【摘要】 纺织产业是传统制造业的典型代表，也是全球化最高的产业之一，随着中国纺织产业成为第五次国际转移的投资方，汇率风险成为纺织产业对外投资的重要风险之一。基于2015—2019年中国纺织产业对56个东道国(地区)的对外直接投资面板数据，实证分析了东道国(地区)汇率风险、双边关系对中国纺织产业对外直接投资的影响。研究结果表明：中国纺织产业对外直接投资存在汇率风险偏好特征；双边关系显著降低中国纺织产业对外直接投资的汇率风险偏好倾向；双边关系的调节效应在未与中国签订货币互换协议、非洲地区国家样本中更加显著。更多还原

【Abstract】 The textile industry is a typical representative of the traditional manufacturing industry and one of the most globalized industries. As China’s textile industry has become the investor of the fifth international transfer, the exchange rate risk has become one of the important risks of the textile industry’s foreign investment. Based on the panel data of OFDI of China’s textile industry to 56 host countries(regions) from 2015 to 2019, the influence of exchange rate risk and bilateral relations of host countries(regions) on OFDI of China’s textile industry were empirically analysed. The results showed that the foreign direct investment of China’s textile industry had the characteristics of exchange rate risk preference; bilateral relations significantly reduced the exchange rate risk preference tendency of China’s textile industry’s OFDI; the moderating effect of bilateral relations was more significant in the sample of African countries that have not signed a currency swap agreement with China.更多还原