主 题：Does exporting affect financial leverages: Evidence from Chinese firms under exchange rate fluctuations
主讲人：英国诺丁汉大学 俞志宏
主持人：西南财经大学国际商学院 逯建副教授
时 间：2015年12月17日(星期四)上午10:00
地 点：柳林校区通博楼110室
主办单位：国际商学院 科研处
主讲人简介：
俞志宏，英国诺丁汉大学经济学院助理教授, 诺丁汉全球化与经济政策研究中心研究员, 德国慕尼黑Ifo 研究院研究员。“World Economy”学术期刊（英国）副主编。
主讲内容：
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 reveals 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.
