费用成本和增加企业利润以规避汇率风险的作用机制，并根据作用机制选取企业
的盈利指标作为核心被解释变量进行实证研究。
本文研究的对象是我国74家上市外贸公司相关财务数据，时间跨度为2010
年第四季度到2020年第三季度共计40期，用衡量人民币国际化程度的人民币国
际化指数和企业盈利性财务指标成本费用率、资产收益率作为主要解释变量和被
解释变量，并最大程度控制了宏观和微观的不确定性构建面板数据模型，运用固
定效应方法进行了实证研究，最后使用替换解释变量的方法对实证结论进行了稳
健性检验，均取得较为一致的结果。对于人民币国际化作用于我国上市外贸企业
盈利的研究，本文得出如下的结论：（1）正相关性存在于人民币国际化与企业盈
利之间，即人民币国际化通过减少企业成本从而达到增加利润的目的。（2）区分
不同企业属性，非国有企业对于人民币国际化作用于企业盈利的敏感度更高，即
非国有企业受益于人民币国际化的所带来的增长效应更大。（3）人民币国际化与
企业盈利之间存在着倒“U”性的非线性关系。（4）金融深化在人民币国际化与
企业的盈利之间具有较为显著的调节作用。最后本文针对研究的结论，从政府和
企业两个角度出发提出相关建议，政府发挥主导作用，助力人民币国际化；企业
进行产业调整，提升自身竞争力。
关键词：人民币国际化；企业盈利；固定效应；上市外贸公司
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ResearchontheImpactofRMBInternationalizationonthe
Earningsofmycountry'sForeignTradeEnterprises
ABSTRACT
Major：
Research area：
Author：
Advisor：
Under the background that the country advocates the establishment of a
high-level and high-quality financial open system and promotes the construction of a
dual-cycle development pattern, promoting the high-quality development of foreign
trade and guiding finance to better serve entities have become an important part of the
development content of the new era. The launch of the RMB settlement pilot program,
the deepening and expansion of bilateral currency swap cooperation, the steady
development of RMB-denominated international capital cross-border flows, and
RMB-denominated financial derivatives transactions are beginning to appear on the
stage. The issuance of legal digital currency by the central bank is expected to
upgrade the traditional monetary policy system In 2016, the RMB officially joined the
SDR currency basket, which all marked the renminbi’s vigorous move towards the
international market. Since the RMB exchange rate entered a two-way volatility
channel in 2014, the uncertainty has increased further, making the living environment
of Chinese foreign trade companies not optimistic. The Sino-US trade war and the
occurrence of new crown pneumonia are squeezing the survival space of enterprises.
Under the guidance of an open economy, following the development trend of the
times, exploring new development paths with the internationalization of the renminbi
as an important starting point is of great significance and effect for enterprises to get
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rid of difficulties and promote national economic growth.
Based on the above research background, this article first combed through the
previous literature and found that the existing literature has deficiencies and
deficiencies: First, most of the literature on the internationalization of the RMB
focuses on its macro effects, and seldom focuses on the utility of micro-market
entities such as enterprises. However, in a small number of corporate micro-studies,
they focus on the exploration of corporate import and export business, and rarely get
involved in corporate profitability financial indicators. Secondly, there is a lack of
research on enterprises with different attributes when discussing the role of RMB
internationalization on corporate profits. Finally, few studies have taken the degree of
my country's financial deepening as a consideration, and there is a lack of exploration
of the joint action of RMB internationalization and financial development for
enterprise development. Taking into account the lack of existing literature, this article
sorts out relevant literature and theoretical mechanisms, from the perspectives of
currency internationalization, RMB internationalization, and the impact of RMB
internationalization on companies, combined with exchange rate risks to increase
corporate costs and affect corporate profits. , Explored the mechanism of RMB
internationalization from reducing corporate costs and increasing corporate profits in
order to avoid exchange rate risks from subdivided areas. And according to the
mechanism of action, the profit index of the enterprise is selected as the core
explained variable for empirical research.
The object of this article is the relevant financial data of 74 listed foreign trade
companies in China. The time span is from the fourth quarter of 2010 to the third
quarter of 2020, a total of 40 periods, to measure the degree of renminbi
internationalization, the renminbi internationalization index and corporate profitability
financial indicators Cost and expense ratio and return on assets are the main
explanatory variables and the explained variables, and the macro and micro
uncertainties are controlled to the greatest extent. The panel data model is constructed,
the fixed effect method is used for empirical research, and the method of replacing
explanatory variables is used to analyze The empirical conclusions have been tested
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