（節(jié)選）經(jīng)貿(mào)專業(yè)外文翻譯---人民幣匯率傳遞的不對(duì)稱性對(duì)外商直接投資進(jìn)出口業(yè)務(wù)的影響

1、<p>　　人民幣匯率傳遞的不對(duì)稱性對(duì)外商直接</p><p>　　投資進(jìn)出口業(yè)務(wù)的影響</p><p><b>　　一、引言</b></p><p>　　自中國(guó)在2005年7月實(shí)施人民幣匯率形成機(jī)制改革以來(lái)，人民幣兌美元上升約5％，人民幣匯率波幅逐步擴(kuò)大。與此同時(shí),中國(guó)仍然呈現(xiàn)“雙順差”局面。據(jù)此,一些經(jīng)濟(jì)學(xué)家指出:實(shí)際有效匯率才是

2、影響一國(guó)貿(mào)易收支的關(guān)鍵因素。因此上述局面形成的主要原因是人民幣實(shí)際有效匯率在匯改后并未顯著升值,貨幣當(dāng)局應(yīng)進(jìn)一步關(guān)注人民幣實(shí)際有效匯率的變動(dòng)。他們認(rèn)為貨幣當(dāng)局應(yīng)擴(kuò)大人民幣匯率的波幅,并預(yù)計(jì)其擴(kuò)大將導(dǎo)致匯率在雙邊波動(dòng)的情況下加速升值。也有一些學(xué)者則強(qiáng)調(diào)匯率對(duì)調(diào)節(jié)貿(mào)易收支的作用有限,認(rèn)為應(yīng)保持匯率的相對(duì)穩(wěn)定,避免匯率大幅波動(dòng)對(duì)中國(guó)進(jìn)出口造成的沖擊。對(duì)于如何選擇最合適的匯率制度以促進(jìn)發(fā)展，許多經(jīng)濟(jì)學(xué)家運(yùn)用不同貿(mào)易的理論模型和經(jīng)驗(yàn)來(lái)分析匯率波動(dòng)

3、的影響。庫(kù)什曼（1983）認(rèn)為，風(fēng)險(xiǎn)厭惡的廠商會(huì)選擇降低他們的貿(mào)易量。Doroodian（1999）和克魯格曼（1989）強(qiáng)調(diào)匯率的波動(dòng)性導(dǎo)致貿(mào)易中的風(fēng)險(xiǎn)增加，特別是當(dāng)貿(mào)易商無(wú)法通過(guò)金融工具來(lái)避險(xiǎn)或者避險(xiǎn)成本過(guò)高的時(shí)候。另一派觀點(diǎn)像Sercu and Vanhulle（1992），Dellas and Zilberfarb（1993）則認(rèn)為匯率的波動(dòng)性可能對(duì)貿(mào)易產(chǎn)生正面的影響。</p><p>　　有關(guān)人民幣匯率

4、對(duì)貿(mào)易的影響也是近年來(lái)的研究熱點(diǎn),但大多集中在考察匯率水平值對(duì)進(jìn)出口總量和貿(mào)易收支的影響方面,考察其波動(dòng)性對(duì)貿(mào)易影響的研究相對(duì)較少。少數(shù)有關(guān)人民幣匯率波動(dòng)性和進(jìn)出口貿(mào)易之間的關(guān)系的文獻(xiàn)都得出了人民幣匯率波動(dòng)性將對(duì)出口產(chǎn)生負(fù)面沖擊的結(jié)果(Chou, 2000;曹陽(yáng)與李劍武, 2006)。李廣眾和Voon(2004)關(guān)注了匯率波動(dòng)性對(duì)制造業(yè)不同部門的影響,他們的研究表明匯率波動(dòng)性對(duì)制造業(yè)中各細(xì)分行業(yè)出口的影響是不同的,并不都表現(xiàn)為負(fù)面沖擊。

