人民币汇率波动对国际证券投资的影响分析  

Analysis of the Impact of RMB Exchange Rate Fluctuations on International Securities Investment

作　　者：王博 Wang Bo(Zhongtai Securities Co.,Ltd.Anhui Branch,Hefei,Anhui 230000)

机构地区：[1]中泰证券股份有限公司安徽分公司,安徽合肥230000

出　　处：《中国商论》2024年第16期118-121,共4页China Journal of Commerce

摘　　要：随着中国证券市场国际化发展,以股票和债券等标的为主的国际证券投资规模正日益扩大。与此同时,人民币汇率作为衡量货币政策的重要指标,对中国国际证券资本的流动和证券投资规模产生显著影响。在分析人民币汇率波动对国际证券投资影响机理的基础上,本文使用2015—2022年中国对30个国家和地区的国际证券投资数据,构建多元回归分析模型验证人民币汇率波动对国际证券投资的影响。结果表明:人民币汇率波动对国际证券投资具有显著正向影响且滞后一期的人民币汇率波动对国际证券投资规模的影响依旧显著。人民币汇率波动已成为影响国际证券投资的重要因素。因此,要大力发展国内证券市场,实现金融市场深化,同时优化人民币汇率管控,防范跨境证券投资风险,以不断推动我国国际证券投资水平的提升。With the internationalization of China’s securities market,the scale of international securities investment mainly focused on stocks and bonds is expanding day by day.At the same time,the RMB exchange rate,as an important indicator for measuring monetary policy,also has a signifi cant impact on the fl ow of international securities capital and the scale of securities investment in China.On the basis of analyzing the impact mechanism of RMB exchange rate fluctuations on international securities investment,a multiple regression analysis model is constructed using China’s international securities investment data from 30 countries and regions from 2015 to 2022 to verify the impact of RMB exchange rate fl uctuations on international securities investment.The empirical research results indicate that the fl uctuation of the RMB exchange rate has a signifi cant positive impact on international securities investment,and the impact of the lagged RMB exchange rate fl uctuation on the scale of international securities investment is still signifi cant.The fl uctuation of the RMB exchange rate has become an important factor aff ecting international securities investment.Therefore,it is necessary to vigorously develop the domestic securities market,deepen the financial market,optimize RMB exchange rate control,and prevent cross-border securities investment risks.To continuously promote the improvement of China’s international securities investment level.

关 键 词：人民币汇率 国际证券投资 汇率波动 中国债券 证券市场 

分 类 号：F822.2[经济管理—财政学] F812.5