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1月5日,Zhihong Yu(University of Nottingham, UK.)
发布时间:2017-01-04   发布人:zs   点击数:1168

报告人: Zhihong YuUniversity of Nottingham, UK.

时间:15日(周四)下午130-300

地点:博学楼1222教室

题目:Does exporting affect financial leverages: Evidence from Chinese firms under exchange rate fluctuations

摘要: 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. 

报告人简介:Dr. Zhihong is now an Associate Professor of School of Economics , University of Nottingham, UK. He is fellow of the Nottingham Centre for Research on Globalisation and Economic Policy (GEP). CESifo, and IWE. His major research interests are in international economics, industrial organisation, and specialises in firm responses to globalisation. He has recently published in Journal of  International Economics, European Economic Review, Economic Theory, Canadian Journal of Economics. He is also currently the Associate Editor of The World Economy.

 

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