产品质量、市场份额与中国出口汇率传递  

Quality,Market Share,and Export Exchange Rate Pass⁃through in China

作　　者：李晓[1] 李博囡 LI Xiao;LI Bonan

机构地区：[1]吉林大学经济学院

出　　处：《世界经济研究》2025年第3期3-17,M0002,共16页World Economy Studies

摘　　要：汇率传递是衡量企业应对汇率波动与冲击的重要指标之一,学术界关于中国出口是否存在汇率不完全传递现象的研究存在较大分歧。文章认为,产品质量和市场份额是影响汇率传递的两个关键因素,既有研究在分析汇率传递时经常忽视其中一方的作用,难免出现偏误或者研究不够充分。文章研究发现,在2007—2015年间,中国与贸易国之间的双边汇率变动几乎完全传递到出口产品价格上;产品质量与市场份额对汇率传递起相反的作用,汇率传递水平与市场份额存在正相关关系,与产品质量存在负相关关系。这一结果表明,产品质量提高虽然使得出口商面对汇率变动时拥有更大的价格调整空间,可以降低汇率传递水平,但是市场份额的提高会使企业缺乏调整价格的动力,从而抑制汇率传递水平的下降。汇率传递偏高表明产品质量未能在稳定销售地价格方面发挥关键作用,不利于企业应对不确定性逐渐提高的经济环境。文章的研究为“动荡变革期”贸易企业应对汇率风险以及相关部门宏观政策的制定提供了部分理论依据。Exchange rate pass-through is one of the important indicators to measure firms′responses to exchange rate fluctuations and shocks.However,scholars have different views on whether Chinese exports exhibit incomplete exchange rate pass-through.This paper argues that both quality and market share are key factors affecting exchange rate pass-through.Previous studies often focus on a single factor or provide insufficient analysis of how these two factors jointly affect exchange rate pass-through,which may lead to biased conclusions.This paper finds that the bilateral exchange rate fluctuations between China and its trading partners were almost completely passed through to the prices of exported products from2007to2015.During this period,when market share increases,the level of exchange rate pass-through rises;when quality improves,the level of exchange rate pass-through decreases.Higher product quality provides exporters with more flexibility to adjust prices in response to exchange rate changes and reduce the level of exchange rate pass-through,but a higher market share will restrain the decline of exchange rate pass-through.A high level of exchange rate pass-through indicates that product quality does not play a key role in stabilizing prices in destination markets,which is detrimental to firms operating in an increasingly uncertain economic environment.The research of this paper provides some theoretical basis for trading firms to deal with exchange rate risks and for relevant departments to formulate macroeconomic policies during the"turbulent and transformative period".

关 键 词：汇率传递 产品质量 市场份额 中国出口 

分 类 号：F752.6[经济管理—国际贸易]