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经济学前沿讲座(一):出口冲击与金融杠杆:来自中国的企业层面证据

2021-12-22 点击数:次

主讲人:俞志宏 教授

承办单位:应用经济系

讲座时间:20211229日下午1600-1800

讲座地点:线上会议——腾讯会议(ID549-528-685,密码:1229

讲座内容:

本研究利用20057月人民币与美元脱钩引起的企业特定汇率冲击,基于中国企业层面数据,探讨了出口需求对企业财务杠杆的影响及因果关系。研究发现:汇率波动导致的出口需求增加引起了企业的总销售额和要素投入增长,但对流动性和杠杆率没有平均影响。但对于在金融市场发达国家销售的国内出口商而言,增加出口确实会降低(增加)公司的财务杠杆(流动性)。本研究的结果表明,中国金融市场应为民营企业提供更强大的激励,使其专注于出口市场以克服金融约束。

Using firm-specific exchange rate shocks induced by the depegging of Chinese Yuan from the USD in July 2005 , this paper tackles the causal impact of exports demand on firms’ financial leverages employing  matched production-transaction firm level data from China. We find that Increases in export demand induced by the exchange rate fluctations does increase firms’ total sales and factor inputs , but has no average effects on liquidity and leverage. However, for domestic exporters selling in countries with well-developed financial markets, increasing exports does reduce (increase) firms financial leverages(liquidity). Our results may suggest that the underdevelopment of China’s financial market could provide stronger incentives for private Chinese firms to focus on export markets to overcome financial constraints.  

主讲人简介:

俞志宏,英国诺丁汉大学经济学院副教授,知名期刊The World Economy副主编。他的研究方向为国际贸易、国际投资和中国经济,最近的研究兴趣是从实证和理论角度对企业应对全球化调整的策略展开研究。俞志宏教授英皇体育–正规平台|英皇体育app 丰富,曾在Review of Economics and Statistics, Journal of International Economics, European Economic Review Economic Theory等经济学国际期刊上发表学术论文。

 

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