人民币汇率变动、企业创新与制造业全要素生产率  

RMB Exchange Rate Fluctuations, Enterprise Innovation and Total Factor Productivity of Manufacturing Industry

作　　者：曹伟[1] 冯颖姣 余晨阳 万谍[1] CAO Wei;FENG Yingjiao;YU Chenyang;WAN Die(School of Finance,Zhejiang Gongshang University;School of Economics,Hangzhou Normal University)

机构地区：[1]浙江工商大学金融学院,310018 [2]杭州师范大学经济学院,311121

出　　处：《经济研究》2022年第3期65-82,共18页Economic Research Journal

基　　金：国家社会科学基金一般项目(21BJY265);国家自然科学基金面上项目(72173132);浙江省自然科学基金重点项目(LZ22G030003);浙江省省属高校基本科研业务费专项资金(JR202103)的资助。

摘　　要：提高制造业全要素生产率(TFP)是实现我国制造业高质量发展的动力来源。从本质上讲,TFP属于资源配置效率,汇率变动会引发资源重新配置,进而影响TFP。本文基于人民币汇率升值影响制造业企业生存状态以及倒逼企业创新的特征事实,首次从“倒逼式研发”视角出发构建理论模型,分析汇率变动对制造业企业TFP的影响机制。理论研究发现,汇率升值通过降低企业进口中间品成本、迫使出口企业研发以及淘汰落后产能等机制提升制造业企业TFP。实证结果表明:(1)总体而言,人民币汇率升值有利于提高我国制造业TFP,并且中间品进口占比越高,出口占比越高或面临竞争压力越大的企业,升值对其TFP的提升作用越强。(2)人民币汇率升值促进企业专利数量的增长,进而有助于提高企业TFP。(3)相比非国有、高技术水平和资本密集型企业,人民币汇率升值对国有、低技术水平和劳动密集型企业TFP的提升效果更为明显。(4)对于中间品进口相对较多或面临竞争更为激烈的企业,2005年“7·21”汇改增强了人民币汇率升值对其TFP的提升作用。本研究从汇率视角为提高我国制造业全要素生产率,进而助力制造业高质量发展提供了政策启示。In recent years, the cost advantage of China’s manufacturing industry is weakening compared with that of the United States and other developed countries due to the continuous slowdown of economic growth and the rise of labor costs, and thus its competitiveness is facing severe challenges. So, it is urgent to further improve the total factor productivity(TFP) of China’s manufacturing industry. Improving manufacturing TFP is not only the key to enhance its international competitiveness, but also the power source to ensure the high-quality growth of the whole manufacturing industry. In essence, TFP is a kind of resource allocation efficiency, and among many factors that affects TFP, the exchange rate is a very important one. However, the importance of exchange rate has not aroused enough attention from scholars. The fluctuations of exchange rate which serves as a relative price will directly affect the pricing behavior of enterprises, and further lead to the reallocation of resources and then affect TFP. Taking the appreciation of local currency as an example, export enterprises with low productivity may carry out technological innovation and optimize the allocation of internal factors to avoid to be eliminated by the market competition, which is conducive to improving the TFP of enterprises. From the characteristics after the July 21 foreign exchange reform in 2005, the appreciation of RMB has affected the survival of enterprises to a certain extent. The continuous appreciation has weakened the cost advantage of enterprises. Many enterprises have to increase R&D investment to deal with the possible adverse effects of RMB appreciation.To sum up, this paper puts forward the following research topics: under the trend of stable and strong RMB exchange rate, how do the fluctuations of RMB exchange rate affect the TFP of enterprises? What is the theoretical mechanism behind the influence? The theoretical model of this paper finds that the exchange rate appreciation improves the overall TFP level of the manufacturing

关 键 词：高质量发展 人民币汇率 倒逼式研发 企业创新 全要素生产率 

分 类 号：F832.6[经济管理—金融学] F425F273.1