, 2
4100 
6106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
12 Aghion P,Bacchetta P,Rancière R,et al. Exchange rate volatility and productivity growth:The role of financial development[J]. Journal of Monetary Economics,2009,56(4):494–513. DOI:10.1016/j.jmoneco.2009.03.015
13 Almeida H,Campello M,Weisbach M S. The cash flow sensitivity of cash[J]. The Journal of Finance,2004,59(4):1777–1804. DOI:10.1111/j.1540-6261.2004.00679.x
14 Bernard A B, Jensen J B. Exporting and productivity[R]. NBER Working Paper No. 7135, 1999.
15 Campa J M,Goldberg L S. Investment in manufacturing,exchange rates and external exposure[J]. Journal of International Economics,1995,38(3–4):297–320. DOI:10.1016/0022-1996(94)01348-V
16 Campa J M,Goldberg L S. Investment,pass-through,and exchange rates:A cross-country comparison[J]. International Economic Review,1999,40(2):287–314. DOI:10.1111/1468-2354.00016
17 Chang X,Dasgupta S,Wong G,et al. Cash-flow sensitivities and the allocation of internal cash flow[J]. Review of Financial Studies,2014,27(12):3628–3657. DOI:10.1093/rfs/hhu066
18 Chowdhury F,Terjesen S,Audretsch D. Varieties of entrepreneurship:Institutional drivers across entrepreneurial activity and country[J]. European Journal of Law and Economics,2015,40(1):121–148. DOI:10.1007/s10657-014-9464-x
19 Eaton J,Kortum S,Kramarz F. An anatomy of international trade:Evidence from French firms[J]. Econometrica,2011,79(5):1453–1498. DOI:10.3982/ECTA8318
20 Goldberg L S. Exchange rates and investment in United States industry[J]. The Review of Economics and Statistics,1993,75(4):575–588. DOI:10.2307/2110011
22 Han S,Qiu J P. Corporate precautionary cash holding[J]. Journal of Corporate Finance,2007,13(1):43–57. DOI:10.1016/j.jcorpfin.2006.05.002
23 Kandilov I T,Leblebicioğlu A. The impact of exchange rate volatility on plant-level investment:Evidence from Colombia[J]. Journal of Development Economics,2011,94(2):220–230. DOI:10.1016/j.jdeveco.2010.01.013
24 Keller W,Yeaple S R. Multinational enterprises,international trade,and productivity growth:Firm-level evidence from the United States[J]. The Review of Economics and Statistics,2009,91(4):821–831. DOI:10.1162/rest.91.4.821
26 Manova K,Yu Z H. How firms export:Processing vs. ordinary trade with financial frictions[J]. Journal of International Economics,2016,100:120–137. DOI:10.1016/j.jinteco.2016.02.005
27 Nucci F,Pozzolo A F. Investment and the exchange rate:An analysis with firm-level panel data[J]. European Economic Review,2001,45(2):259–283. DOI:10.1016/S0014-2921(00)00050-7
28 Poncet S,Steingress W,Vandenbussche H. Financial constraints in China:Firm-level evidence[J]. China Economic Review,2010,21(3):411–422. DOI:10.1016/j.chieco.2010.03.001
29 Richardson S. Over-investment of free cash flow[J]. Review of Accounting Studies,2006,11(2–3):159–189. DOI:10.1007/s11142-006-9012-1
30 Tian X,Yu X H. The enigmas of TFP in China:A meta-analysis[J]. China Economic Review,2012,23(2):396–414. DOI:10.1016/j.chieco.2012.02.007
31 Yu M J. Processing trade,tariff reductions and firm productivity:Evidence from Chinese firms[J]. The Economic Journal,2015,125(585):943–988. DOI:10.1111/ecoj.12127
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.
导出参考文献，格式为：
上一篇：“吃改革饭，走开放路”的内在逻辑
