Research On The Impact Of Rmb Exchange Rate Fluctuation On The Stock Price Risk Of Manufacturing Companies

China is a big manufacturing country.With the rapid development of the global economy and the deepening of China's economic openness,the manufacturing industry in China is also booming.The connection between the manufacturing and the international market is becoming more and more closely,and the impact of exchange rate fluctuations on manufacturing enterprises is also increasing.Especially,the RMB market is accelerating,and the elasticity and amplitude of exchange rate fluctuations are constantly changing,so the impact of exchange rate fluctuation on China's manufacturing industry can not be ignored.At the same time,there is a close relationship between exchange rate and stock price.In recent years,the risk of the stock market is frequent.The study of the impact of exchange rate fluctuations on the risk of the stock price is not only a hot issue at the moment,but also a fact that Chinese manufacturing enterprises must recognize when they go to the world.Based on the theory of exchange rate and stock price,this paper analyzes the transmission way and the mechanism of exchange rate fluctuation on the impact of the stock price.The characteristics of RMB exchange rate and the present situation of China's manufacturing industry are analyzed.Selecting the manufacturing enterprises in the A stock market from 2012 to 2017 as samples.In order to find out the effect of exchange rate fluctuations on the enterprise stock price risk,the quantitative study of the relationship between the exchange rate fluctuation of RMB and the risk of the stock price is carried out by the empirical model.This paper finds that there is a significant positive correlation between the fluctuation of RMB exchange rate and the risk of falling stock price of manufacturing enterprises,that is,the greater the exchange rate fluctuation,the greater stock price crash risk of manufacturing enterprises.This study not only provides theoretical support for manufacturing enterprises to prevent foreign exchange risk and stock market risk,but also provides a new perspective for improving Chinese stock market and RMB exchange rate reform.Finally,according to the relevant theoretical analysis and empirical conclusions,this paper puts forward corresponding policy recommendations from three perspectives,namely,the company,China's stock market and RMB exchange rate.