Abstract:
This paper calculates export effective exchange rate, import effective exchange rate and examines the impact of RMB exchange rate changes on enterprises investment through export and import channel. The paper finds that RMB appreciation has negative impact on enterprise investment through export channel and the higher export dependence the enterprise has, RMB appreciation has greater negative impact on its investment. The paper also finds that RMB appreciation has positive impact on corporate investment through import channel and the higher import dependence the enterprise has, RMB appreciation has greater positive impact on its investment. The paper also finds that RMB appreciation has greater impact on enterprise investment which facing higher import competition and having a higher proportion of domestic sales. RMB appreciation also has greater impact on enterprise investment which having higher markup.
吴国鼎, 姜国华. 人民币汇率变化与制造业投资——来自企业层面的证据[J]. 金融研究, 2015, 425(11): 1-14.
WU Guoding, JIANG Guohua. The RMB Exchange Rate Changes and the Investment in Manufacturing Industry:Evidence from Chinese Firms’ Data. Journal of Financial Research, 2015, 425(11): 1-14.
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