CAJ | 학술논문

本文基于市场导向和成本导向两类外商直接投资，建立了两个汇率影响理论模型，并证明对这两类直接投资，汇率变动会有不同的影响，人民币升值将会促进市场导向型直接投资、抑制成本导向型直接投资。并对日、关两国对中国直接投资进行实证检验，得到与理论相符的结论。构造了直接投资总体实证模型，分析了汇率变化对直接投资总额的影响，并提出了相应的政策建议。
본문기우시장도향화성본도향량류외상직접투자，건립료량개회솔영향이론모형，병증명대저량류직접투자，회솔변동회유불동적영향，인민폐승치장회촉진시장도향형직접투자、억제성본도향형직접투자。병대일、관량국대중국직접투자진행실증검험，득도여이론상부적결론。구조료직접투자총체실증모형，분석료회솔변화대직접투자총액적영향，병제출료상응적정책건의。
The paper develops two theoretical models for market-oriented and cost-oriented foreign direct investment （FDI） . The models predict that exchange rate adiustment has different effects on the two kinds of FDI. Appreciation of RMB yuan will attract more market-oriented FDI, whereas it will decrease cost-oriented FDI. To establish empirical validity of our model＇s implications, we develop two empirical models for Japan and the USA and the empirical results also support our theoretical models. Furthermore we establish a model of the whole FDI to China, and test the effect of exchange rate on FDI.