人民币汇率与企业生产率变动--来自中国的经验证据  

RMB Exchange Rate and Firms' Productivity Changes:Evidence from China's Enterprises

作　　者：许家云[1] 佟家栋[2] 毛其淋[2] 

机构地区：[1]清华大学公共管理学院,北京100084 [2]南开大学经济学院,天津300071

出　　处：《金融研究》2015年第10期1-16,共16页Journal of Financial Research

基　　金：国家社科基金重大项目(12&ZD087);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：基于2000—2007年工业企业微观数据和高度细化的海关数据,本文深入考察了人民币实际有效汇率对中国制造业企业生产率的影响。结果显示:(1)人民币实际有效汇率升值对制造业企业生产率的净效应为正,其通过企业资本劳动要素配置效应、企业选择效应、规模经济效应以及人力资本提升效应对制造业企业的生产率提升产生了积极影响,并且上述结论在考虑了人民币实际有效汇率的内生性问题之后依然稳健;(2)人民币实际有效汇率对企业生产率的影响,因企业出口与否、贸易方式、技术水平和所有制的不同而具有显著的异质性;(3)作为人民币汇率影响企业生产率的制约因素,企业融资能力越强,人民币汇率升值对企业生产率的积极影响越大。Based on the firm - level micro data and highly disaggregated customs data from 2000 to 2007, this paper investigates the effects of RMB real effective exchange rate on Chinese manufacturing enterprises＇ produc- tivity. The results show that ： （ 1 ） RMB real effective exchange rate appreciation has a positive net effect through capital and labor elements allocation effect, companies selection effect, scale economy effect and human capital enhancement effect on the manufacturing enterprises＇ productivity, and the conclusion remains robust after the use of several tools to solve problems of endogenous variables ; （2） The effects of RMB real effective exchange rate on enterprises＇ productivity are significantly different among firms with different characteristics, including whether firms export or not, different mode of trade, different technology level and different ownership of enter- prises; （3） As a factor that restrict the effect of RMB exchange rate on enterprises＇ productivity, the stronger the enterprise financing ability, the greater the positive impact of RMB exchange rate on firms＇ productivity.

关 键 词：人民币实际有效汇率 生产率 异质性 制造业企业 

分 类 号：F832.6[经济管理—金融学] F425