摘要
2005年7月,人民币汇率形成机制进行重大改革,对中国经济特别是涉外经济产生了深远影响。本文运用Logistic模型研究了汇率形成机制改革对我国外商直接投资(FDI)产业选择的影响。实证结果显示,人民币汇率机制改革使FDI在中国的产业布局发生改变的概率提高了38.24%。从FDI产业变动的数据来看,汇率形成机制改革后,FDI出现了向第三产业集聚的现象,而且从第三产业内各行业来看,FDI重点加大了对批发零售、科学研究、技术服务和居民服务等行业的投资力度。因而,本文认为,人民币汇率形成机制改革在一定程度上有利于我国产业结构的优化升级。
We witnessed a significant reform in RMB exchange rate formation mechanism（ERFM） in July 2005 which brought far-reaching impact on Chinese economy especially in economy involving foreign elements.Using Logistic model,this paper studies the impact of ERFM reform on industry selection of FDI.The empirical study shows that the reform of RMB ERFM increased the probability of industry layout of FDI in China by 38.24 percent.From the data of FDI industry change,we see the trend that FDI is starting to focus on service sector,in particular in wholesale and retail,scientific research,technology service and household service etc.So this paper argues that reform of RMB ERFM is beneficial to the industry upgrading to some extent.
出处
《南方金融》
北大核心
2011年第3期9-13,8,共6页
South China Finance
