Studying The Impact Of RMB Exchange Rate On The Stock Price Fluctuations Of China's Export-oriented Listed Companies

Under certain conditions,the exchange rate has a direct impact on import and export trade,and the external depreciation of the national currency can promote exports and restrict imports.Exchange rate fluctuations not only affect the cost of imported equipment and raw materials for export-oriented listed companies,but also the international competitiveness of their products.The above changes will also be transmitted to the company's operating results,achievements,assets and liabilities,exchange gains and losses,and actual profits,and changes in the company's fundamentals will also affect its stock price.In addition,investors' psychological expectations of the company's development will also bring fluctuations to the company's stock price.Studying the impact of RMB exchange rate on the stock price fluctuations of China's export-oriented listed companies will have a positive effect on the government's efforts to resolve financial risks and promote onomic stability in the new situation.With the continuous opening of China's capital market,the research on the correlation between foreign exchange and stock market also has practical significance for corporate business strategy,investor decision-making and government policy adjustment.First of all,this article reviewed the research on the correlation between exchange rate and stock market at the macro and micro levels of scholars at home and abroad.The research covered western developed countries and emerging developing countries.This article focuses on the impact of RMB exchange rate fluctuation on the stock price of export-oriented listed companies,and establishes the theoretical support and logical starting point through the comprehensive analysis of basic theory of exchange rate and stock price.At the same time,it further elaborates the main transmission paths of exchange rate fluctuations to stock price transmission mechanism,including import and export trade,international capital,interest rate,company performance,psychological expectations and money supply.Secondly,by consulting relevant literature and data,we found that the impact of RMB exchange rate fluctuations on medical equipment,electronic components,construction machinery and textile service trade was particularly obvious.This paper selected 32 export-oriented listed companies through several dimensions such as overseas revenue share,circulation market value,time to market and industry ranking.The empirically test through the establishment of VAR model,the panel data and the time series data of 5 sample companies showed that the RMB exchange rate was the Granger reason for the export-oriented listed company's share price.And the test of stability and cointegration showed that the RMB exchange rate and the export-oriented company's share price form a long-term stable reverse relationship.Finally,with the internationalization of the RMB and the deepening of economic globalization,the impact of the RMB exchange rate on the stock price of export-oriented listed companies will become more and more complicated.This article proposed specific recommendations from the three levels of government,enterprises and individual investors by combining theoretical and empirical conclusions and expounded the future research prospects.