产品质量视角下融资约束如何影响汇率传递——理论模型和中国证据  

How Financing Constraints Affect Exchange Rate Pass-through from the Perspective of Product Quality:Theory and Evidence from China

作　　者：祝树金[1] 李江 钟腾龙 Zhu Shujin;Li Jiang;Zhong Tenglong(School of Economics and Trade,Hunan University;School of International Trade and Economics,Central University of Finance and Economics)

机构地区：[1]湖南大学经济与贸易学院 [2]中央财经大学国际经济与贸易学院

出　　处：《经济科学》2023年第3期42-64,共23页Economic Science

基　　金：国家社会科学基金重大项目“新发展格局下我国制造业高端嵌入全球价值链研究”(项目编号:22&ZD100);国家自然科学基金青年项目“进口竞争、成本加成与贸易利得:基于多产品企业的理论、机制与经验研究”(项目编号:71903003)的阶段性成果。

摘　　要：本文将企业融资约束和产品质量纳入Corsetti和Dedola(2005)的模型框架,考察融资约束和产品质量对人民币汇率传递的影响,并使用2000—2013年中国工业企业数据库和海关数据库的匹配数据进行实证检验。研究发现,融资约束较高或产品质量较低的企业具有更高的汇率传递率;随着企业产品质量的提高,融资约束对汇率传递的影响效应呈倒U形变化特征。机制分析表明,该倒U形关系的形成源于产品价格加成与产品质量间的非线性关系:只有当产品质量较高时,产品质量升级才会显著提升其产品价格加成,从而降低汇率传递受融资约束影响的程度。此外,人民币汇率传递还具有不对称性,人民币在升值时的汇率传递率较低,且较易受到企业融资约束和产品质量的影响。This paper includes financing constraints and product quality in the theoretical frame-work of Corsetti and Dedola(2005),and examines the effects of financing constraints and prod-uct quality on RMB exchange rate pass-through.We carry out the empirical test by using matched data from the Chinese Annual Survey of Industrial Firms(CASIF)and China Customs Statistics from 2000 to 2013 to verify the model findings.This paper finds that firms with high fi-nancing constraints and low product quality have high exchange rate pass-through.Product quali-ty has an important moderating effect when financing constraints affect the exchange rate pass-through:as the product quality improves,the impact of financing constraints on the exchange rate pass-through shows an inverted U-shaped characteristic.Further studies find that the non-linear relationship between product markup and product quality is an important reason for this in-verted U-shape.Specifically,only when product quality is high enough,product quality upgra-ding will significantly increase its markup,thus reducing the extent to which exchange rate pass-through is affected by financing constraints.We also find that RMB exchange rate pass-through is asymmetric.In the case of appreciation of the RMB exchange rate,the exchange rate pass-through is lower and more susceptible to financing constraints and product quality.

关 键 词：融资约束 产品质量 汇率传递 倒U形 

分 类 号：F740.3[经济管理—国际贸易]