5、</p><p>　　基于對(duì)外商投資企業(yè)（外資企業(yè)）的行為，本文還試圖從不同角度說(shuō)明了人民幣匯率波動(dòng)和貿(mào)易流動(dòng)的關(guān)系。有以下幾個(gè)方面：首先，為吸引外商投資企業(yè)定向投資（FDI）和鼓勵(lì)出口導(dǎo)向，近20年我國(guó)制定了一系列的宏觀經(jīng)濟(jì)政策，使得外商投資企業(yè)在中國(guó)貿(mào)易發(fā)揮極其重要的作用，促進(jìn)貿(mào)易的大量順差。因此，研究匯率變動(dòng)如何影響了他們的貿(mào)易是有必要的。其次，相對(duì)于中國(guó)的既定國(guó)有或民營(yíng)企業(yè)，外商投資企業(yè)往往在國(guó)際金融市場(chǎng)

6、上擁有更多處理風(fēng)險(xiǎn)的經(jīng)驗(yàn)和市場(chǎng)地位。因此，很自然地想知道外商投資企業(yè)作為一個(gè)特殊群體是否有避免匯率風(fēng)險(xiǎn)的能力。第三，許多中國(guó)外商投資企業(yè)以加工貿(mào)易的方式，這些特征應(yīng)該能處理是否會(huì)扭轉(zhuǎn)外商投資企業(yè)貿(mào)易和匯率波動(dòng)之間的關(guān)系的問(wèn)題。</p><p>　　二、匯率變動(dòng)對(duì)外商投資企業(yè)的貿(mào)易影響的實(shí)證分析</p><p>　　（1）進(jìn)出口方程數(shù)據(jù)的處理及平穩(wěn)性檢驗(yàn)</p><p&g

7、t;　　數(shù)據(jù)樣本期間為1997年1季度到2006年3季度, X表示中國(guó)的實(shí)際出口額,用名義出口額除以出口價(jià)格指數(shù)(2000=100)計(jì)算得出; M表示中國(guó)的實(shí)際進(jìn)口額,用名義進(jìn)口額除以進(jìn)口價(jià)格指數(shù)(2000=100)計(jì)算得出; Y表示中國(guó)的實(shí)際收入,用實(shí)際GDP來(lái)進(jìn)行衡量;Yf表示中國(guó)主要貿(mào)易伙伴國(guó)的實(shí)際收入,是美國(guó)、日本、德國(guó)、荷蘭、英國(guó)、韓國(guó)6國(guó)的以美元計(jì)的實(shí)際GDP加總后再乘以人民幣對(duì)美元匯率得到的</p><

8、p>　?。?）分析人民幣匯率變動(dòng)和外商投資企業(yè)出口之間的關(guān)系</p><p>　　由表 1檢驗(yàn)結(jié)果可以看出，各變量的原值是I（1）過(guò)程，因此各變量單整階數(shù)一致,可以使用Engle-Granger的兩步法來(lái)判斷變量間的長(zhǎng)短期關(guān)系。檢驗(yàn)結(jié)果如下：經(jīng)ADF檢驗(yàn)表明各變量之間有一個(gè)長(zhǎng)期平穩(wěn)的協(xié)整關(guān)系。括號(hào)中的值為t統(tǒng)計(jì)量</p><p>　　說(shuō)明：表中的ADF檢驗(yàn)的最大滯后階數(shù)為12, (n

9、, nt, c)表示(滯后階數(shù),無(wú)趨勢(shì)項(xiàng),有截距)的檢驗(yàn)形式, (n, nt, nc)表示(滯后階數(shù),無(wú)趨勢(shì)項(xiàng),無(wú)截距)的檢驗(yàn)形式,其中的滯后階數(shù)是根據(jù)SBC準(zhǔn)則所確定的。*號(hào)表示5%的置信度下拒絕原假設(shè)。</p><p>　　方程（9）表明外商投資企業(yè)出口主要受實(shí)際收入水平拉動(dòng)的影響。目前，中國(guó)開放的程度會(huì)影響外商投資企業(yè)出口積極。另一方面，人民幣的升值對(duì)外商投資企業(yè)出口產(chǎn)生負(fù)面影響。結(jié)果證明，外國(guó)直接投資和外

