【摘要】：2008年全球金融危機(jī)爆發(fā)以及2013年"一帶一路"戰(zhàn)略的提出為推動(dòng)我國人民幣國際化進(jìn)程提供了契機(jī)。本文通過理論實(shí)證相結(jié)合的方式,在對(duì)我國人民幣國際化發(fā)展現(xiàn)狀,以及我國對(duì)外直接投資發(fā)展現(xiàn)狀進(jìn)行分析的基礎(chǔ)上,具體分析海外直接投資對(duì)人民幣國際化的影響:一方面母國對(duì)東道國的投資過程能夠加強(qiáng)母國與東道國的經(jīng)濟(jì)聯(lián)系程度,促進(jìn)人民幣海外需求的擴(kuò)大。另一方面,ODI拓寬了人民幣流向海外的途徑,通過與國際金融平臺(tái)的合作以及促進(jìn)人民幣離岸金融市場(chǎng)的發(fā)展,建立起活躍的海外人民幣流通機(jī)制,擴(kuò)大人民幣的國際職能,人民幣需求量擴(kuò)大,對(duì)外直接投資通過這兩個(gè)方面共同推動(dòng)人民幣國際化進(jìn)程。在實(shí)證分析中采用對(duì)外直接投資作為自變量,人民幣國際化水平作為因變量,其他貨幣國際化影響因素作為控制變量�？刂谱兞堪瑤胖捣�(wěn)定和貿(mào)易地位。在指標(biāo)選取上以對(duì)外直接投資凈額(流量)來衡量對(duì)外直接投資因素,以人民幣結(jié)算占世界貿(mào)易和對(duì)外直接投資比重作為衡量人民幣國際化的指標(biāo)。以CPI和匯率作為度量幣值穩(wěn)定性的指標(biāo);以進(jìn)口規(guī)模和出口規(guī)模作為衡量貿(mào)易規(guī)模的指標(biāo)。通過向量誤差修正模型和格蘭杰因果檢驗(yàn)以及脈沖響應(yīng)分析進(jìn)行實(shí)證檢驗(yàn)。最終得到出對(duì)外直接投資對(duì)人民幣國際化有正向影響。在其他條件不變的情況下,對(duì)外直接投資凈額增加1個(gè)百分點(diǎn),人民幣國際化水平提升0.15個(gè)百分點(diǎn)。這一實(shí)證結(jié)果也說明我國可以通過積極推進(jìn)對(duì)外直接投資來推動(dòng)人民幣國際化的發(fā)展。應(yīng)抓住"一帶一路"的契機(jī)積極推動(dòng)海外直接投資,以推動(dòng)人民幣區(qū)域化、國際化。
[Abstract]:The outbreak of the global financial crisis in 2008 and the proposal of the "Belt and Road" strategy in 2013 provide an opportunity to promote the internationalization of RMB in China. Through the combination of theory and demonstration, this paper analyzes the current situation of RMB internationalization in China, as well as the current situation of China's foreign direct investment (FDI). On the one hand, the investment process of home country to host country can strengthen the degree of economic connection between home country and host country, and promote the expansion of overseas demand of RMB. On the other hand, ODI has widened the channels through which RMB flows to overseas countries. Through cooperation with international financial platforms and promoting the development of the offshore financial market of RMB, the ODI has established an active mechanism for the circulation of overseas RMB and expanded its international functions. RMB demand expanded, foreign direct investment through these two aspects jointly promote the RMB internationalization process. In the empirical analysis, foreign direct investment is used as independent variable, RMB internationalization level as dependent variable, and other currency internationalization factors as controlling variables. Control variables include currency stability and trade status. The factors of FDI are measured by net outward investment (flow), and RMB settlement accounts for the proportion of world trade and foreign direct investment as the index to measure the internationalization of RMB. CPI and exchange rate are taken as indicators to measure currency stability, and import and export scale are taken as indicators to measure the scale of trade. Vector error correction model, Granger causality test and impulse response analysis are used to test. Finally, foreign direct investment has a positive impact on RMB internationalization. Under other conditions, net outward direct investment increased by 1 percentage point and the internationalization level of the yuan rose by 0.15 percentage points. This empirical result also shows that China can promote RMB internationalization by actively promoting foreign direct investment. We should seize the opportunity of "Belt and Road" to actively promote foreign direct investment in order to promote the regionalization and internationalization of RMB.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F125;F832.6

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