摘要
人民币汇率持续升值对我国的OFDI和IFDI都带来一定的影响,本文通过实证研究发现1994年的汇率改革对IFDI的影响较大,对OFDI没有显著影响,改革前汇率和IFDI为正相关,改革后为负相关;2005年汇率改革对我国IFDI影响不显著,对OFDI影响显著,汇率和OFDI为负相关。VAR模型表明人民币升值有利于促进境外直接投资,不仅具有短期效应而且具有长期效应,此外,GDP对OFDI具有长期、持续且平稳的促进效应,因此,经济增长和经济实力的增强有力地促进了我国的对外直接投资。
Continuing appreciations of RMB exchange rate on China＇s OFDI and IFDI has brought a certain effect. Through empirical study, this paper finds that in 1994 the exchange rate reform had great influences on OF- DI, no significant effect on the IFDI. Before the reform, the exchange rate and IFDI are positively related, however it is negatively correlated after the reform. In 2005 year, the exchange rate reform had little influence on China＇s IFDI, but significant effect to OFDI, the exchange rate and OFDI are inverse correlations. The VAR model indicated that the RMB revaluation is advantageous in the promotion foreign direct investment, not only has the short-term effects but also has the long-term effects. In addition, the GDP has long-term, continuous and smooth promotion effect on OFDI. Therefore, the economic growth and economic strength enhanced greatly promote China＇s foreign direct investment.
出处
《中央财经大学学报》
CSSCI
北大核心
2011年第8期23-28,共6页
Journal of Central University of Finance & Economics
关键词
境外直接投资
协整分析
脉冲响应分析
Outward Foreign Direct Investment Co-integration Test Impulse-response Analysis
