人民币国际化有助于出口企业应对汇率波动吗——基于汇率传递视角的研究  

Does RMB Internationalization Help Exporters Cope with Exchange Rate Fluctuations?Research Based on Exchange Rate Pass-through Perspective

作　　者：韩丰泽 陈晓莉[2] Han Fengze;Chen Xiaoli

机构地区：[1]中国建设银行博士后科研工作站,北京100032 [2]山东大学经济学院金融系,山东济南250100

出　　处：《南开学报（哲学社会科学版）》2022年第4期37-50,共14页Nankai Journal:Philosophy,Literature and Social Science Edition

基　　金：国家社会科学基金重点项目(ZX20180248)。

摘　　要：从汇率传递视角出发,我们主要使用2008—2013年中国海关数据库和工业企业数据库的合并数据,检验人民币国际化对中国出口企业应对汇率波动能力的影响。研究发现:(1)人民币国际化可以有效提升企业出口产品价格的汇率弹性,稳定产品以出口目的地货币表示的价格,有助于出口企业应对汇率波动。(2)这种作用可以通过产品质量效应和进口中间品成本效应两种机制实现。(3)这种作用存在一定程度的异质性,在进口强度较低企业、小规模企业、位于垄断行业以及低市场化程度地区的企业中更明显,说明这些企业可以更多地从人民币国际化完善金融市场、降低交易成本等功能中受益。From the perspective of exchange rate pass-through, this paper primarily utilized the combined data of the China Customs database and Industrial enterprise database from 2008 to 2013 in order to test the impact of RMB internationalization on the ability of Chinese exporters coping with exchange rate fluctuations. Findings suggest that: 1)RMB internationalization can effectively improve the exchange rate elasticity of export product prices, stabilize the price of products expressed in the currency of export destinations, and help export enterprises cope with exchange rate fluctuations;2) this effect can be realized through the two mechanisms of product quality effect and intermediate input cost effect;and 3) there is a certain degree of heterogeneity in this effect, which is more obvious in enterprises with low import intensity, small-scale enterprises, enterprises in monopolistic industries and areas with low marketization, indicating that these enterprises can benefit more from the functions of RMB internationalization to improve the financial market and reduce transaction costs.

关 键 词：人民币国际化 出口价格 汇率传递 产品质量 中间品进口 

分 类 号：F752.62[经济管理—国际贸易] F832.6[经济管理—产业经济]