人民币汇率、政府补贴与企业风险承担  

RMB Exchange Rate, Government Subsidy and Corporate Risk–Taking:Evidence from China's Manufacturing Enterprises

作　　者：赵建春[1] 许家云[2] 

机构地区：[1]华北电力大学思想政治理论课教学部 [2]南开大学国际经济贸易系

出　　处：《国际贸易问题》2015年第8期135-144,共10页Journal of International Trade

基　　金：国家自然科学基金(71403135);华北电力大学思想政治理论课专项经费;河北省哲学社会科学研究基地研究项目

摘　　要：本文检验汇率变动如何影响企业的风险承担能力,以及这种影响是否受到政府补贴的影响。我们使用2000-2007年中国工业企业数据库和海关贸易数据库的匹配数据,系统地评估人民币汇率变动对企业风险承担的影响。结果表明,(1)人民币升值有利于企业风险承担水平的提高;(2)作用机制方面,基于中介效应模型的分析发现人民币汇率对企业风险承担的出口传递效应为负,规模经济效应却显著为正,并且后者大于前者,总体效应为正;(3)人民币汇率对企业风险承担的影响,因企业规模、融资约束和所有制的不同而具有显著的异质性。此外,政府补贴不仅直接显著提高了企业风险承担水平,而且还有利于强化人民币汇率对企业风险承担的积极影响。本文不仅从人民币汇率的视角为风险承担提供了新的解释,同时为客观评估人民币汇率形成机制改革对企业风险承担的影响提供了微观层面的依据。Based on the firm- level micro data and highly disaggregated cus- toms data from 2000 to 2007, this paper investigates the effects of RMB ex-change rate on enterprises＇ risk- taking. The results show that： （1） there exists a significant causal relationship between RMB exchange rate and enterprises＇ risk -taking, and the corporate risk- taking is significantly increased after the RMB exchange rate appreciation; （2） regarding the specific mechanisms, the intermedi- ary model shows that RMB exchange rate has a negative effect on firms＇ risk- taking through the export effects, but it has a positive effect on firms＇ risk- tak- ing through economies of scale, and the net effect is positive; （3） the effects of RMB exchange rate on enterprises＇ risk- taking vary significantly among firms with different characteristics. It is found that government subsidies can strengthen the above positive effects. This paper provides a micro- level basis for objective- ly evaluating the effect of RMB exchange rate on Chinese enterprises＇ risk- tak- ing, and also proposes some policy implications to help reform the RMB ex- change rate formation mechanism.

关 键 词：人民币汇率 政府补贴 企业风险承担 中介效应 

分 类 号：F832.63[经济管理—金融学]