人民币汇率、贸易方式与产品质量  

RMB Exchange Rate,Trade Mode and Product Quality

作　　者：王雅琦[1] 谭小芬[1] 张金慧 卢冰 WANG Yaqi;TAN Xiaofen;ZHANG Jinhui;LU Bing(School of Finance, Central University of Finance and Economic;School of Economics and Management, Tsinghua Universit;PBC School of Finance, Tsinghua Universit)

机构地区：[1]中央财经大学金融学院,北京100081 [2]清华大学经济管理学院,北京100084 [3]清华大学五道口金融学院,北京100083

出　　处：《金融研究》2018年第3期71-88,共18页Journal of Financial Research

基　　金：国家自然科学基金青年项目(71603300;71703078);教育部哲学社会科学研究重大课题攻关项目"中国资本账户开放进程安排和风险防范研究"(14JZD016);中央财经大学青年科研创新团队的资助

摘　　要：本文基于2000-2006年合并的中国海关数据库和工业企业数据库,考察了人民币汇率变动对制造业企业出口产品质量的影响。本研究发现人民币升值有利于提升出口产品质量。进一步,结合贸易方式,我们发现人民币升值能提高一般贸易产品质量,但却对加工贸易产品质量产生负面影响。我们对总体质量变动进行分解并计算了各因素贡献度,发现在样本期间,存续企业显著提升了企业产品质量。同时,企业的进入退出会对整体市场产品质量产生重要影响。另外,我们发现人民币升值时,低质量产品相对高质量产品更多地退出市场,从而使得留在市场上的整体产品的质量得到提高,然而这一效应对加工贸易并不明显。Based on the firm-level data and custom＇s transaction level data from 2000 to 2006,this paper investigates the impact of RMB real effective exchange rate movement on product quality of Chinese manufacturing enterprises. We find that the appreciation of RMB exchange rate will improve the average product quality. Quality improvement is significant for non-processing exporters but not for processing exporters.Besides,by dividing exporters into three categories-incumbents,entrants and dropouts,we find that the group of incumbents is the major contributor to the quality improvement. And we also note that firm＇s entry and exit play an important role in quality improvement. Finally,we find that against the backdrop of RMB exchange rate appreciation,the probability of market exit of products with lower quality is higher than that of products with higher quality. This effect is significant for non-processing exporters but not for processing exporters.

关 键 词：人民币实际有效汇率 产品质量 贸易方式 质量分解 

分 类 号：F01[经济管理—政治经济学] F12