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博碩士論文 etd-0610117-171301 詳細資訊
Title page for etd-0610117-171301
論文名稱
Title
人民幣國際化對中國對外直接投資影響之實證研究
The Empirical Study of Impacts on China’s Outward Direct Investment of the RMB Internationalization
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
46
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2017-06-16
繳交日期
Date of Submission
2017-07-10
關鍵字
Keywords
人民幣國際化、中國對外直接投資、系統GMM、動態追蹤資料
System GMM Estimators, Dynamic Panel Data Model, China’s Outward Direct Investment, RMB Internationalization
統計
Statistics
本論文已被瀏覽 5680 次,被下載 479
The thesis/dissertation has been browsed 5680 times, has been downloaded 479 times.
中文摘要
本研究將中國2006至2014年對外直接投資流量及人民幣流通指標年資料導入動態追蹤模型,以檢測人民幣海外流通程度是否對中國對外直接投資產生影響,並以系統GMM 估計方法修正其中可能存在的內生性問題。研究結果發現用以測量人民幣流通程度所觀察的三個主要變數中國銀行海外分行數、雙邊本幣互換協議和海外清算銀行在不論是短期,或是長期皆對中國對外直接投資有正向影響,進而說明中國為推動人民幣國際化,其對外貨幣金融政策及拓展對中國對各地區的投資額度具有正向影響。
Abstract
This paper examines the impact of overseas RMB mobility on China’s outward direct investment flow using panel data from 2006 to 2014. The methodology employed is a dynamic panel data model with system GMM estimators, which enables us to account for the possible endogeneity problem stemming from reverse causality. The result indicates the three variables measuring the degree of international mobility of RMB (the number of overseas branches of the China Bank, the signing of Bilateral Local Currency Swap Agreement, and the establishment of Chinese settlement banks) have positive effect on China’s outward direct investment in both short run and long run. Our results suggest that RMB internationalization facilitates China’s outward activities and developments.
目次 Table of Contents
目錄
論文審定書...........................................................i
致謝................................................................ii
摘要...............................................................iii
英文摘要............................................................iv
目錄.................................................................v
圖目錄...............................................................v
表目錄..............................................................vi

第一章 緒論
第一節、 研究背景..........................................1
第二節、 研究目的..........................................2
第二章 文獻回顧
第一節、 人民幣國際化......................................4
第二節、 中國對外直接投資..................................9
第三節、 人民幣國際化對中國對外直接投資之可能影響.........12
第三章 研究資料與方法
第一節、 研究資料.........................................16
一、 中國銀行海外分行數...............................16
二、 海外清算銀行.....................................18
三、 雙邊本幣互換協議.................................19
四、 中國對外直接投資.................................20
五、 其餘控制變數.....................................24
第二節、 研究方法.........................................27
第四章 實證結果..................................................29
第五章 結論......................................................34
參考資料............................................................37

圖目錄
圖 2-1 2012-2013年人民幣國際化指數季資料............................8
圖 3-1 2006-2014中國對外直接投資流量...............................23
圖 3-2 2014年各地區中國對外直接投資百分比..........................24


表目錄
表2-1 2012-2014世界主要貨幣國際化指數季資料.........................8
表2-2 人民幣國際化指數指標體系......................................9
表2-3 國際貨幣的功能...............................................13
表3-1 至2011年中資國有銀行海外銀行數目............................ 17
表3-2 2011與2014年中國銀行海外銀行數目........................... 17
表3-3 至2014年中國銀行海外分行數..................................18
表3-4 至2014年海外人民幣清算行....................................19
表3-5 至2014年中國央行對外簽署雙邊本幣互換協議國家及地區..........20
表3-6 2006-2014年中國對外直接投資流量..............................22
表3-7 2006至2009中國對各地區直接投資流量及百分比..................23
表3-8 各變數敘述統計表及預期影響...................................26
表4-1 動態panel data下系統GMM估計結果............................33
參考文獻 References
參考資料
中文部分
官方文件
中華人民共和國商務部對外投資和經濟合作司,2006-2015。《中國對外直接投資統計公報》。
中國人民大學國幣貨幣研究所,2012。《2012人民幣國際化報告》。
中國人民大學國幣貨幣研究所,2013。《2013人民幣國際化報告》。
中國人民大學國幣貨幣研究所,2014。《2014人民幣國際化報告》。
中國人民大學國幣貨幣研究所,2015。《2015人民幣國際化報告》。

網際網路
北京日報,2016年3月9日。〈陳雨露:以供給側改革推動人民幣國際化〉,《新華網》,
http://news.xinhuanet.com/fortune/2016-03/09/c_128785936.htm。

英文部分
專書
Fred, Bergsten, C., 1975. Dilemmas of the Dollar: the Economics and Politics of United State International Monetary Policy. New York University Press.
Zhang Y., 2003. China's Emerging Global Business: Political Economy and Institutional Investigations. Basingstoke and New York: Palgrave Macmillan.

