人民币汇率波动对制造业出口企业投资的影响研究
he impact of exchange rate volatility on export enterprise level investment
企业投资对解释中国经济的长期增长和短期波动都至关重要。本文使用2007-2014年中国制造业上市公司的财务数据，采用系统GMM估计方法，研究了人民币实际有效汇率波动对出口企业投资的影响。研究结果显示：人民币实际汇率波动的提高不利于中国制造业出口企业的投资，企业成本加成的提高或者企业规模的扩大会减弱这种不利影响，而企业出口收入比率的增加不会显著扩大这一不利影响。
Enterprises' investment is crucial in explaining the long term development and the short term volatility of China's economy.This paper use financial data of Chinese manufacturing listed companies from 2007 to 2014,applying the system GMM to analyze the impact of real effective exchange rate volatility on export enterprises. The result showed that exchange rate volatility has negative effect on enterprises' investment, and this effect is weakened with higher mark up while higher export won't strengthen it.
杨胜刚、王雨薇
经济学贸易经济财政、金融
汇率波动企业投资系统GMM估计
exchange rate volatilityinvestment of enterprisesystem GMM estimation
杨胜刚,王雨薇.人民币汇率波动对制造业出口企业投资的影响研究[EB/OL].(2016-02-15)[2025-07-25].http://www.paper.edu.cn/releasepaper/content/201602-107.点此复制
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