人民币汇率波动与企业根本性创新:立竿见影还是润物无声?  

RMB Exchange Rate Fluctuations and Enterprise Innovation

作　　者：张晓莉[1,2] 韦啸 张露文 ZHANG Xiaoli;WEI Xiao;ZHANG Luwen(School of International Economics and Trade,Shanghai University of International Business and Economics;School of Finance,Shanghai University of International Business and Economics;School of Economics,Nankai University)

机构地区：[1]上海对外经贸大学国际经贸学院 [2]上海对外经贸大学世界经济研究所 [3]上海对外经贸大学金融管理学院 [4]南开大学经济学院

出　　处：《金融市场研究》2025年第1期16-28,共13页Financial Market Research

基　　金：国家社科后期资助重点项目“双循环新发展格局下稳慎推进人民币国际化研究”(22FGJA001)资助。

摘　　要：党的二十大报告指出,我国未来发展的总体目标之一是实现高水平科技自立自强,进入创新型国家前列,而取得根本性创新是实现该目标的重要途径。本文从汇率升值的视角出发,实证检验了其对企业创新质量和根本性创新的影响。结果表明人民币升值提升企业创新质量的渠道是进口中间品种类的增加和质量的提高,但由于“卡脖子”等问题的存在使得从整体上看汇率升值对根本性创新的推动不显著,然而渠道检验表明人民币升值时进口中间品种类的增加和质量的提高有助于促进企业的根本性创新。异质性分析表明在人民币升值时,原本融资约束更强的企业对创新的推动更明显,而原本行业竞争力更强的企业却缺乏创新的动力。本文创新之处在于发现了虽然人民币升值能从整体上提高企业的创新质量,但对于根本性创新的推动不是立竿见影的而是渐进的。该结论有助于政策制定者针对特定的企业类型制定相应的汇率政策更好地促进根本性创新,为我国进入创新型国家赋能。The report of the 20th National Congress of the Communist Party stated that one of the overall goals of national development is to achieve high-level self-reliance in science and technology to ensure that China has a place among the world's most innovative countries.It went on to say that encouraging fundamental innovation is critical to achieving this goal.This article assesses how exchange rate appreciation affects corporate innovation.The results of this study show that exchange rate appreciation promotes enterprise innovation by increasing the variety of imported products and improving product quality.However,it can also choke off fundamental innovation at times,and the overall effect,while generally positive,tends to be a gradual rise in innovation rather than an immediate boost.Heterogeneity analysis shows that when the RMB appreciates,companies with greater financing constraints are more incentivized to innovate,while companies with stronger industrial competitiveness lack motivation to innovate.The study's conclusions can help policymakers formulate exchange rate policies for specific types of enterprises to better promote fundamental innovation and ensure that China becomes an innovative country.

关 键 词：汇率 企业创新质量 根本性创新 

分 类 号：F832.6[经济管理—金融学] F273.1