經(jīng)貿(mào)專業(yè)外文翻譯---人民幣匯率傳遞的不對稱性對外商直接投資進出口業(yè)務的影響-其他專業(yè)(編輯修改稿)
2025-02-24 02:59 本頁面
【文章內(nèi)容簡介】 growth in China, but a few relating to the RMB exchange rate volatility. Chou (2021) give the conclusion RMB exchange rate volatility has negative impact on trade. Li and Voon (2021) analyze the exchange rate misalignment and volatility impact on different sector export of manufacturing industry. By focusing on the behavior of ForeignInvested Enterprises (FIEs), this paper also tries to illustrate the relationship of RMB exchange rate volatility and trade flows 2 GU Yu , The Analysis of RMB Real Exchange Rate Asymmetric Volatility Impact on ForeignInvested Enterprises Export and Import in China International Conference of Management Science and Engineering, 2021 : 1641 1647 from a different angle. The reasons for focusing on FIEs are as follows. Firstly, because of the two decades macroeconomic policies of attracting Foreign Directed Investment (FDI) and encouraging exportoriented FIEs, the FIEs play a very important role in Chinese trade and contribute lots of trade surplus. So it will be necessary to study how the exchange rate affects their trade. Secondly ,the FIEs tend to have superior market status in international market, more experience dealing with risks, more access to the world financial markets, pared with the statedowned or private enterprises in China. So it is natural to ask whether the FIEs can avoid the exchange risk as a special group. Thirdly, many Chinese FIEs take the processing trade pattern, it should be dealt with whether these characteristics of FIEs will twist the relationship between FIEs trade and exchange rate volatility. 2. The empirical analysis of exchange rate volatility impact on FIEs trade （ 1） Data description and stability test The dataset of this paper is from the period Q /1997 to Q3/2021. X is the real quarterly export amount of Chinese FIEs, deflated by the price index for Chinese export(2021=100), multiplied by RMB nominal exchange rate against dollar。 M is the real quarterly import amount of Chinese FIEs, deflated by the price index for Chinese import (2021=100), multiplied by RMB nominal exchange rate against dollar。 Y is Chinese real national ine, measured as Chinese nominal GDP deflated by GDP deflator (2021=100)。Yf is Chinese main trading partners39。 national ine in RMB, measured as the sum of their nominal GDP deflated by their own GDP deflators (2021=100), then multiplied by average RMB nominal exchange rate against dollar, which including US, Japan, Germany, UK, Korea, Holland. （ 2） Testing the relationship between exchange rate volatility and FIEs export As the Tab. 1 indicates, all the variables are I(1) process, so I can use the EngleGranger methods to analyze the longrun relationship between the variables based on the function (3). The estimated result is as follows. The residual of equation is proved to be stationary series tested by the ADF test, which means the variables has a longrun cointegration relationship. Tstatistics are in parentheses. The biggest lag length is 12 in the ADF test. (n, nt, c) means (lag length, no trend, with intercept), (n,nt,nc) means (lag length, n
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