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关于汇率对FDI影响的研究历来是国际经济学界的热点。大多数的研究主要从两个角度展开,一方面就是研究汇率的绝对水平对FDI的影响;另一方面则集中于研究汇率的波动对FDI的影响。本文基于中国1989-2007年的FDI与汇率数据,并考虑了市场规模、劳工成本等影响FDI的其他因素,研究了人民币-美元汇率水平对中国吸收FDI的影响。研究发现,人民币-美元实际汇率的上升将抑制FDI的流入,同时,庞大的市场规模和较低劳动成本同样也是中国吸引FDI的两个主要因素。
Research on the impact of exchange rate on FDI has always been a hot topic in the field of international economics. Most of the studies are mainly from two perspectives, on the one hand is to study the absolute level of exchange rate on the impact of FDI; the other is focused on the exchange rate fluctuations on the impact of FDI. Based on China’s FDI and exchange rate data from 1989 to 2007 and considering other factors affecting FDI such as market size and labor cost, the paper studies the impact of RMB -US exchange rate on China’s absorption of FDI. The study finds that the rise of RMB -US real exchange rate will restrain the inflow of FDI. At the same time, the huge market size and low labor cost are also two main factors that China attracts FDI.