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引用次数: 0
摘要
本文研究了汇率变动对企业对外直接投资（ODI）的影响，并考虑了分销型和生产型 ODI 之间的异质性影响。总体而言，本币贬值倾向于增加对外直接投资，这在很大程度上是由于理论模型所预测的分销型对外直接投资的日益兴起。利用 2000 年至 2008 年期间丰富的中国企业层面的 ODI 决策数据，深入的实证研究表明，模型预测的分销 ODI 与出口之间的互补关系得到了有力支持。为应对国内贬值，中国企业设立了更多分销贸易子公司以促进出口。这些结果在不同的计量经济学方法、经验规格和时间跨度下都是稳健的。
Exchange rate, distribution, and outward direct investment
This paper examines the impact of exchange rate movements on firm outward direct investment (ODI), by taking into account the heterogeneous effects between distribution and production ODI. Overall, homecurrency depreciation tends to increase ODI due, in large part, to the growing emergence of distribution ODI as predicted by a theoretical model. Using rich Chinese firm-level ODI decision data over the period between 2000 and 2008, the intensive empirical search shows strong supports to the model prediction on the complementary relationship between distribution ODI and export. In response to home depreciation, Chinese firms set up more distribution trade affiliates to promote exports. Such results are robust to different econometric methodologies, empirical specifications, and time spans.
期刊介绍：
International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
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