外商直接投资、汇率甄别与经济增长质量——基于中国省级样本的经验分析

发布时间：2018-03-29 04:06

本文选题：外商直接投资　切入点：实际有效汇率　出处：《经济科学》2017年02期

【摘要】：本文测度了2001-2015年中国大陆29个省市的经济增长质量和人民币实际有效汇率,考察了FDI对增长质量的作用以及汇率变化的影响。结果显示,FDI整体降低了经济增长的质量,外商在华投资中可能存在着较大比例的非耐心资本。人民币汇率升值具有显著的FDI甄别效应,通过提高耐心投资份额改善了FDI的作用。经济联系紧密度越低,资本流动倾向越高,甄别效应越显著。汇率甄别主要在效率和可持续性渠道中改善了FDI的作用,在稳定性渠道中则没有显著影响。当汇率持续升值时,其在效率和可持续性渠道中的积极作用会迅速衰减,对资本流入的冲击还将引发稳定性渠道中强烈的负面反应。
[Abstract]:This paper measures the quality of economic growth and the real effective exchange rate of RMB in 29 provinces and cities in mainland China from 2001 to 2015, and examines the effect of FDI on the quality of growth and the change of exchange rate. There may be a large proportion of non-patient capital in foreign investment in China. The appreciation of the RMB exchange rate has a significant FDI screening effect and improves the role of FDI by increasing its share of patient investment. The higher the tendency of capital flow, the more significant the screening effect is. Exchange rate screening improves the role of FDI mainly in efficiency and sustainability channels, but not in stable channels. Its positive role in efficiency and sustainability channels will decline rapidly, and the impact on capital inflow will cause strong negative reactions in the stable channels.
【作者单位】：山东大学经济学院;
【基金】：国家自然科学基金青年项目(71403144) 教育部人文社会科学研究青年基金项目(14YJC790105)的阶段性成果
【分类号】：F832.6;F124.1

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