摘要
本文综合分析了当今外来直接投资理论的最新发展和对发达国家的实证研究结果,并从理论与实践相结合的基础上探讨了人民币汇率对我国外来直接投资的影响。文章通过对我国对外开放特别是作为新兴市场经济大国的实证分析,发现人民币汇率的所谓“财富效应”只能影响中外合资和中外合作型外来直接投资,而外商独资型外来直接投资则主要受我国独特的区位优势影响。文章认为,随着入世后人民币汇率波动幅度的扩大,以追求我国区位优势和内部化优势为目的的外商独资型外来直接投资将迅速增长。
This paper comprehensively surveys the latest developments in the literature of foreign direct investment (FDD and the result of empirical study on developed countries, and explores theoretically and empirically the impact of exchange rate on the inflow of FDI into China. In the light of the real situation of opening-up and reform in China as an economically powerful country as an emerging market, the paper finds out that FDI in the form of joint ventures and cooperating production are affected by the so-called 'wealth effect' of China's exchange rate, while FDI in the form of wholly foreign invested enterprises are mainly influenced by China's unique 'location advantage'. Moreover, the paper holds that with increasing flexibility of exchange rate of Renminbi after China's entry into the WTO, the inflow of FDI seeking location advantage and internalization advantage in China will accelerate.
出处
《上海财经大学学报》
2004年第1期34-38,共5页
Journal of Shanghai University of Finance and Economics
