汇率、贸易壁垒与企业“诱发性”对外投资决策  

Exchange Rate,Trade Barriers and “Induced” Outward FDI Strategies

作　　者：孙文莉[1] 伍晓光[2] 

机构地区：[1]北京外国语大学国际商学院,北京100089 [2]中国社会科学院亚太与全球战略研究院,北京100007

出　　处：《财贸研究》2012年第2期67-75,共9页Finance and Trade Research

基　　金：教育部新世纪优秀人才支持计划(NCET-10-0255);中央高校基本科研业务费专项资金(2009JJ025);国家社科基金项目"汇率冲击;贸易摩擦对中国直接投资流出的诱发机制研究"(11BJL049)

摘　　要：将汇率冲击、贸易壁垒与"诱发性"对外直接投资置于一个理论框架下,揭示其间的诱发机制与综合传导路径,得出结论如下:跨越贸易壁垒是诱发企业对外投资行为的重要动因,汇率对直接投资流出可能具有"双向性"作用;在遭遇东道国反倾销威胁时,市场规模对企业对外投资的"跨越"动机起到制约作用;企业拥有的成本优势越具备"可转移"特征,越容易"诱发"对外直接投资的形成;行业内产品差异化程度越高,则越能"诱发"企业从事对外投资。This paper places exchange rate,trade barriers and ＂induced＂ foreign direct investment into a same theoretical framework to reveal mechanism and integrated path-through.The conclusions are：Shunning trade barriers is an important motivation for FDI and exchange rate may have a ＂two-way＂ effect on it;In the event of anti-dumping threat,market size plays a regulatory role on firm＇s FDI decision;The more with the feature of ＂firm-specific＂ advantage,the easier inducing outward FDI;The lower is the degree of product differentiation,the less the tendency for firm＇s foreign investment;The higher the degree of product differentiation,the more probability for firm＇s engaging in ＂induced＂ FDI.

关 键 词：汇率 贸易壁垒 “诱发性”对外直接投资 企业特定成本优势 

分 类 号：F740[经济管理—国际贸易]