在本文中，我们重新审视了人民币汇率与外商直接投资之间的关系，考虑到这种关系中可能存在的非线性，以便量化人民币升值与贬值对外商直接投资的不对称影响，本文引入了 S hin 等（ 201 3 ）提出的非线性自回归滞后模型（ NARDL ），并基于 1994 年至 2018 年中国 31 个省市的年度数据，实证研究了人民币实际有效汇率正向冲击与负向冲击的非对称性特征。实证研究结果表明，在长短期中，人民币实际有效汇率的变化对外商直接投资的影响均存在不对称性，且人民币实际有效汇率的正向冲击与负向冲击对外商直接投资的影响方向相反，即长期来说，人民币贬值能促进外商直接投资，而人民币升值对外商直接投资有一定的抑制作用，并且人民币汇率受到负向冲击时对外商直接投资的影响更大。

In this article, we have reexamined the relationship between the RMB exchange rate and foreign direct investment. Considering the possible non-linearity in this relationship, in order to quantify the asymmetric impact of CNY appreciation and depreciation on foreign direct investment, this article introduces Shin Et al. (2013) proposed the nonlinear ARDL model, and based on the annual data from 31 provinces in China from 1994 to 2018, empirically studied the asymmetry of the positive and negative shocks of the real effective exchange rate of CNY feature. The results of empirical research show that in the short and long term, the changes in the real effective exchange rate of the CNY have asymmetric effects on foreign direct investment, and the positive and negative impacts of the real effective exchange rate of the CNY have the opposite direction of foreign direct investment. In the long run, the devaluation of the Renminbi can promote foreign direct investment, while the appreciation of the Renminbi has a certain inhibitory effect on foreign direct investment, and the foreign exchange direct investment will be more affected when the Renminbi exchange rate is negatively impacted.