新形势下人民币汇率升值对我国 FDI的影响——基于引力模型的实证分析

FDI(外商直接投资)是改革开放以来我国经济增长的重要推动力。有观点认为人民币升值会导致FDI流入的减少。针对这一观点,本文建立在引力模型基础上,增加了劳动力成本、资源成本、贸易总量和汇率效应变量。经过分析发现,汇率是影响FDI的首要因素,经济总量和国际经济周期因素也是FDI流入的重要影响因素,同时劳动力成本的影响效应也很显著。

The ImpactofRMBAppreciationonFDItoChina underNew

Since the reform and opening up,FDI has been an important impetus to the economic development of China.Some people deem that the appreciation of RMB will lead to the decrease of the FDI inflow.In order to test this hypothesis,this paper explores the main factors that influence FDI inflow and examines the specific impact of exchange rate regime reform of China on the FDI inflow.We base our model on the classic gravity model and extend it to encompass exchange rate,labor cost,resources cost,etc.The result sho...