人民币汇率水平与出口企业加成率——以中国制造业企业为例  

RMB Exchange Rates and Export Firms' Markups:Analysis Based on Chinese Manufacturing Enterprises

作　　者：许家云[1] 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：《财经研究》2016年第1期103-112,共10页Journal of Finance and Economics

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

摘　　要：文章利用2000-2007年的中国海关数据库和工业企业数据库的匹配数据,深入考察了人民币汇率变动对中国制造业出口企业加成率的影响,并同时揭示了其作用机制。研究表明:(1)人民币升值显著降低了出口企业的加成率,并且对于出口依赖程度越高的企业,人民币升值对其加成率的负面影响越大;(2)人民币升值对出口企业加成率的影响具有动态效应,且可能存在1年的时滞,它对企业加成率的抑制作用随着时间的推移呈递增趋势;(3)人民币汇率对不同特征的出口企业加成率具有显著的异质性影响:人民币汇率升值对出口企业加成率的消极影响随着企业生产率水平的提高而降低,随着企业融资约束的增强而增强;从所有制性质来看,私营出口企业的加成率受到人民币升值的冲击较大;在贸易方式方面,加工贸易企业的加成率受人民币汇率波动的影响较小。进一步地,文章通过构建中介效应模型考察了人民币升值影响出口企业加成率的作用机制,结果表明:人民币升值通过"价格竞争效应"和"规模效应"降低了出口企业的加成率。文章为资本市场开放条件下的企业行为选择和贸易政策制定提供了一定的启示和参考。Based on the firm-level micro data from China customs and industrial enterprise databases from 2000 to 2007,this paper comprehensively investigates the effects of changes in RMB exchange rates on Chinese manufacturing export firms＇ markups,and simultaneously reveals possible function mechanisms behind.It comes to the results as follows：firstly,RMB appreciation significantly reduces export firms＇ markups;and RMB appreciation has stronger negative effects on mark-ups of firms with higher dependence on export;secondly,dynamic analysis shows that the influence of RMB appreciation on export firms＇ markups may has a delay of one year,which means export firms＇ markups will decline more as time passes;thirdly,the effects of RMB exchange rates on export firms＇ markups are significantly featured by heterogeneity：the negative effect of RMB appreciation on export firms＇ markups decreases with the improvement of firm productivity,and increases with the enhancement of firm financing constraints;in view of firm ownership,markups of private export firms suffer a big hit from RMB appreciation,while processing export firms are less affected as for mode of trade.Furthermore,it explores the role of RMB appreciation in export firms＇ markups through a mediating effect model,and shows that RMB appreciation reduces export firms＇ markups through price competition and scale effects.This paper provides some enlightenment and reference for firm behavior choice and trade policy formulation under the condition of the opening-up capital market.

关 键 词：人民币汇率 加成率 中介效应模型 

分 类 号：F830.9[经济管理—金融学] F740.3