人民币汇率波动对国际企业价值影响实证研究  

Empirical Analysis of RMB Exchange Rates' Influence on International Enterprise Value

作　　者：丁晖[1] 谢赤[1] 陈琼[1] 

机构地区：[1]湖南大学工商管理学院,长沙410082

出　　处：《经济问题》2008年第8期102-105,共4页On Economic Problems

基　　金：国家社会科学基金重点资助项目(07AJL005);全国高校青年教师奖励基金资助项目(教人司2002[123])

摘　　要：双对数计量经济模型可以较为准确地描述人民币汇率对国际企业价值的影响。实证分析表明,人民币汇率对企业中短期产生的影响较大,且影响强度随着国际企业外贸收入占主营业务收入比例的增长而增大。通过对行业指数(包括非金融行业指数和金融行业指数)的中期历史数据的分析,发现不同行业受到外汇风险的影响各有不同。作为研究结果的应用,根据实证结论有针对性地提出了外汇风险管理建议。From the paper, it can more accurately describe the influence of the RMB exchange rate on the international enterprise value resorting to the econometric model. Through the empirical analysis, the influence of the RMB exchange rate on enterprise is proved to be obvious in the medium- term. With the percentage：of the foreign trade revenue in the main business income increasing, the influence will be getting more and more obvious. Based on analyzing the medium- term historical data of industry index （ including non-financial sector index and the financial sector index ）, we found that in different sectors, the influences of the foreign exchange risks are also various. Finally, according to the empirical conclusions, we come up with our suggestions on the foreign exchange risk management.

关 键 词：人民币汇率 企业价值 国际企业 实证研究 

分 类 号：F830.73[经济管理—金融学]