人民币升值的动因、负面影响及其与企业研发投资的关系分析

Appreciation of RMB:Causes,Negative Influence and Its Relation with Enterprise's R&D Investment

内在体制不健全是人民币升值的根源,长期以来实施"重创汇,轻用汇"的外汇管理政策以及出口导向的贸易政策,导致外汇供求结构失衡;各级政府、企业对外资的偏好导致不少低质量的外资进入中国,加剧了外汇供求的不均衡;再者,国内资源紧张态势以及随之而来的成本急剧上涨对人民币升值起了推波助澜的作用。人民币升值会对出口贸易、就业水平、产业结构调整以及收入分配带来负面影响,除此之外,扩展的古诺模型显示,汇率升值还会增加企业生产的边际成本,导致企业进行研发投资的积极性受挫。当前,人民币升值正处于重要关口,充分认识升值可能带来的各种负面影响,尤其是可能会对企业研发投资带来一定的冲击,及时采取相应的对策,显得非常重要。

Less-perfect internal system remains the causes of the appreciation of RMB. China has long been adopted the policy of foreign exchanges management and export-oriented trade policy in the light of ＂ stressing the capacity to earn foreign exchange rather than to use it＂ ,which resulted in unbalanced supply and demand structure of foreign exchange. It is such a preference pursued by each level of government and enterprises that led many low-quality foreign exchanges flowed into China and intensified this unbalance. In addition,tense situations of domestic resources and consequent rapid growth of cost both of them made RMB upward revaluation. Appreciation of the RMB is bound to bring about the negative effects in export,employment,adjustment of industrial structure and income distribution. Additionally,an extended Cournot Model displayed that appreciation of foreign exchange rate can increase the margin cost of production,decreasing enterprises＇ enthusiasm for RD input. At present,this is a crucial period of RMB appreciation,so it is of much importance to understand the negative impact from revaluation,especially the shock over enterprise＇s RD investment,and to adopt proper countermeasures in time.