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前期文献表明金融市场开放对离岸服务外包发展存在非线性影响,本研究采用多门槛面板门限模型对46国面板数据进行分析,得到以下结论:外汇储备规模将导致金融市场开放对离岸服务外包发展的影响具有区间效应。适度规模外汇储备能够降低外汇波动风险,促进离岸服务外包业务发展。但当外汇储备超过一定规模,将扩大基础货币投放,加大人民币升值压力,提高离岸服务外包成本与潜在风险。该研究结论对新兴市场国家样本的作用十分明显。
Previous literature shows that the opening up of financial markets has a nonlinear effect on offshore service outsourcing development. In this study, multi-threshold panel threshold model was used to analyze panel data of 46 countries, and the following conclusions were obtained: the scale of foreign exchange reserves will lead to the opening of financial markets to offshore service outsourcing The impact of development has an interval effect. Moderate foreign exchange reserves can reduce the risk of foreign exchange fluctuations and promote the development of offshore service outsourcing business. However, when the foreign exchange reserves exceed a certain scale, it will expand the base currency investment, increase the pressure of RMB appreciation and increase the offshore service outsourcing costs and potential risks. The conclusion of this study is very obvious for the samples of emerging market countries.