全球价值链嵌入如何影响出口价格汇率传递——基于中国微观经验数据  

How Does Global Value Chain Participation Affect the Exchange Rate Pass-Through?——An Analysis Based on Chinese Empirical Data

作　　者：孙福伟 江春[2] Sun Fuwei;Jiang Chun(School of Economics and Management,Wuhan University;The Center for Economic Development Research,Wuhan University)

机构地区：[1]武汉大学经济与管理学院 [2]武汉大学经济发展研究中心

出　　处：《国际金融研究》2023年第9期3-15,共13页Studies of International Finance

基　　金：国家社会科学基金重大项目“扩大中国金融业双向开放的关键问题研究”(15ZDC020)资助。

摘　　要：本文基于Chatterjee et al.(2013)的理论模型,从边际成本和成本加成渠道分析了全球价值链嵌入如何影响企业出口价格汇率传递,并利用2000—2013年中国工业企业与海关贸易匹配数据开展实证检验。研究发现:人民币汇率变动对中国出口产品价格的传递程度非常高,约为90%,汇率的支出转换效应在中国依然成立;同时,全球价值链嵌入在边际成本渠道具有成本对冲效应,在成本加成渠道具有定价抑制效应,两者共同作用对企业出口价格汇率传递产生显著抑制影响,全球价值链嵌入程度越高,汇率传递率越低。进一步基于贸易类型及产品差异化的分析发现,价值链低端环节以及生产产品差异化程度低的企业更倾向于自我消化汇率冲击,汇率传递率更低。因此,支持企业嵌入全球价值链并提升其在价值链中的差异化竞争力,对于中国对外贸易高质量发展意义重大。Against the background of escalating exchange rate marketization and complex international trade situation,this article studies the impact of GVC participation on exchange rate pass-through from both theoretical and empirical perspec⁃tives.Theoretical analysis based on the Chatterjee et al. (2013) model shows that GVC participation affects exchange ratepass-through mainly through the cost hedging effect of the marginal cost channel and the pricing inhibition effect of the markupchannel. Subsequently, the paper uses the matched data from Chinese Industrial Enterprises Database and Chinese CustomsDatabase spanning the year 2000 to 2013 to carry out the empirical test. The results show that: firstly, the exchange ratepass-through to export prices of Chinese firms is very high, approximately 90%. Secondly, in the case of RMB appreciation,firms with a high degree of GVC participation have a lower exchange rate pass-through rate. Thirdly, the exchange ratepass-through effect of export prices is also affected by the type of trade and the degree of product differentiation. Firms posi⁃tioned at the low-end of the GVC and those with low product differentiation tend to absorb exchange rate shocks by themselvesand have lower exchange rate pass-through rate.In order to reduce the exchange rate risk faced by export enterprises, this paper gives three suggestions. The first sugges⁃tion is for firms to be deeply embedded in the global value chain, so as to maintain the stability of export prices and alleviatethe adverse impact of exchange rate shocks on export. The second suggestion is to change the way in which firms participate inthe global value chain in the form of low-end processing trade and promote the optimization and adjustment of export industrystructure, which are helpful to enhance the ability of export enterprises to resist exchange rate shocks as a whole. The third sug⁃gestion is to guide export enterprises to ascend the global value chain through technological innovation, so as to improve the in⁃ternatio

关 键 词：全球价值链嵌入 汇率 汇率传递 出口价格 

分 类 号：F831[经济管理—金融学]