人民币跨境结算改革与企业出口  

RMB Cross-Border Settlement Reform and Corporate Exports

作　　者：孙浦阳 许茜 于春海[2] Sun Puyang;Xu Qian;Yu Chunhai

机构地区：[1]中国经济改革与发展研究院 [2]中国人民大学经济学院,北京市100872

出　　处：《世界经济》2024年第2期32-63,共32页The Journal of World Economy

基　　金：国家社科基金重大项目“建设更高水平开放型经济新体制研究”(21ZDA092);中国人民大学重大规划项目“长周期视角下的世界经济:现状与未来趋势”(17XNLG05)的资助。

摘　　要：本文基于中国2009年开始实施的《跨境贸易人民币结算试点出口企业名单》,从微观视角检验了人民币结算试点政策对中国企业出口的影响,并深入研究了可变汇兑成本和固定汇兑成本的影响机制。研究发现:首先,申请使用人民币结算能显著促进企业出口。其次,对汇兑成本反应较大的企业出口,受结算改革影响更为显著。因为向与中国签署本币互换协议的目的地出口,可变汇兑成本下降较大,结算改革对其影响也较大;非中间商对固定汇兑成本反应较大,所以改革对其出口的影响也更显著。最后,在使用堆积双重差分和工具变量法排除边境贸易结算改革提前和试点随机性的影响后,基本结论仍稳健。本文利用结算改革试点,从企业视角验证了跨境贸易人民币结算对中国出口的积极作用,为进一步提高贸易便利性提供了微观证据。Based on the“List of Pilot Exporting Enterprises for Cross-border Trade RMB Settlement”launched by China in 2009,this paper examines the micro-level impact of the pilot local currency settlement policy on the export of Chinese enterprises and conducts an in-depth study of the impact mechanisms of variable and fixed exchange costs.The study finds that,first,the use implementation of local currency settlement can significantly promote corporate exports.Second,corporate exports,which are more sensitive to exchange costs,are more strongly influenced by the settlement reform.As exports to destination countries sign local currency swap agreements with China,variable exchange costs decline,significantly amplifying the impact the settlement reform has on them.On the other hand,non-intermediaries are more responsive to fixed exchange costs,making the reform more significant for their exports.Finally,after using the stacked DID and instrumental variables techniques to eliminate the influence of the border trade settlement reform advancement and pilot randomness,the fundamental conclusion remains valid.Overall,this paper employs the settlement reform to demonstrate the positive effect of cross-border trade local currency settlement on China’s exports from a business perspective,providing micro-evidence to further improve trade facilitation.

关 键 词：结算方式 汇兑成本 企业出口 边境贸易 

分 类 号：F832[经济管理—金融学]