题目：中国汇率政策的外部影响：来自企业层次数据的证据
The External Impact of China’s Exchange Rate Policy: Evidence from Firm Level Data
时间：2012年4月27日（周五）13:30
地点：北大8797威尼斯老品牌202
演讲者：童晖，国际货币基金组织
童晖，2004年UC Berkeley 经济学博士，曾在英国央行国际金融部工作，现为国际货币基金组织（IMF）研究部研究员。童晖博士的研究领域为国际金融、金融市场等，近年来先后在Journal of International Economics , Review of Financial Studies , American Economic Review, Review of International Economics等一流期刊上发表多篇论文，并和诺贝尔经济学奖得主George Akerlof合作撰写了论文“Lemons with Naiveté — A New Theory of Business Cycle” （工作论文）。欢迎大家参加童晖博士的学术讨论会。
金融学系一年级研究生、所有博士生要求签到。
摘要：
We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in China’s exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive effect on firms exporting to China but little positive or even a negative impact on those providing inputs for China’s processing exports. Stock prices rise for firms competing with China in their home market while falling for firms importing Chinese products with large imported-input content. Renminbi appreciation also reduces the valuation of financially-constrained firms, particularly in more financially integrated countries.
