浮动汇率制度、企业家精神与经济绩效  

Floating Exchange Rate Regime,Entrepreneurship and Economic Performance

作　　者：江春[1] 马晓鑫 甘田 Jiang Chun;Ma Xiaoxin;Gan Tian

机构地区：[1]武汉大学金融研究中心 [2]武汉大学经济与管理学院

出　　处：《财经科学》2020年第10期13-23,共11页Finance & Economics

基　　金：国家社会科学基金重大项目“扩大中国金融业双向开放的关键问题研究”(15ZDC020)的资助。

摘　　要：为从一个新的角度探讨实行浮动汇率制度的前提条件,本文采用70多个国家和地区①1996-2015年的跨国数据和面板门槛模型,就企业家精神对汇率制度经济效应的影响进行了实证分析。结果发现:一国的企业家精神越强,则实行浮动程度更高的汇率制度对该国越有利;反之,一国的企业家精神越弱,则实行浮动程度更高的汇率制度对该国相对更为不利。这一研究结果表明:实行浮动汇率制度的重要前提是该国拥有大量的具有创新精神、能够应对不确定性并承担风险以及对市场具有深刻洞察力的企业家。这意味着,我国要不断增大人民币汇率制度的弹性,并最终成功地实行浮动汇率制度,需要大力培育企业家精神。In order to discuss the prerequisite of implementing the floating exchange rate regime from a new perspective,this paper empirically analyzed the influence of entrepreneurship on the economic effect of exchange rate regime,based on the cross-country data of more than 70 countries from 1996-2015 and the panel threshold model.The empirical analysis reveals that a country will benefit more from the implementation of floating exchange regime if its entrepreneurship is stronger;otherwise the implementation of floating exchange regime is less favorable for a country if its entrepreneurship is weaker.The empirical results indicate that the prerequisite of implementing the floating exchange rate regime for a country is that it should possess large amount of entrepreneurs who have innovative spirit,can cope with uncertainty and assume risk,and own the acute insight on market.This implies that if our country intends to continually increase the elasticity of RMB exchange rate regime,and successfully realize the floating exchange rate regime ultimately,it needs to cultivate the entrepreneurship emphatically.

关 键 词：浮动汇率制度 企业家精神 经济增长 金融风险 

分 类 号：F831.6[经济管理—金融学]