摘要
在人民币汇率浮动的视角下,基于海外子公司存在货币错配的情况,本文对我国跨国企业的微观效应进行理论分析并构建相应的理论模型。在理论模型的基础上,采用2005—2012年制造业的季度数据,构建动态面板实证模型,得出滞后一期的人民币汇率波动对跨国母公司当期获贷能力影响显著的研究结论。研究结论与理论模型相符。在此基础上,为我国跨国企业应对人民币汇率风险提出了相关政策建议。
From the perspective of floating RMB exchange rate, under the condition of oversea subsidiaries＇ currency mismatch, we make a theoretical analysis on the micro effect of multi-national enterprises and construct corresponding theoretical models. Based on it, with the quarterly data of manufacturing industry from 2005 to 2012, we construct dynamic panel data models, and find that the fluctuation of RMB exchange rate of one-quarter later has a significant effect on the current credit ability of parent company. The result is consistent with theoretical model. We provide related policy and suggestions for multi-national enterprises to deal with RMB exchange rate risks.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2014年第1期51-58,共8页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家社会科学基金项目(13BJY171)
江苏省社会科学基金项目(09CJS002)
关键词
货币错配
汇率
跨国企业
动态面板模型
currency mismatch exchange ratel multi-national enterprises dynamic panel datamodel
