汇率变动如何影响企业全要素生产率?:基于市场竞争、企业创新与中间品进口渠道的实证考察  

How Does Exchange Rate Changes Affect Enterprise Total Factor Productivity?:Analysis Based on the Empirical Investigation of Market Competition,Enterprise Innovation and Intermediate Goods Import Channels

作　　者：陈奉先[1] 王晨 赵颖岚[2] Chen Fengxian;Wang Chen;Zhao Yinglan

机构地区：[1]首都经济贸易大学金融学院 [2]四川大学经济学院

出　　处：《世界经济研究》2022年第1期14-29,M0002,共17页World Economy Studies

基　　金：国家社会科学基金青年项目“金砖国家应急储备安排的风险分担、收益分配与治理优化问题研究”(项目编号:15CJY081);北京社会科学基金项目“北京地方政府债券安全发行规模与风险控制研究”(项目编号:15JDJGC095);北京市属高校高水平教师队伍建设支持计划青年拔尖人才培育计划项目(项目编号:CIT&TCD201704100)资助。

摘　　要：基于2009~2019年中国海关和财务数据库匹配的701家上市公司数据,文章考察了汇率变动对微观企业全要素生产率的影响,并利用中介效应分析框架分析了市场竞争、企业创新与中间品进口渠道的作用机制。研究表明:实际有效汇率升值会提高企业的全要素生产率;汇率变动会通过市场竞争与企业创新这两种中介机制影响企业全要素生产率,前者的中介程度为1.457%,后者的中介程度为49.181%,而中间品进口渠道的中介作用不显著;市场竞争和企业创新在汇率变动对全要素生产率的影响中发挥链式中介作用;非国企、制造业以及大规模企业的市场竞争和企业创新的中介程度较为显著。鉴于此,增强汇率弹性、充分发挥市场竞争、提高企业创新动力对全要素生产率的提升有推动作用。Based on the data of 701 listed companies from China′s customs and financial databases from 2009 to 2019,this paper examines the impact of exchange rate fluctuations on micro firms′total factor productivity,and analyzes the mechanism of market competition,firm innovation and intermediate goods import channels using the mediating effect analysis framework.The results show that,firstly,real effective exchange rate appreciation will improve the total factor productivity of enterprises.Secondly,exchange rate fluctuations will affect the total factor productivity of enterprises through market competition and innovation,with the intermediary degree of the former being 1.457%,and the intermediary degree of the latter being 49.181%.However,the intermediary effect of the import channel of intermediate goods is not significant.Thirdly,market competition and enterprise innovation play the chain-mediated role in the impact of exchange rate fluctuations on total factor productivity.Finally,the intermediation on market competition and innovation of non-state-owned enterprises,manufacturing enterprises and large-scale enterprises is relatively significant.In view of there,enhancing exchange rate flexibility,giving full play to market competition,and improving enterprises′innovation motivation can promote the improvement of total factor productivity.

关 键 词：汇率变动 市场竞争 企业创新 全要素生产率 

分 类 号：F273.1[经济管理—企业管理] F752.61[经济管理—国民经济] F832.6F279.2