講座：Does exporting affect financial leverages: Evidence from Chinese firms under exchange rate fluctuations
題 目：Does exporting affect financial leverages: Evidence from Chinese firms under exchange rate fluctuations
嘉 賓：Zhihong Yu, Associate Professor, University of Nottingham
主持人：黃少卿 教授 上海交通大學安泰經濟與管理學院
地 點：上海交通大學 徐匯校區安泰樓A507室
This study examines the causal effect of export demand shocks on firms’ financial performances of Chinese exporter. The degepping of RMB from USD in July 2005 leads to unexpected fluctuations in RMB’s real exchange rate, making it a potentially good instrument for export demand. Our IV results reveal that, for domestic-owned firms, increasing exports improve their financial performances, only if their export destinations’ financial markets are well developed. However, for foreign-owned firms, exports have no significant causal effects on their liquidity and leverage, possibly due to their easy access to internal finance from parent company.
Zhihong Yu obtained his PhD in University of Nottingham, and has worked in UoN as faculty member since then. His main research area is international trade and development. His recent research interest is firm level adjustments to globalization from both empirical and theoretical perspectives. He has published in top journals in related fields such as Review of Economics and Statistics, Journal of International Economics, European Economic Review and Economic Theory. He is also now serving as the associate editor of The World Economy.