10、商投資企業(yè)有緊密積極的關(guān)系，這意味著，流入中國(guó)的外國(guó)直接投資中很大一部分是面向出口。羅德里克（2006）認(rèn)為外商投資企業(yè)利用低成本的勞動(dòng)力，土地和其他福利來(lái)實(shí)現(xiàn)我國(guó)政府提供的加工和出口基地中國(guó)的產(chǎn)業(yè)鏈。但是，外商投資企業(yè)輸送貨物的目的地主要是美國(guó)或歐洲，這些國(guó)家收入的增加對(duì)促進(jìn)中國(guó)的外商投資企業(yè)出口作用日益顯著。這解釋了為什么中國(guó)隨著美國(guó)和歐洲的經(jīng)濟(jì)在過(guò)去數(shù)年出口增長(zhǎng)速度驚人。人民幣升值將使中國(guó)出口產(chǎn)品價(jià)格更昂貴，這類產(chǎn)品的出口可能受到

11、負(fù)面影響。特別是，人民幣實(shí)際有效匯率變動(dòng)不對(duì)稱性對(duì)外商投資企業(yè)出口有負(fù)面影響，說(shuō)明即使可能有外商投資企業(yè)更多的的優(yōu)勢(shì)和經(jīng)驗(yàn)來(lái)處理匯率風(fēng)險(xiǎn)，但是面對(duì)人民幣的匯率風(fēng)險(xiǎn)，他們還將改變他們的貿(mào)易金額。另一方面，它會(huì)通過(guò)對(duì)外國(guó)直接投資的人民幣風(fēng)險(xiǎn)渠道對(duì)出口造成負(fù)面影響。在長(zhǎng)期關(guān)系建立之后，基于協(xié)整理論和誤差修正模型（ECM），進(jìn)一步了解了短期關(guān)系。</p><p>　　令ecm1,t = Û1,t ,然后建立外

12、商投資企業(yè)出口方程：</p><p>　　令n = 4，用OLS法估計(jì)方法，然后按照從一般到具體的方法得到最終結(jié)果（見表2）。表2顯示了△ln X 是由它滯后變化帶來(lái)積極影響。改革開放以來(lái)，外國(guó)直接投資和實(shí)際有效匯率變化對(duì)于△lnX積極方面，或者△lnX 對(duì)△lnY的滯后影響是模糊的。人民幣匯率變動(dòng)的滯后系數(shù)的變化表明，負(fù)面效應(yīng)并不突出。</p><p>　?。?）分析人民幣匯率變動(dòng)與外商

13、投資企業(yè)進(jìn)口之間的關(guān)系</p><p>　　同樣，我用恩格爾，格蘭杰方法來(lái)分析匯率的波動(dòng)和外商投資企業(yè)進(jìn)口的長(zhǎng)期關(guān)系協(xié)整性。忽略對(duì)開放式變量和外國(guó)直接投資的未統(tǒng)計(jì)量的分析。變量有M, Y, V ， 估計(jì)結(jié)果如下。括號(hào)中的值是t 統(tǒng)計(jì)量，其余的方程用ADF檢驗(yàn)來(lái)證明是不是平穩(wěn)序列，這意味著變量之間有一個(gè)長(zhǎng)期的協(xié)整關(guān)系檢驗(yàn)。</p><p>　　方程（11）表明，中國(guó)外商投資企業(yè)的進(jìn)口是由中國(guó)

14、國(guó)內(nèi)生產(chǎn)總值的拉動(dòng)的。中國(guó)的快速發(fā)展意味著生產(chǎn)力水平的提高和擁有吸引更多市場(chǎng)的進(jìn)口機(jī)會(huì)。人民幣升值會(huì)對(duì)中國(guó)的外商投資企業(yè)進(jìn)口產(chǎn)生消極影響，它反映了人民幣升值將影響許多出口導(dǎo)向型外商投資企業(yè)其最終利潤(rùn)產(chǎn)生負(fù)面影響。人民幣匯率波動(dòng)不對(duì)稱性對(duì)外商投資企業(yè)的進(jìn)口比出口影響的負(fù)面性更嚴(yán)重。也就意味著，外商投資企業(yè)加工貿(mào)易模式與我國(guó)內(nèi)部和外部經(jīng)濟(jì)失衡的事實(shí)仍然普遍存在。由于我國(guó)需求不足，因此，輸出依賴于世界市場(chǎng)。所以，他們對(duì)于一定程度的利潤(rùn)轉(zhuǎn)化無(wú)動(dòng)

