定国内经济环境等方面加以变化，来吸引外资流入，，带动经济发展。
[Abstract]:Foreign direct investment (OFDI) refers to the international capital flow formed by enterprises in the form of transnational operation. Its motivation includes acquiring raw materials, seeking knowledge, reducing costs, learning technology and circumventing barriers to trade. FDI plays a positive role in promoting economic growth, increasing trade, optimizing industrial structure and promoting employment. As the world's second largest economic power, Japan's foreign direct investment (FDI) began in the mid-1980s, and has developed rapidly since then, stepping into the ranks of large countries of foreign direct investment (FDI). The exchange rate is the ratio of one country's currency to another's currency. Changes in the exchange rate have an important impact on a country's imports and exports, price levels and capital flows, which can regulate a country's balance of payments. After the Plaza Accord in 1985, the yen appreciated by a large margin, then the bubble crisis in the 1990s, the Asian financial crisis and the international financial crisis in recent years made the yen exchange rate fluctuate frequently. The relationship between exchange rate fluctuation and OFDI has always been the focus of debate among economists at home and abroad, and no systematic theoretical system has been formed up to now. Firstly, this paper reviews the research literature of domestic and foreign scholars, then reviews the history of yen exchange rate fluctuation and foreign direct investment after the Plaza Accord, and analyzes the whole situation of foreign direct investment. Secondly, the theory of FDI motivation and exchange rate determination is expounded, and the transmission mechanism of exchange rate fluctuation on OFDI is analyzed. The last part is the empirical test. First, the empirical model is established, then the equation of the impact of yen exchange rate fluctuations on the investment of the United States and China is regressed, and the empirical results are analyzed, and the policy suggestions on how to introduce foreign capital into China at the present stage are put forward. In the part of empirical test, we draw the conclusion that Japan's investment type in China is both export-oriented and market-oriented. In the face of Japan's quantitative easing monetary policy, the devaluation of the RMB and the rising labor costs in China, China needs to make changes in terms of introducing foreign investment policy adjustment, optimizing the industrial structure, and stabilizing the domestic economic environment. To attract foreign capital inflows, drive economic development.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F833.13
本文编号：2271433
[Abstract]:Foreign direct investment (OFDI) refers to the international capital flow formed by enterprises in the form of transnational operation. Its motivation includes acquiring raw materials, seeking knowledge, reducing costs, learning technology and circumventing barriers to trade. FDI plays a positive role in promoting economic growth, increasing trade, optimizing industrial structure and promoting employment. As the world's second largest economic power, Japan's foreign direct investment (FDI) began in the mid-1980s, and has developed rapidly since then, stepping into the ranks of large countries of foreign direct investment (FDI). The exchange rate is the ratio of one country's currency to another's currency. Changes in the exchange rate have an important impact on a country's imports and exports, price levels and capital flows, which can regulate a country's balance of payments. After the Plaza Accord in 1985, the yen appreciated by a large margin, then the bubble crisis in the 1990s, the Asian financial crisis and the international financial crisis in recent years made the yen exchange rate fluctuate frequently. The relationship between exchange rate fluctuation and OFDI has always been the focus of debate among economists at home and abroad, and no systematic theoretical system has been formed up to now. Firstly, this paper reviews the research literature of domestic and foreign scholars, then reviews the history of yen exchange rate fluctuation and foreign direct investment after the Plaza Accord, and analyzes the whole situation of foreign direct investment. Secondly, the theory of FDI motivation and exchange rate determination is expounded, and the transmission mechanism of exchange rate fluctuation on OFDI is analyzed. The last part is the empirical test. First, the empirical model is established, then the equation of the impact of yen exchange rate fluctuations on the investment of the United States and China is regressed, and the empirical results are analyzed, and the policy suggestions on how to introduce foreign capital into China at the present stage are put forward. In the part of empirical test, we draw the conclusion that Japan's investment type in China is both export-oriented and market-oriented. In the face of Japan's quantitative easing monetary policy, the devaluation of the RMB and the rising labor costs in China, China needs to make changes in terms of introducing foreign investment policy adjustment, optimizing the industrial structure, and stabilizing the domestic economic environment. To attract foreign capital inflows, drive economic development.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F833.13
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