Research On Managerial Ownership,Agency Cost And Performance Of Transnational M&A

In the field of international economy,the exchange rate of the U.S.dollar has always been the subject of discussion by many scholars.As for the influencing factors of the exchange rate of the U.S.dollar,it is also a hot research topic.In view of the connection between the fluctuation of the exchange rate and the world economy,many scholars at home and abroad systematically analyze it through different channels and influencing factors,Among the economic variables that determine the exchange rate change,scholars have always regarded the economic variables such as the total amount of money and the inflation rate as the economic indicators that affect the exchange rate fluctuations.However,for many kinds of variables,the influence of the country's oil price volatility on the exchange rate is receiving more and more attention.Since China has always been a major energy consumer,the impact of oil prices on China's economy has profound research value.Since October 2016,the RMB has been formally included in the IMF SDR basket of currencies,the RMB has gradually become the world's focus of attention.Accompanying the speeding up of RMB internationalization,it is worth discussing the linkage between RMB exchange rate and the world economy.Therefore,research on the influence of international oil price volatility on the exchange rate of RMB has the value of the time and international.Now,the impact on RMB of oil price fluctuations has mostly been limited to the long-term interaction between them.This paper introduces the Krugman theory model and flexible price analysis theory to describe the impact of international oil price fluctuations on the RMB exchange rate of economic variables,In the model building,this paper uses the VAR model to study the RMB internationalization process,International oil prices through the impact of several economic variables on the impact of the exchange rate of people and the use of impulse response function to illustrate the impact of fluctuations in oil prices before and after RMB to RMB changes in the impact of RMB.The results show that:First,the fluctuation of international oil price has a significant impact on the exchange rate of RMB,and the impact is significantly negatively correlated;second,the impact of international oil prices on the exchange rate of RMB is more significant through the price level;thirdly,The impact of fluctuations in oil prices on the exchange rate of RMB will be shortened.Domestic governments should pay attention to regulating the domestic use of oil,integrate the use of energy and establish a multi-energy channel to create a comprehensive and robust energy allocation system.The introduction of new energy buffer energy tensions,then reduce the impact of fluctuations in oil prices on the future of China's exchange rate,thereby protecting the security expectations of China's financial system.As for the RMB exchange rate,the formation mechanism of the RMB exchange rate should be improved to overcome the limitations of the current exchange rate formation mechanism and prepare the RMB for internationalization.In the face of a complex economic environment,domestic governments should pay attention to regulating domestic oil use,integrate energy use,establish multi-energy channels,and create a comprehensive,solid energy deployment system.By introducing new energy to buffer the tension brought about by the oil crisis,the impact of oil price fluctuations on China's exchange rate in the future will be reduced to protect the security expectations of China's financial system.For RMB exchange rate,the formation mechanism of RMB exchange rate should be improved and adjusted.The government control function establishes a reasonable connection mechanism through establishing market exchange with the international economy,overcomes the limitations of the current exchange rate formation mechanism,and prepares the RMB for internationalization.