本文以2007——2014年CSMAR数据库与海关数据库的匹配数据为样本，讨论人民币汇率对企业风险承担的影响效应。首先，用固定效应模型初步估计两者间的影响机制。其次，加入企业规模、所有制性质、市场化进程与风险承担的交互项，检验人民币汇率对风险承担的异质性。最后，采用风险承担的其他替代度量指标，进行稳健性检验。结果表明，人民币汇率上升，对企业风险承担能力产生显著正向影响。此外，较大的企业规模、非国有企业性质与较快的市场化进程均会促进人民币升值时对企业风险承担的积极影响。

Based on the data of listed companies in China from 2007 to 2014, this paper investigates the effects of RMB exchange rate on enterprises’ risk-taking. Firstly, using the fixed effect model to conduct a preliminary estimate. Then, adding scale, ownership and marketization process for further research, to examine whether the effects of RMB exchange rate on enterprises’ risk-taking is significantly among firms’ with different characteristics. The results show that: the RMB exchange rate has a positive effect on firms’ risk-taking. Besides, larger scale, non-state- owned enterprises and the faster marketization process can strengthen the above positive effects.