15、于衷。然后，在變量之間的基礎(chǔ)上分析協(xié)整理論的短期關(guān)系。</p><p>　　令ecm2,t =û 2,t, 然后將外商投資企業(yè)誤差修正模型導(dǎo)入。</p><p>　　令n=4，并使用OLS法估計(jì)函數(shù)，然后從一般遵循的方法得到最終結(jié)果（見表3）。</p><p>　　表3指出△ln M是由它自身滯后性而產(chǎn)生負(fù)面影響的。我國(guó)國(guó)內(nèi)生產(chǎn)總值的變化將積極影響△ln

16、M，而實(shí)際有效匯率的滯后影響是不確定的。人民幣匯率波動(dòng)其滯后性表明它會(huì)給外商投資企業(yè)進(jìn)口在短期內(nèi)帶來(lái)積極變化。這與對(duì)外商投資企業(yè)出口的負(fù)面影響不同。</p><p><b>　　三、結(jié)論</b></p><p>　　本文估計(jì)了人民幣匯率的不對(duì)稱性對(duì)外商投資企業(yè)出口和進(jìn)口匯率波動(dòng)的影響。衡量人民幣實(shí)際有效匯率指數(shù)波動(dòng)性的標(biāo)準(zhǔn)是運(yùn)用TARCH模型得出條件方差。然后，本文采

17、用恩-格爾，格蘭杰方法來(lái)探討匯率波動(dòng)和外商投資企業(yè)之間進(jìn)出口的長(zhǎng)期和短期關(guān)系。</p><p>　　從長(zhǎng)期來(lái)看，人民幣匯率的匯率水平對(duì)外商投資企業(yè)出口和進(jìn)口都會(huì)產(chǎn)生負(fù)面影響。人民幣升值對(duì)外商投資企業(yè)出口的影響比進(jìn)口更為嚴(yán)重。其原因可能與盛行的中國(guó)外商投資企業(yè)加工貿(mào)易形勢(shì)有關(guān)。外商投資企業(yè)加工貿(mào)易的依賴于進(jìn)口材料和重要零部件加工模式，然后處理它們?cè)诤Ｍ怃N售的最終市場(chǎng)。</p><p>　　從

18、短期來(lái)看，匯率波動(dòng)對(duì)外商投資企業(yè)出口產(chǎn)生負(fù)面影響，除了對(duì)進(jìn)口產(chǎn)生積極影響。我國(guó)的匯率水平對(duì)外商投資企業(yè)出口在短期內(nèi)存在著積極影響，并且已經(jīng)對(duì)外商投資企業(yè)進(jìn)口產(chǎn)生作用。</p><p>　　此外，外國(guó)直接投資和外商投資企業(yè)出口促進(jìn)了長(zhǎng)期和短期開放發(fā)展的作用。本文沒(méi)有對(duì)協(xié)整研究變量之間的關(guān)系進(jìn)行分析。</p><p>　　總之，我國(guó)政府可能會(huì)逐漸減緩對(duì)擴(kuò)大人民幣匯率每日波動(dòng)幅度，避免誘使陷入高

19、風(fēng)險(xiǎn)的經(jīng)濟(jì)體系。并且，我國(guó)應(yīng)采取措施改變貿(mào)易格局，采用更合理的方法來(lái)減少貿(mào)易盈余。</p><p>　　The Analysis of RMB Real Exchange Rate Asymmetric Volatility Impact on Foreign-Invested Enterprises</p><p>　　Export and Import in China</p&g

