人民币汇率、产品市场竞争与企业盈利能力研究  

Research on RMB Exchange Rate,Product Market Competition and Enterprise Profitability

作　　者：陈晓珊[1] 匡贺武 

机构地区：[1]暨南大学产业经济研究院,广州510632 [2]华南师范大学经济与管理学院,广州510006

出　　处：《哈尔滨商业大学学报（社会科学版）》2017年第4期23-33,共11页Journal of Harbin University of Commerce:Social Science Edition

摘　　要：相较于公司内部治理机制而言,公司外部产品市场竞争治理机制具有更好的信息传递作用和激励约束作用。运用2005-2013年中国企业微观数据,分别构建静态的连续型交互项计量模型与动态的PVAR模型实证检验了我国企业产品市场竞争机制的有效性。研究结果发现,人民币汇率变动会对企业盈利能力,尤其是民营企业,造成显著冲击,而产品市场竞争则正向提升企业的盈利能力;产品市场竞争机制可以有效削弱人民币汇率对企业盈利能力的冲击,并且对于民营企业的削弱作用更强。Compared to the firm＇s internal governance system, the firm＇s external product market competition governance mechanism turns out to play an important role in information transfer and incentive constraint. And will it play a role in weakening the shock？ This paper employs Chinese finns micro data from 2005 -2013 ,constructing a static continuous interaction variable econometric model and a dynamic panel VAR model to test the ef- fectiveness of firm＇s product market competition mechanism empirically. We show that： the change of RMB exchange rate incurs significant shock to firm profitability, especially for private finns; moreover, product market competition promotes firm profitability greatly, especially for state -owned finns. Product market eomlaetition can effectively weaken shocks to firm nrofitabilitv.and the weakening function is greater for nrlvata firms.

关 键 词：人民币汇率 产品市场竞争 企业盈利能力 交互项模型 PVAR模型 

分 类 号：F224[经济管理—国民经济] F275