, 2
4205 
6511文章以中国工业企业与海关贸易匹配后的数据为研究样本，从微观层面系统考察了人民币汇率变动对企业投资行为的影响，并重点分析了其中的潜在机制及异质性特征。结果显示，人民币汇率升值整体上不利于企业投资，且出口收入渠道占据主导作用，而要素配置渠道的适时调整会通过提高企业生产率进而有助于促进企业投资。同时，融资约束及“企业净化”效应能够弱化人民币汇率变动对投资的不利冲击，而企业规模的扩张则有助于扩大人民币汇率变动对企业投资的影响。此外，由于生产率的提高会显著弱化汇率升值对企业投资的负面冲击。因此，在供给侧结构性改革中，企业应考虑将提高生产率作为重要抓手，以有效应对外汇风险的负面冲击；政府的适当扶持不仅能够缓解企业融资约束，还能有效对冲企业的外汇风险暴露，对企业经营效率及发展质量的提升具有重要作用。
人民币汇率与企业投资行为：理论分析与经验研究
摘要
参考文献
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引用本文
李小林, 司登奎. 人民币汇率与企业投资行为：理论分析与经验研究[J]. 上海财经大学学报, 2019, 21(6): 50-63.
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