量化宽松政策对于企业出口价格的影响研究--基于微观数据的理论与实证研究  

Influence of Quantitative Easing Policy on Corporate Export Prices:Theory and Empirical Evidence Based on Micro-data

作　　者：孙浦阳[1] 张靖佳[2] 高恺琳 

机构地区：[1]南开大学经济学院,中国特色社会主义经济建设协同创新中心 [2]南开大学apec研究中心 [3]北京大学国家发展研究院

出　　处：《管理世界》2016年第11期53-64,共12页Journal of Management World

基　　金：国家社会科学基金项目(项目编号:12BJL049);教育部人文社会科学重点研究基地重大项目“外资政策自由化、产业动态演化及其竞争力研究”的支持

摘　　要：本文将量化宽松政策的代际交叠模型与企业出口价格调整的微观模型相结合，诠释了国际性的量化宽松政策对于微观企业的出口行为的影响机制。在验证过程中，本文使用了较为典型的日本量化宽松政策作为案例分析，与我国海关的2001～2006年的微观贸易数据进行匹配，构建了国际性量宽政策对我国出口企业价格调整的边际影响指标，衡量出我国出口企业的价格对于量化宽松政策的调整程度，并且进一步验证了与企业出口调整柔性之间的关系。本文发现：首先，日本量化宽松政策对我国出口企业价格有着显著影响，主要表现在企业对于量宽政策个体反应指标与出口价格波动率呈同向变动关系；进一步而言，上述个体反应指标对价格波动率的边际影响指标差异与企业调整的柔性相关，中国出口企业对日本量化宽松政策反应的价格调整柔性越强，则上述边际影响指标越大，表示出口企业在政策冲击下的价格调整能力越强，则其出口价格对政策的反应越强烈。以上结论在考虑出口企业类型，出口目的地等差异性后，结果仍然稳健。本文的研究及结论对于从微观角度研究国际性货币政策对于我国实体经济的影响提供了较为科学和详实的理论支持。This paper studies the effects of global quantitative easing policies on corporate export pricesand its influencing mechanism, though the method of combinationgenerationsoverlapping model and corporate export prices adjustment micro-model. In the verification process, this paper uses the typical quantitative easing policies from Japan to implement case studies, and matches them with Chinese customs 'micro-data from 2001 to 2006, and then builds the marginal influence proxies for the effectsof global quantitative easing policies on corporate export prices. Based on these proxies,we measure the adjustment degree of export prices to quantitative easing policies and further verify the relation between this adjustment degree and export adjustment flexibility. Our results first show that Japan 's quantitative easing policies have significant influences on China 'scorporate export prices and the influences mainly reflect on the same direction co-movement between corporate reaction proxies to quantitative easing policies and volatility of China 's corporate export prices. Secondly, the firms with higher adjustment flexibility have stronger volatility of export prices to Japan's quantitative easing policies which indicates that the export price changes to policies are more intense among firms with stronger price adjustment abilities. Thirdly, the results are proved to be robust taking the heterogeneity of export firm types and export destinations into consideration. This paper therefore provides scientific and detailed theoretical implications to the studies on the effects of global monetary policies on China 's real economy from the micro perspectives.

关 键 词：量化宽松政策 汇率溢出效应 企业个体反应 指标价格调整 

分 类 号：F752.62[经济管理—国际贸易] F822.0[经济管理—产业经济]