【摘要】：對(duì)外直接投資是指企業(yè)以跨國(guó)經(jīng)營(yíng)的方式所形成的國(guó)際間資本流動(dòng)，其動(dòng)機(jī)包括：獲取原材料、尋求知識(shí)、降低成本、學(xué)習(xí)技術(shù)和規(guī)避貿(mào)易壁壘等。對(duì)外直接投資在促進(jìn)經(jīng)濟(jì)增長(zhǎng)、貿(mào)易增加、優(yōu)化產(chǎn)業(yè)結(jié)構(gòu)和帶動(dòng)就業(yè)等方面都起到了積極的推動(dòng)作用。作為世界第二大經(jīng)濟(jì)強(qiáng)國(guó)的日本，其對(duì)外直接投資始于20世紀(jì)80年代中期，此后快速發(fā)展，步入對(duì)外直接投資大國(guó)的行列。匯率是一國(guó)貨幣兌換另一國(guó)貨幣的比率，匯率的變動(dòng)對(duì)一國(guó)的進(jìn)出口額、物價(jià)水平和資本流動(dòng)都有重要影響，既能調(diào)節(jié)一國(guó)的國(guó)際收支，又能作為宏觀調(diào)控的重要手段。1985年廣場(chǎng)協(xié)議之后，日元大幅度升值，而后90年代的泡沫危機(jī)、亞洲金融危機(jī)和近年來(lái)的國(guó)際金融危機(jī)都使得日元匯率頻繁波動(dòng)。 匯率波動(dòng)與OFDI之間的關(guān)系一直是國(guó)內(nèi)外經(jīng)濟(jì)學(xué)家爭(zhēng)論的焦點(diǎn)，至今也沒(méi)有形成系統(tǒng)的理論體系。本文首先梳理國(guó)內(nèi)外學(xué)者的研究文獻(xiàn)，進(jìn)行總結(jié)和評(píng)述；然后回顧廣場(chǎng)協(xié)議之后日元匯率波動(dòng)歷史和對(duì)外直接投資的情況，從宏觀整體上簡(jiǎn)單分析；接下來(lái)闡述對(duì)外直接投資動(dòng)因理論和匯率決定理論，在此基礎(chǔ)上分析匯率波動(dòng)對(duì)OFDI影響的傳導(dǎo)機(jī)制。最后一部分是實(shí)證檢驗(yàn)，先建立實(shí)證模型，然后分別回歸日元匯率波動(dòng)對(duì)美國(guó)和中國(guó)投資的影響的方程，進(jìn)行實(shí)證結(jié)果分析，提出現(xiàn)階段中國(guó)如何引入外資的政策建議。 在實(shí)證檢驗(yàn)部分，我們得出日本對(duì)中國(guó)的投資類(lèi)型兼具出口導(dǎo)向型和市場(chǎng)導(dǎo)向型的結(jié)論。面對(duì)日本量化寬松貨幣政策和人民幣貶值以及中國(guó)勞動(dòng)力成本上升的現(xiàn)狀，中國(guó)需要從引入外資政策調(diào)整、產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化和穩(wěn)定國(guó)內(nèi)經(jīng)濟(jì)環(huán)境等方面加以變化，來(lái)吸引外資流入，，帶動(dòng)經(jīng)濟(jì)發(fā)展。
[Abstract]:Foreign direct investment (OFDI) refers to the international capital flow formed by enterprises in the form of transnational operation. Its motivation includes acquiring raw materials, seeking knowledge, reducing costs, learning technology and circumventing barriers to trade. FDI plays a positive role in promoting economic growth, increasing trade, optimizing industrial structure and promoting employment. As the world's second largest economic power, Japan's foreign direct investment (FDI) began in the mid-1980s, and has developed rapidly since then, stepping into the ranks of large countries of foreign direct investment (FDI). The exchange rate is the ratio of one country's currency to another's currency. Changes in the exchange rate have an important impact on a country's imports and exports, price levels and capital flows, which can regulate a country's balance of payments. After the Plaza Accord in 1985, the yen appreciated by a large margin, then the bubble crisis in the 1990s, the Asian financial crisis and the international financial crisis in recent years made the yen exchange rate fluctuate frequently. The relationship between exchange rate fluctuation and OFDI has always been the focus of debate among economists at home and abroad, and no systematic theoretical system has been formed up to now. Firstly, this paper reviews the research literature of domestic and foreign scholars, then reviews the history of yen exchange rate fluctuation and foreign direct investment after the Plaza Accord, and analyzes the whole situation of foreign direct investment. Secondly, the theory of FDI motivation and exchange rate determination is expounded, and the transmission mechanism of exchange rate fluctuation on OFDI is analyzed. The last part is the empirical test. First, the empirical model is established, then the equation of the impact of yen exchange rate fluctuations on the investment of the United States and China is regressed, and the empirical results are analyzed, and the policy suggestions on how to introduce foreign capital into China at the present stage are put forward. In the part of empirical test, we draw the conclusion that Japan's investment type in China is both export-oriented and market-oriented. In the face of Japan's quantitative easing monetary policy, the devaluation of the RMB and the rising labor costs in China, China needs to make changes in terms of introducing foreign investment policy adjustment, optimizing the industrial structure, and stabilizing the domestic economic environment. To attract foreign capital inflows, drive economic development.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F833.13

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