專書論文
Botticelli, Peter, 1997. “British Capitalism and the Three Industrial Revolutions,” Thomas K. McCraw, eds., Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in the Three Industrial Revolution. Harvard University Press.
Cheng, Leonard K. & Ma Zihui, 2010. “China’s Outward Foreign Direct Investment,” China’s Growing Role in World Trade. University of Chicago Press.
Cohen, B. J., “Currency and State Power,” M. Finnemore & J. Goldstein, eds., Back to Basics: State Power in a Contemporary World. Oxford University Press, pp. 159-176
Li, Daokui Li & Liu Linlin, 2010. “Renminbi Internationalization: Empirical and Political Analysis,” Peng, W. & Shu, C. eds., Currency Internationalization: Global Experiences and Implications for the Renminbi. Britain: Palgrave Macmillan, pp. 167-185
Logue, D.E. & Willet, T.D., “the Effects of Exchange Rate Adjustment on International Investment,” the Effects of Exchange Rate Adjustments. US Government Printing Office: Washington, DC, pp. 137-150
Stevens, 1993. “Exchange rates and foreign direct investment: a note,” International Finance Discussion Papers. Board of Governors of the Federal Reserve System: Washington, DC.
Yu Yongding, 2004. “Revisiting the Internationalization of the Yuan, ” Masahiro Kawai, Peter J. Morgan, Mario B. Lamberte, eds., Reform of the International monetary System: An Asian Perspective. ADB Institute.

期刊論文
Buckley P.J., L.J. Clegg, A.R. Cross, X. Liu, H. Voss & P. Zheng., 2007. “Determinants of Chinese Outward Foreign Direct Investment,” Journal of International Business Studies, No. 38, pp. 499-517.
Cai, Kevin G., 1999. “Outward Foreign Direct Investment: A novel Dimension of China’s Integration into the Regional and Global Economy,” China Quarterly, Vol 160, pp. 856-880.
Chinnm, M., J. Frankel., 2005. “Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?,” NBER Working Paper.
Chen Hongyi & Wensheng Peng, 2010. “The Potential of the Renminbi as an International Currency,” W.Peng, eds., Currency Internationalization: Global Experiences and Implications for the Renminbi.
M. Arellano and Bond, S., 1991. “Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations”, Review of Economic Studies, 58, 277–297.
Morris Goldstein & Nicholas Lardy., 2006. “China’s Exchange Rate Policy Dilemma,” The American Economic Review, Vol. 96, No. 2, pp. 422-426.
McDowell, D., 2012. “The US as Sovereign International Last-Resort Lender: The Fed’s Currency Swap Programme during the Great Panic of 2007-09,” New Political Economy, Vol. 17, No. 2, pp. 157-178.
Papke, L. E. and Wooldridge, J. M., 2004. “A computational trick for delta-method standard errors,” Economics Letters, Vol. 86, pp. 413-417.
Shingji Takagi & Zongying Shi., 2011. “Exchange rate movements and foreign direct investment (FDI): Japanese investment in Asia, 1987–2008”, Japan and the World Economy.
Taylor Robert, “Globalization Strategies of Chinese Companies: Current Developments and Future Prospects,” Asian Business and Management, Vol. 1, No. 2, pp. 209-225.
Wu F. & Y.H Sia., 2002. “China's rising investment in Southeast Asia: Trends and outlook,” Journal of Asian Business, Vol. 18, No. 2.
Zhan J.X., 1995. “Transnationalization and outward investment: the case of Chinese firms,” Transnational Corporations, Vol. 4, No. 3, pp. 67-100.

研討會論文
Cheung Yi-Wong, Jakob de Hann, XingWang Qian & Shu Yu, 2011. “China’s Outward Direct Investment in Africa,” HKIMR Working Paper, No. 13.
Chey Hyoung-kyu, 2012/01. “Can the Renminbi Rise as a global Currency? The Political Economy of Currency Internationalization,” GRIPS Discussion Paper.
Nargiza Salidjanova, 2011/3/30. “Going Out: An Overview of China’s Outward Foreign Direct Investment,” USCC Staff Research Report.
Q. Hongbin & S. Junwei, 2007. “From Greenbacks to ‘Redbacks’: China Kick-starts Plan to Internationalize the Renminbi,” HSBC Global Research Report.
Roodman, D., 2006. “How to do xtabond2: An introduction and “difference” and “system” GMM in Stata”, Center for Global Development working paper, no. 103
Subacchi, P., 2010/10. “One currency, Two Systems: China’s Renminbi Strategy,” Chatham House Briefing Paper.
SWIFT, 2012. “RMB Internationalisation: Implications for the Global Financial Industry,” SWIFT White Paper.

研究計畫
Liao S. & Daniel E. McDowell, 2012. “Redback Rising: China’s Bilateral Swap Agreements and RMB Internationalization,”.
McDowell Daniel, 2013. “Taking on the Dollar: Japanese and Chinese Currency in Comparative Perspective,”.

網際網路
Glenda Korporaal, 2012/3/5. “Renminbi beginning to replace the dollar”, The Australian, http://www.theaustralian.com.au/business/in-depth/renminbi-begining-to-replace-the-dollar/story-fn8sc6jr-1226282340973.
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