| With the development of China’s reform and opening process,with the continuous growth of China’s economic strength,in recent years,both of the flows and stocks of China’s outward foreign direct investment have been growing steadily.Nowadays,China is transforming from a country which favor of foreign investment into one favor of outward foreign direct investment.Under the background of the China’s further promote of the "going out" strategy,this study of China’s outward foreign direct investment have some certain of practical meanings.Similarly,with the increasing demand and willingness of China’s participation in global economy,China’s RMB exchange rate system has made many reforms in the process of marketization to meet the actual needs of China’s enterprises in the international economy.This paper focused on the level of RMB exchange rate and the flow of outward foreign direct investment in China as the object to study,sorted out the researches on the relationship between exchange rate and FDI both in China and abroad,combined with the theoretical basis of cost effect,wealth effect,and risk aversion effect,analyzed the transmission system between the two factors.After analyzed the current situation of China’s outward foreign direct investment and the two important reformations of RMB exchange rate system,this article chose the RMB/USD annual exchange rates and China’s OFDI annual flows from the year of 1982 to 2015 as sample,used the analysis methods of descriptive analysis,unit root test,co-integration test,ECM model test etc..It is concluded that both in the long-term and short-term,the appreciation of RMB will promote the outward foreign direct investment in China,the depreciation will show the opposite effect.Finally,according to the conclusion of empirical analysis,this paper put forward some recommendations on the reform of RMB exchange rate system and the guidance of enterprises’ participation in outward foreign direct investment in combination with China’s actual situation. |
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