中国出口产品质量、汇率传递与出口定价能力——基于出口目的国收入分布视角  

Quality of Chinese Exported Products,Exchange Rate Pass-Through,and Export Pricing Capability:From the Perspective of Income Distribution in Export Destination Countries

作　　者：曾利飞[1] 蒋凯 曹伟[1] ZENG Lifei;JIANG Kai;CAO Wei(School of Finance,Zhejiang Gongshang University;Huzhou Branch of Hangzhou Bank)

机构地区：[1]浙江工商大学金融学院,浙江杭州310018 [2]杭州银行湖州分行,浙江湖州313000

出　　处：《金融研究》2023年第6期75-93,共19页Journal of Financial Research

基　　金：教育部人文社会科学基金一般项目(18YJA790008);浙江省自然科学基金重点项目(LZ22G030003);浙江省哲学社会科学规划之江青年理论与调研专项课题(22ZJQN23YB)的资助。

摘　　要：基于推进对外贸易高质量发展的背景,本文将目的国收入分布(收入水平和收入不平等)、产品质量以及汇率纳入统一的理论框架来分析出口汇率传递效应和企业的出口定价能力,并运用中国出口至160个国家和地区的5209种商品数据进行实证分析。研究发现:(1)中国出口企业倾向于采取“按市定质”策略,即向人均收入水平高、基尼系数低的国家和地区提供质量更高的产品。(2)出口企业的“按市定质”策略影响“按市定价”策略,目的国收入分布通过产品质量影响汇率传递效应,中国产品的出口定价能力在人均收入低且基尼系数高的国家更高。(3)目的国收入分布同时可调节产品质量对汇率传递的影响大小。因此,提高出口产品质量、实现出口目的国多元化对推进中国对外贸易高质量发展具有十分重要的意义。The export pricing capability of a company is a key indicator of its product competitiveness. In 2019, the Central Committee of the Communist Party of China and the State Council detailed four measures in their “Guiding Opinions on Promoting High-Quality Trade Development”: strengthening the industrial foundation for trade, enhancing trade innovation capabilities, improving product quality, and accelerating brand cultivation. These measures were aimed at shifting Chinese export companies from relying solely on cost advantages to competing on quality and structural advantages. In this context, studying the impact of export product quality on exchange rate pass-through can provide valuable policy guidance for Chinese export companies, so they can better manage exchange rate risks, enhance their product pricing capabilities, and promote the high-quality development of foreign trade.In this paper we address several questions. First, will Chinese export companies adopt a “quality according to market” strategy, whereby they adjust product quality based on the income distribution of the destination country? Second, how does this approach to quality affect enterprise pricing and, in turn, exchange rate pass-through effects? Third, what role does the income distribution of export destination countries play in the impact of product quality on exchange rate pass-through effects? Finally, are there differences in the pricing capabilities of Chinese export companies across different countries? These questions are important for understanding the evolving landscape of China's foreign trade and for providing policy guidance to export companies as they navigate market fluctuations and changing consumer preferences. The research findings provide several key insights. First, Chinese export companies do tend to adopt a “quality according to market” strategy, by supplying higher-quality products to countries and regions with higher per capita income and lower Gini coefficients. Second, this strategy affects the “price a

关 键 词：出口产品质量 汇率传递 出口定价能力 收入分布 

分 类 号：D31[政治法律—政治学] D40[政治法律—国际共产主义运动] F31[经济管理—产业经济]