人民币汇率、产品质量与企业出口行为——中国制造业企业层面的实证研究  

RMB Exchange Rate,Product Quality and Firms' Export Activity:An Empirical Analysis Based on Chinese Manufacturing Enterprises

作　　者：许家云[1] 佟家栋[1] 毛其淋[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《金融研究》2015年第3期1-17,共17页Journal of Financial Research

基　　金：国家社科基金重大项目(12&ZD087);国家社科基金项目(10CGJ014);国家自然科学基金青年项目(71403135);中央高校基本科研业务费专项资金资助项目(NKZXB1413)的资助

摘　　要：本文旨在考察人民币汇率对企业出口产品质量的影响。通过利用高度细化的工业企业数据库和海关贸易数据库首次从微观层面进行系统的研究,本文发现:(1)人民币升值促进了企业出口产品质量的提升,但是该效应因企业生产率水平、融资约束、所有制和贸易方式的不同而具有显著的异质性。(2)通过对出口贸易进行分解,我们发现人民币升值有利于新进入企业的产品质量提升,但不利于退出企业;人民币升值有利于新进入产品的质量提升,不利于退出产品,并且对持续存在的产品质量提高具有积极影响;此外,相比于内资企业,外资企业的质量提高更快。(3)通过引入生存分析模型的研究表明,人民币升值显著缩短了出口低质量产品的企业的出口持续期,但却可以延长出口高质量产品的企业的出口持续期。Based on the firm - level micro data and highly disaggregated customs data from 2000 to 2007, this paper tries to investigate the impact of RMB real effective exchange rate on Chinese manufacturing enterprises＇ product quality. The results show that： （ 1 ） RMB real effective exchange rate appreciation has a positive net effect on manufacturing firms＇ product quality, and the effects are significantly different among firms with dif- ferent characteristics, including different productivity levels, different financing constraints, different ownership of export enterprises and different ways of trade. （2） Through the decomposition of export trade, we find that the appreciation of the RMB is conducive to the product quality improvement for the new enterprises, but it is not conducive to exiting enterprises ; The appreciation of the RMB is conducive to the quality improvement of the new products, but it is not conducive to exiting products, and it has a positive influence on the existing enterpri- ses＇ quality improvement; In addition, compared with domestic enterprises, foreign -funded enterprises＇ speed to improve the product quality is faster; （3） The appreciation of RMB real effective exchange rate short- ens the duration of the low product quality enterprises to export, but extends the duration of the high product quality enterprises to export. This paper confirms that the appreciation of the RMB is beneficial to improve en- terprises ＇ product quality from the micro level, and it also has important policy implications for China to imple- ment the reform of RMB exchange rate formation mechanism which can finally promote our foreign trade product structure upgrading.

关 键 词：人民币实际有效汇率 产品质量 企业异质性 生存分析 

分 类 号：F832.6[经济管理—金融学] F273.2F752.62