The Influence Of Rmb Appreciation On Export Enterprise Cash Holdings Research

Exchange rate policy in China from July21,2005, introduced on the basis of market supply and demand, reference to a basket of currencies, managed floating exchange rate system, is no longer a single peg to the dollar.Since then, the yuan has been in a state of foreign comprehensive appreciation, worsening the export enterprises of export environment, cause the export enterprises in the financial policy, corporate governance and a series of measures to change.Because cash is the lifeblood of the enterprise survival, the crisis comes, have enough cash can make enterprises in a short period of time will not have the risk of capital chain rupture, therefore, the study of corporate cash holdings for the survival of enterprises is of great significance.So this article focuses on the appreciation of the renminbi cash holdings for export enterprises effects.Through step by step to study the effect of RMB appreciation on export enterprise enterprise value, the appreciation of the renminbi to different types of financing constraints the influence degree of the export enterprise cash levels, to clarify the appreciation of the renminbi affect the transmission mechanism of export enterprise cash levels change.Due to the appreciation of the RMB can’t use a variable to define, but although the different levels of different foreign currency appreciation, in the yuan peg to a basket of reference currency, the dollar still accounted for the largest, generally refers to the exchange rate, and we say at ordinary times the yuan against the us dollar, so this article selects the yuan appreciation of the yuan against the dollar to represent the notion of appreciation of the yuan, has a certain feasibility.Through the study found that the impact of RMB appreciation on export enterprise cash holdings mechanism:the appreciation of the renminbi led to the decrease of the export enterprise exterior competition environment and profitability.Due to information asymmetry, outside investors enlarge this adverse effect, reduce the export enterprises of enterprise value.Enterprise value is reduced, changed the degree of financing constraints of the enterprise, thus make the export enterprises especially financing constraint export enterprises, based on the trade-off theory and precautionary motive, can increase the cash holdings to prevent capital chain rupture and seize investment opportunities.The transmission path of this paper are as follows:the appreciation of the renminbi-lowering export enterprise value-increasing financial constraint level-cash levels.The discovery of the transmission mechanism, the enterprise has the very good guiding significance for China’s exports.The research conclusion is also conducive to deepening the appreciation of the renminbi to the enterprise specific understanding of the influence of the financial policy mechanism, the research on the effects of the appreciation of the renminbi to the enterprise financial policy of the micro level, broadening the research field of the appreciation of the RMB.