20、t;<p>　　1 Introduction</p><p>　　Since Chinese government launched the RMB exchange rate forming mechanism reform in July, 2005,the RMB against dollar appreciates about 5% until now, and the flexibilit

21、y of RMB is gradually enlarged. At the same time, China witnesses the surplus of current account and capital account, the so-called "double surplus". Under this circumstance, some economists advise the governme

22、nt to enlarge the daily range of RMB exchange rate fluctuation and quicken the pace of RMB appreciation. On the other hand</p><p>　　As the key issue on choosing the best suitable exchange rate system to boos

23、t the development, many economists study how the exchange rate volatility impact trade theoretically and empirically, with different theoretical models and empirical conclusions. Cushman(1983) argues that risk-verse trad

24、er would low their trading volumes facing with the exchange rate risk. Doroodian (1999) and Krugman (1989) emphasized exchange rate risk is detrimental to trade especially when the traders can not be acces</p><

25、;p>　　For the past several years the RMB is a hot issue because of the trade surplus and vast reserves, many scholars illustrate the effects of the fluctuation of RMB exchange rate on trade volumes, employment and grow

26、th in China, but a few relating to the RMB exchange rate volatility. Chou (2000) give the conclusion RMB exchange rate volatility has negative impact on trade. Li and Voon (2004) analyze the exchange rate misalignment an

27、d volatility impact on different sector export of manufacturing indu</p><p>　　By focusing on the behavior of Foreign-Invested Enterprises (FIEs), this paper also tries to illustrate the relationship of RMB e

28、xchange rate volatility and trade flows 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)

29、and encouraging export-oriented FIEs, the FIEs play a very important role in Chinese trade and contribute lots of trade surplus. So it will be necessar</p><p>　　2. The empirical analysis of exchange rate vol

30、atility impact </p><p>　　on FIEs trade</p><p>　　Data description and stability test</p><p>　　The dataset of this paper is from the period Q /1997 to Q3/2006. X is the real quarterly

31、 export amount of Chinese FIEs, deflated by the price index for Chinese export(2000=100), multiplied by RMB nominal exchange rate against dollar; M is the real quarterly import amount of Chinese FIEs, deflated by the pri

32、ce index for Chinese import (2000=100), multiplied by RMB nominal exchange rate against dollar; Y is Chinese real national income, measured as Chinese nominal GDP deflated by GDP deflator (200</p><p>　　（2）Te

33、sting the relationship between exchange rate volatility and FIEs export</p><p>　　As the Tab. 1 indicates, all the variables are I(1) process, so I can use the Engle-Granger methods to analyze the long-run re

34、lationship 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 long-run

35、co-integration relationship. T-statistics are in parentheses.</p><p>　　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, no t

36、rend, no intercept). The lag length is decided by the SBC criteria.</p><p>　　Equation (9) indicates that Chinese FIEs export is pulled by the income of trading partners' income and inflow FDI. The openne

37、ss degree of China can impact FIEs export positively. On the other hand, the appreciation of RMB impacts FIEs export negatively.</p><p>　　The result prove that FDI and FIEs has tight and positive relationshi

38、p, which means that large share of inflow FDI in China is export-oriented. Rodrik (2006) argues the FIEs utilize the low cost workforce, land and other benefits Chinese government offers and treat China as the processing

39、 and export base of their industrial chain. But the destination of FIEs goods is mainly US or Europe, whose national income increase can boost China's FIEs export dramatically. That explains why China witness am</

40、p><p>　　Especially, the asymmetric volatility of RMB real effective exchange rate impacts FIEs export negatively, which proves that even FIEs might have more advantages and experience to deal with the exchange

41、rate risk, the risk of RMB will make their change their trade amount. Another cause of negative impact by the RMB risk on export flow is through the channel of RMB risk on FDI.</p><p>　　After the long-run re

42、lationship is established, I further find out the short-run relationship based on the co-integration theory and Error-Correction Model (ECM).</p><p>　　Let ecm1,t = Û1,t, then set up the ECM of FIEs exp

43、ort:</p><p>　　Let n=4 and use the OLS method to estimate the function, then follow from general to specific methods to get the final results (see Tab. 2).</p><p>　　Table 2 shows that △ln X is po

