我国纺织品进出口贸易的汇率不完全传递效应研究  

On Incomplete Pass-through Effect of Exchange Rate in China's Textile Foreign Trade

作　　者：张中志[1] 

机构地区：[1]中国人民银行济南分行,山东济南250021

出　　处：《金融发展研究》2015年第12期17-23,共7页Journal Of Financial Development Research

摘　　要：本文首先以贸易份额为权重,测算出我国纺织业进出口名义有效汇率指数,在此基础上分别利用行业和企业层面的数据进行实证检验。研究发现,中国纺织业进口和出口贸易中存在汇率不完全传递效应,并体现出明显的非对称性。原因在于中国出口纺织品差异化程度不高,需求价格弹性大,出口企业通过主动吸收大部分汇率波动,以维持低价竞争优势。纺织业进口主要以原料为主,由于国家对主要纺织原料进口实行配额或进口许可管理,纺织企业无法充分运用国外低成本资源,很难通过灵活调整进出口数量来降低汇率风险。This paper studies the incomplete pass-through effect of exchange rate on the textile industry. First,we calculate the nominal effective exchange rate of China＇s textile industry by setting weight according to the share of foreign trade in each country. Then we conduct an empirical test through employing the data of both textile industry and typical firms. We find that there is incomplete and asymmetry exchange rate pass-through effect in China＇s textile import and export trade. The difference degree of textiles for export is not high and the price elasticity of demand is rather bigger. In order to maintain their advantage of lower export price,China＇s textile companies have to absorb most of the exchange rate fluctuations. Because the imports of China＇s textile companies are mostly textile raw material,and the government implements quota management on the above-mentioned products, the textile companies can＇t make full use of foreign low- cost materials. As a result, China＇s textile companies can＇t reduce the risks brought by the exchange rate fluctuations through flexibly adjusting the quantity of import and export.

关 键 词：汇率不完全传递 依市定价 非对称性 面板数据模型 

分 类 号：F830[经济管理—金融学]