汇率变动、企业特征与企业绩效  

Exchange Rate Changes,Enterprise Characteristics and Enterprise Performance

作　　者：吴国鼎[1] 

机构地区：[1]中国社会科学院世界经济与政治研究所

出　　处：《中央财经大学学报》2016年第12期101-110,共10页Journal of Central University of Finance & Economics

基　　金：中国社会科学院世界经济与政治研究所重点课题“人民币汇率变动对企业绩效的影响”

摘　　要：利用国家统计局"中国规模以上制造企业年度调查"数据库,笔者从微观企业层面研究了汇率变动对不同特征企业绩效的影响以及汇率变化影响企业绩效的途径。从总体上看,人民币升值对企业绩效有负向影响;区分企业特征,则出口比例越大的企业经营绩效受汇率升值的负向影响程度越大,民营企业的经营绩效受到汇率升值的负向影响程度比国有企业和民营企业要大,出口企业的经营绩效受到汇率升值的负向影响程度比非出口企业要大。同时考虑企业的出口和进口,则在人民币升值时,出口比例越大的企业的经营绩效受到的负向影响程度越大,而进口比例越大的企业的经营绩效受到的正向影响程度越大。根据文章的研究结论,当局制定汇率政策时应该从多个角度进行综合考量,更加科学地制定汇率政策。在汇率变动时,企业应根据汇率变动及时调整自己的生产和经营策略,以取得更好的经营绩效。Using above-scale manufacturing enterprises annual survey database provided by the National Bureau of Statistics of China, this paper examines the impact of RMB exchange rate changes on enterprise performance with different characteristics. Overall, this paper finds that RMB appreciation has negative im- pact on enterprise performance. This paper also finds that RMB appreciation has greater negative impact on performance of enterprises with higher export-ratio, has greater negative impact on performance of private- owned enterprises and has greater negative impact on performance of export enterprises comparing to non-ex- port enterprises. This paper also finds that when RMB appreciation, the greater the export proportion the enter- prises has, the greater the negative effect the appreciation has on enterprise performance, and the greater the import proportion the enterprises has, the greater the positive effect the appreciation has on enterprise perform- ance. Based on the conclusion of the paper, government should consider various factors when it makes ex- change rate policy, and the exchange rate policy should be formulated in a more scientific way. In exchange rate changes, enterprises should adjust their production and business strategies in timel in order to achieve better performance.

关 键 词：汇率变动 企业绩效 企业特征 进出口比例 

分 类 号：F830.7[经济管理—金融学]