44、sitively affected by its lagged change. The change of Open, FDI and reer will affect △ln X positively, the impact of lagged △ln Y on △ln X is ambiguous. The lagged change of RMB exchange rate volatility shows the negati

45、ve coefficient, even not prominent in statistics.</p><p>　?。?）Testing the relationship volatility and FIEs import between exchange rate </p><p>　　Similarly, I use the Engle-Granger method to fin

46、d out the long-run co-integration relationship between exchange rate volatility and FIEs import.</p><p>　　Because of the variable of Open and FDI are not prominent in statistics, so I eliminate these two var

47、iables in the analysis. The co-integration vector includes M ,Y ,reer V . The estimated result is as follows. T-statistics are in parentheses. The residual of equation is proved to be stationary series tested by the ADF

48、test, which means the variables has a long-run co-integration relationship.</p><p>　　Equation (11) indicates that Chinese FIEs import is pulled by Chinese GDP. The fast development of China means the improve

49、d production level and more market opportunities in China, which inducing more import. The appreciation of RMB would have negative effect on Chinese FIEs import, which reflects the RMB appreciation will affect their fina

50、l profits of many export-oriented FIEs.</p><p>　　The asymmetric volatility of RMB exchange rate impacts FIEs import negatively and more severely than FIEs export. It could be still explained by the facts of

51、prevalent processing trade pattern of FIEs and the imbalance of Chinese inner and external economy. The demand of China is insufficient, so the output rely on the world market. So they are irresponsive to the change of p

52、rofit to some degree.</p><p>　　Then I investigate the short-run relationship based on the co-integration theory between the variables.</p><p>　　Let ecm2,t =û 2,t, then set up the Error-Cor

53、rection model of FIEs import:</p><p>　　Let n=4 and use the OLS method to estimate the function, then follow from general to specific methods toget the final results (see Tab. 3).</p><p>　　Tab. 3

54、 shows that △l n M is negatively affected by its lagged change. The change of Chinese GDP will affect A in M positively, the impact of lagged △l n reer on △l n M is ambiguous. The lagged change of RMB exchange rate vol

55、atility has the positive coefficient, indicating it will impact FIEs import positively in short run., which is different with the negative effect on FIEs export.</p><p>　　三. Conclusion</p><p>　　

56、This paper estimates the impact of asymmetric RMB exchange rate volatility on the FIEs export and import. The volatility is measured by the conditional variance of RMB real effective exchange rate index from a TARCH mode

57、l. Then, this paper uses the Engle-Granger methods to investigate the long-run and short-run relationship between exchange rate volatility and FIEs export and import.</p><p>　　The empirical analysis finds ou

58、t that the volatility of RMB exchange rate will impact FIEs export and import negatively in the long-run, which means exchange rate risk has negative effects on FIEs trading volumes. However, the exchange rate volatility

59、 impacts FIEs import more than on FIEs export, so it is reasonable to enlarge the flexibility to solve the trade surplus incurred by the FIEs. But imagine how RMB exchange rate volatility would affect the non-FIEs, Chine

60、se government should be very </p><p>　　In the long run, the level of RMB exchange rate impacts negatively on FIEs export and import too. The appreciation of RMB impacts FIEs export more severely than on FIEs

61、 import. The causes could be related to the prevalent processing trade pattern of Chinese FIEs. The FIEs processing trade is depending on the mode of importing materials and key processing parts, then processing them to

62、sell in overseas final markets.</p><p>　　In short run, exchange rate volatility impacts FIEs export negatively, but impacts FIEs import positively. The level of exchange rate impacts positively FIEs export p

63、ositively in short-run, and has ambiguous effect on FIEs import.</p><p>　　Besides, the FDI and openness promote FIEs export prominently in long-run and short-run. But this paper can not find co-integration r

64、elationship among the studied variables.</p><p>　　In conclusion, the Chinese government might enlarge the daily floating range of RMB exchange rate gradually and slowly, avoiding inducing too much risk into