人民币汇率变动对制造业股票收益率的影响研究的中期报告.docxVIP

人民币汇率变动对制造业股票收益率的影响研究的中期报告 【摘要】 本文利用2005年至2020年中国A股市场的制造业股票数据，采用OLS回归和差分法，考察了人民币汇率变动对制造业股票收益率的影响。结果表明，人民币对美元汇率上涨对制造业股票收益率具有负向影响，而人民币对一篮子货币汇率上涨则对制造业股票收益率具有正向影响。此外，通过不同的产业对比发现，人民币对美元汇率上涨对高科技制造业的影响最大，而人民币对一篮子货币汇率上涨对传统制造业的影响最大。 【关键词】 人民币汇率；制造业；股票收益率；影响 【Abstract】 Using the data of manufacturing industry stocks in Chinas A-share market from 2005 to 2020, this paper examines the impact of RMB exchange rate fluctuations on manufacturing stock returns through OLS regression and difference methods. The results show that the appreciation of RMB against the US dollar has a negative impact on the stock returns of the manufacturing industry, while the appreciation of RMB against a basket of currencies has a positive impact on the stock returns of the manufacturing industry. In addition, through comparisons of different industries, it is found that the impact of RMB appreciation against the US dollar is the largest on high-tech manufacturing industries, while the impact of RMB appreciation against a basket of currencies is the largest on traditional manufacturing industries. 【Key Words】 RMB exchange rate; manufacturing industry; stock return; impact