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中文摘要：
近年来，中国与全球经济的联系更加密切，对外投资规模持续扩大。而伴随着人民币jr-率波动的不断加剧，作为对外投资参与主体的对外投资企业直接承受着较大的汇率风险。文章以境外资产总额和对外投资存量较大的30家中国对外投资上市企业为研究样本，针对对外投资过程中使用得最多的三种外币——欧元、美元和日元兑人民币汇率的波动，运用双变量GJR-GARCH模型考察对外投资企业的汇率风险暴露。实证结果表明：上述对外投资企业存在显著滞后一期的汇率风险暴露，其中80％、60％和67％的企业分别面临人民币兑欧元、兑美元和兑日元的汇率风险暴露，且风险暴露具有非对称性，人民币兑不同外币的汇率变动对企业的影响程度不同，大部分企业受损于人民币升值。
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