汇率变化、贸易服务与中国企业对外直接投资

发布时间：2018-04-01 11:16

本文选题：汇率变化　切入点：贸易服务　出处：《世界经济》2017年11期

【摘要】：本文研究汇率变化对异质性出口企业对外直接投资的影响及机制,尤其是对贸易服务型投资的"出口传导"效应。以往研究只关注汇率对制造业投资的"出口替代"影响,忽略了出口与贸易服务型投资的"互补关系"。本文从理论和经验分析两方面考察了汇率对贸易服务型投资的影响,在理论方面拓展了异质性企业对外直接投资模型,而经验分析方面基于2000-2008年的微观企业样本,处理了内生性和稀有事件等问题。研究发现当汇率上升10%时,贸易服务型投资概率将上升4.3%,这一结果对不同计量方法都稳健。
[Abstract]:This paper studies the influence and mechanism of exchange rate change on foreign direct investment (FDI) of heterogeneous export enterprises, especially the "export conduction" effect on trade service-oriented investment. In the past, we only focused on the "export substitution" effect of exchange rate on manufacturing investment. The "complementary relationship" between export and trade service investment is neglected. This paper investigates the influence of exchange rate on trade service investment from the aspects of theory and experience, and extends the foreign direct investment model of heterogeneous enterprises in theory. The empirical analysis based on the samples of microenterprises from 2000 to 2008 deals with endogenous and rare events. It is found that when the exchange rate rises by 10%, the probability of trade service investment will rise by 4.3%, which is robust to different measurement methods.
【作者单位】：对外经济贸易大学国际经贸学院;北京大学国家发展研究院;
【基金】：国家自然科学基金青年项目课题“汇率波动,出口传导和异质性企业对外直接投资”(71503043) 对外经济贸易大学青年课题“人民币、企业生产率与对外直接投资”(14QN02) 国家杰出青年项目基金(71625007)的资助
【分类号】：F125;F279.2;F752.68;F832.6

【相似文献】