汇率不确定性与对外直接投资——基于日本对亚洲8国直接投资的实证分析  

Exchange Rate Uncertainty and FDI Based on Panel Data of FDI from Japan to Asia Countries

作　　者：郭志芳[1] 林季红[1] 

机构地区：[1]厦门大学经济学院国际经济与贸易系

出　　处：《亚太经济》2013年第4期91-97,共7页Asia-Pacific Economic Review

基　　金：2012年国家社会科学基金项目(项目批准号:12BJY073)

摘　　要：本文通过1997-2010年亚洲八国的面板数据模型研究了日本对亚洲发展中国家和新兴市场经济体的FDI与汇率变动之间的关系。研究结果表明,东道国实际有效汇率水平上升、东道国汇率波动加剧,日本对外直接投资增加;东道国汇率预期升值,日本FDI下降;亚洲金融危机阻碍了日本投资者对亚洲的直接投资;次贷危机促使日本投资者将目光更多地转向亚洲。The paper make a study on the relationship between the exchange rate and FDI from Japan to de- veloping countries and emerging market economies of Asia. The evidence yield three main results： first, real ef- fective exchange rate appreciation will promote FDI inflow; second, the increase of real effective exchange rate uncertainty will significantly increase FDI inflow; third, real effective exchange rate of host country expected to appreciate will reduce FDI inflow. The Asian financial crisis has hindered the direct investment from Japan to A- sia; The subprime crisis has prompted Japanese investors to look forward to Asian countries.

关 键 词：汇率水平 汇率波动 汇率预期 FDI 

分 类 号：F830.59[经济管理—金融学]