题  目：Exchange Rate Volatility and Firm-level Investment: Evidence from China

报告人：李广众  教授  中山大学管理学院

主持人：夏�君   浙江大学经济学院

时  间：2014年5月28日   星期三   15:00-17:00

地  点：浙大玉泉校区外经贸大楼418室

 
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Abstract: Employing a large panel of Chinese manufacturing firms combined with industry-specific exchange rates for the period 1998-2006, we study the interplay of share of variable input, investment irreversibility, and market power in shaping the relationship between investment and uncertainty using system GMM estimation. We find that uncertainty encourages (discourages) investment for firms with high (low) labor share or low (high) investment irreversibility. The impact of exchange rate uncertainty on investment is magnified for firms with low market power. Our results demonstrate the importance of cross-sectional heterogeneity in the investment-uncertainty relationship at the firm level.

                                         CRPE秘书处
                                         2014-5-26