人民币实际汇率变动与FDI流入结构:理论模型与实证分析  

RMB Real Exchange Rate Change and Structure of FDI Inflow:Theoretical Model and Actual Evidence

作　　者：王雅杰[1] 王宁[1] 

机构地区：[1]哈尔滨工业大学管理学院,哈尔滨150001

出　　处：《科技和产业》2014年第6期140-147,156,共9页Science Technology and Industry

基　　金：国家自然科学基金项目(71173060)

摘　　要：随着FDI流入我国规模的扩大,引资结构也发生了很大的变化。同时,伴随着我国经济实力的增强,FDI流入已从高速成长期进入成熟期,因此,人民币汇率变动对FDI的影响也表现出一定的复杂性。将FDI流入我国的类型划分为贸易型与非贸易型,从投资商谋求利润最大化的微观视角,建立人民币汇率变动与不同类型的FDI之间关系的理论模型。进一步地,利用2006-2011年的月度数据对理论模型的观点进行了验证。研究结果显示,我国制造业FDI与服务业FDI均与人民币汇率呈现正相关关系,但是短期还表现为一定的负相关性。两行业FDI流入成为人民币汇率变动的重要因素。With the expansion of the China＇s FDI inflows, its structure has undergone great changes. At the same time, along with China＇s eeo--nomic strength, FDI inflows from the high speed growth period to mature period, therefore, the RMB exchange rate movements on the impact of FDI also showed some complexity. This paper classifies FDI into tradable FDI and non-tradable one. From the view of investors seeking profit maximum, theoretical model is set up about relationship between change of RMB exchange rate and different FDI. Furthermore, using monthly data of China during 2006-2011, this paper analyses affect of fluctuation of RMB exchange rate to different FDI. The results show that China＇s FDI inflows of manufacturing and service industry had a positive correlation with the RMB exchange rate, but the short-term also had a negative correlation. The FD1 inflows of two industries has become an important factor affecting RMB exchange rate.

关 键 词：人民币实际汇率 FDI流入 贸易型FDI 非贸易型FDI 

分 类 号：F831.6[经济管理—金融学]