文献类型：期刊文献

中文题名：实际有效汇率对企业创新的影响:基于融资约束的视角

英文题名：The Impact of Real Effective Exchange Rate on Firm Innovation:Financial Constraints Perspective

作者：伏玉林[1];李弗贝[2]

机构：[1]华东理工大学商学院,上海200237;[2]华东理工大学理学院,上海200237

年份：2019

卷号：0

期号：6

起止页码：12

中文期刊名：金融发展研究

外文期刊名：Journal Of Financial Development Research

收录：国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；

语种：中文

中文关键词：实际有效汇率;研发投入;融资约束;出口

外文关键词：exchange rate;R&D;financial constraint;export

摘要：汇率是开放经济中企业资源再配置的重要驱动力,汇率变动引发的不确定性会对企业研发投资决策产生重要影响。本文采用中国工业企业数据库和海关数据库匹配的数据集,在计算行业实际有效汇率基础上,实证研究人民币汇率、融资约束对制造业企业研发投资的影响。研究发现:人民币升值刺激企业加大研发投入;出口企业应对汇率冲击优于非出口企业,更倾向于提高研发创新投资应对本币升值;人民币升值对融资约束较低的企业研发投资激励作用更大。相比于非高技术行业,汇率上升对高技术行业企业的创新投入促进作用更大。
Exchange rate drives resource re-allocation. Uncertainty exchange rate fluctuations will have a significant impact on R&D investment decisions. This article studies the impact of RMB exchange rate changes on the manufacturing sectors R&D investment through the sample of China industrial enterprise database and the customs trade database. The conclusion as follows:The appreciation of RMB increases R&D investment. The sectors with export adjust the exchange rate risks better than with non-export. The financial constraints are smaller,the R&D investment is more positively affected by exchange rates fluctuation. The positive impact is more intense in high-tech industries than nonhigh- tech sectors.