文献类型：期刊文献

中文题名：金融危机对恒生指数样本公司交易性外汇需求的影响--兼论人民币跨境贸易结算试点

英文题名：The influence of the financial crisis to the sample-companies of the Hang Seng Index——the discussion of RMB Settlement Pilot

作者：麦勇[1];徐瞳舟[2];李勇[1]

机构：[1]华东理工大学商学院金融系,200237;[2]东华大学旭日工商管理学院经济系,200051

年份：2009

卷号：21

期号：11

起止页码：21

中文期刊名：上海经济研究

外文期刊名：Shanghai Journal of Economics

收录：北大核心:【北大核心2008】；CSSCI:【CSSCI2008_2009】；

基金：国家自然科学基金项目(70663008);华东理工大学2008年选拔培养优秀青年教师科研专项基金项目(YN0142124)的资助

语种：中文

中文关键词：金融危机;交易性外汇需求;恒生指数

外文关键词：Financial crisis, transactional demand of business for foreign exchange, Hang Seng Index

摘要：本文通过企业交易性外汇需求的理论模型,运用事件研究法,对2008年金融危机爆发前后的25家恒生指数样本公司的交易性外汇需求因素分析,并运用面板回归分析,建立恒生指数样本公司交易性外汇需求的实证模型,得出企业的交易性货币需求量是企业资产规模扩张、净营运资本变动及企业息税前收益的函数。根据企业货币交易性需求函数分析得出:企业交易性货币需求具有内生性扩张的特征,在金融危机后适时推出人民币的结算试点有助于境内外企业在经济恢复时期选择人民币作为交易性货币。
This article analyzed the transactional demand of business for foreign exchange of 25 sample - companies of the Hang Seng Index by establishing the theoretical models and the Event - Study Analysis. With the use of panel regression analysis, we analyzed the data of these companies in 2008 around the outbreak of the financial crisis and established the empirical model. We find out that scale expansion and corporate assets, net working capital changes and corporate income tax revenue is a function of the business transactional demand for foreign exchange. At last, we got the following conclusions： Transactions demand of business for money has the expansion characteristics of endogenous, and The introduction of RMB Settlement Pilot contribute to that the domestic and foreign enterprises in the economic recovery period select RMB as a trading currency.