人民币汇率变化与制造业投资——来自企业层面的证据

Journal of Financial Research

2015, Vol. 425

Issue (11): 1-14 DOI:

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The RMB Exchange Rate Changes and the Investment in Manufacturing Industry:Evidence from Chinese Firms’ Data

WU Guoding, JIANG Guohua

Institute of World Economics and Politics, Chinese Academy of Social Sciences
Guanghua School of Management, Peking University

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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.

Key words： Enterprise investment Enterprise effective exchange rate External dependence Markup Import product competition

Received: 26 December 2014 Published: 19 April 2018

JEL分类号:	E22
	F31
	F19

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WU Guoding,JIANG Guohua. The RMB Exchange Rate Changes and the Investment in Manufacturing Industry:Evidence from Chinese Firms’ Data[J]. Journal of Financial Research, 2015, 425(11): 1-14.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2015/V425/I11/1

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