实际有效汇率与中国企业国际分工地位攀升

Real Effective Exchange Rate and the Rising Status of China’s Enterprises in International Division of Labor

本文基于中国工业企业数据库与海关数据库匹配数据,构建企业层面国际分工地位测度新指标,从微观视角考察实际有效汇率变动对中国企业国际分工地位的影响。研究发现:人民币实际有效汇率升值不利于中国企业国际分工地位攀升,这一结论在替换实际有效汇率测算指标和更换计量方法等方式下仍保持稳健。异质性分析结果表明:人民币实际有效汇率升值对内资企业国际分工地位负向影响程度相对更大,港澳台资、外资企业受汇率变动的影响不显著;大、中型企业的国际分工地位受升值抑制作用明显,而小、微型企业不明显;出口加权有效汇率升值显著负向影响非加工贸易企业,而进口加权有效汇率升值则对加工贸易企业影响更为显著。总体而言,为了更加有效地推动中国企业提高国际分工地位,有必要保持人民币实际有效汇率的相对稳定,避免造成企业层面实际有效汇率明显升值。

The status in international division of labor at the enterprise level is critical to improve a country’s overall status in international division of labor.As an important influencing factor for micro enterprises to participate in the international division of labor,how does exchange rate affect the international status of enterprises?It remains a question to be answered.Based on the Chinese Custom Database and the Industrial Enterprise Database,this paper constructs a new index to measure the international division of labor status at the enterprise level,so as to investigate the impact of the real effective exchange rate fluctuations on the upgrading of international division of labor status from the micro perspective.The empirical results show that the appreciation of RMB real effective exchange rate is not conducive to the rise of the international division of labor status of Chinese enterprises.Heterogeneity analysis results show that the appreciation of RMB real effective exchange rate has a relatively greater negative impact on the international division of labor status of Domesticfunded Enterprise,but has no significant impact on enterprises invested in Hong Kong,Macao,Taiwan and foreign capital.The international division of labor of large and medium-sized enterprises is obviously inhibited by appreciation,while small and micro enterprises are not.The appreciation of export weighted effective exchange rate has a significant negative impact on non-processing trade enterprises,while the appreciation of import weighted effective exchange rate has a more significant impact on processing trade enterprises.On the whole,in order to promote Chinese enterprises to improve the international division of labor more effectively,it is necessary to maintain the relative stability of the RMB real effective exchange rate and avoid the obvious appreciation of the real effective exchange rate at the enterprise level.