CAJ | 학술논문

从相对成本和相对财富效应的角度看，人民币升值是中国吸引外资的先决条件之一，但对二者之间的相关度是多少缺乏相应的分析。从理论模型和实证检验的条件研究了人民币升值对中国吸引外资的影响。在理论模型中整理分析了国内外关于汇率变动与外商投资的理论；实证检验时采用计量经济学分析方法，从国别角度以日元为例分析人民币名义汇率升值对吸引外资的影响。基于以上分析，得出了人民币升值对中国吸引外资的影响有多重效应，从财富效应的角度看，人民币升值增加了中国吸引外商直接投资的作用；而从成本效应的角度看，人民币升值将削减中国吸引FDI的总量和规模。
종상대성본화상대재부효응적각도간，인민폐승치시중국흡인외자적선결조건지일，단대이자지간적상관도시다소결핍상응적분석。종이론모형화실증검험적조건연구료인민폐승치대중국흡인외자적영향。재이론모형중정리분석료국내외관우회솔변동여외상투자적이론；실증검험시채용계량경제학분석방법，종국별각도이일원위례분석인민폐명의회솔승치대흡인외자적영향。기우이상분석，득출료인민폐승치대중국흡인외자적영향유다중효응，종재부효응적각도간，인민폐승치증가료중국흡인외상직접투자적작용；이종성본효응적각도간，인민폐승치장삭감중국흡인FDI적총량화규모。
From the perspectives of relative cost and relative wealth effect,RMB appreciation is one of the conditions for China to attract FDI. However,the correlation analysis between the two is inadequate. This paper analyzes the impact of RMB appreciation on China's FDI attraction from both theoretical and empirical perspectives. In theoretical framework,the paper studies the theo-ries on the exchange rate fluctuation and FDI; by using econometric method,the paper takes Japa-nese Yen as example to analyze the impact of RMB nominal value appreciation on FDI attraction. Based on the analysis,the authors find out that the impact of RMB appreciation on FDI attraction has multiple effects. From the perspective of wealth effect,RMB appreciation increases FDI at-traction; from the perspective of cost effectiveness,RMB appreciation will weaken China's total volume and the scale of FDI attraction.