人民币国际化与中国对东盟直接投资的出口贸易效应  

RMB Internationalization and the Export Trade Effect of China’s Direct Investment in ASEAN

作　　者：金丹[1] 张誉夫 Jin Dan;Zhang Yufu(International College of Guangxi University,Nanning 530004,Guangxi,China)

机构地区：[1]广西大学国际学院,广西南宁530004

出　　处：《金融发展研究》2022年第12期25-34,共10页Journal Of Financial Development Research

基　　金：广西哲学社会科学规划研究课题“中国—东盟产能合作与区域价值链升级研究”(20FGJ001)。

摘　　要：将人民币国际化、中国对东盟直接投资(OFDI)及出口贸易纳入统一的分析框架,探究人民币国际化影响中国对东盟OFDI出口贸易效应的机制和作用途径,并采用2010—2019年中国与东盟十国的跨国数据进行了实证检验。研究发现:中国对东盟OFDI与中国向东盟的出口贸易存在显著的互补效应;人民币国际化具有正向调节作用,能够显著增强中国对东盟OFDI的出口贸易效应,且人民币国际化水平越高,对中国对东盟OFDI的出口带动效应越强;人民币国际化的调节作用在对市场寻求型以及持有人民币储备的东盟国家投资中更加突出。这一发现完善了人民币国际化的内在逻辑,有效解释了国际货币职能发挥作用的传导路径。我国应稳慎推进人民币国际化,在明晰人民币国际化异质性基础上推行差别化的企业扶持措施,以更大程度激发中国对东盟OFDI的出口带动作用。In this paper, RMB internationalization, Chinese direct investment(OFDI) and export trade to ASEAN are included in a unified analytical framework to explore the mechanisms and channels of action of RMB internationalization affecting the export trade effects of Chinese OFDI to ASEAN,and empirical tests are conducted using cross-country data between China and ten ASEAN countries from 2010 to 2019. The study finds that there is a significant complementary effect between China’s OFDI to ASEAN and China’s export trade to ASEAN. RMB internationalization has a positive moderating effect, which can significantly enhance the export trade effect of China’s OFDI to ASEAN,and the higher the level of RMB internationalization,the stronger the export-led effect on China’s OFDI to ASEAN;the moderating effect of RMB internationalization is more prominent in investments in market-seeking as well as in ASEAN countries that hold RMB reserves. This finding completes the internal logic of RMB internationalization and effectively explains the transmission path of the functioning of international monetary functions. China should prudently promote RMB internationalization and implement differentiated enterprise support measures on the basis of clear heterogeneity of RMB internationalization in order to stimulate the export-led effect of China’s OFDI to ASEAN to a greater extent.

关 键 词：人民币国际区域化 OFDI 东盟 贸易强国 高水平对外开放 

分 类 号：F822.2[经济管理—财政学]