异质企业、汇率波动与出口——基于中国企业的实证研究

Heterogeneous Firms,Fluctuation of Exchange Rate and Exporting —A Firm Level Empirical Investigation in China

本文从理论上分析了汇率波动对异质企业出口行为的影响,并运用中国企业的微观调查数据对理论结果进行了实证分析,为了得到可靠的实证结果,我们控制了零贸易值产生的估计偏差。理论与实证分析表明,面对人民币升值,生产率高的出口企业倾向于缩减出口规模,而非降低出口价格;生产率低的出口企业倾向于降低出口价格,而非缩减出口规模;人民币升值的传递效应是不完全的。

This paper theoretically analyses how the fluctuation of exchange rate affects the exporting behavior of heterogeneous firms, and then executes the empirical investigation for the theoretical framework adopting the survey data of national manufactories. We especially control the bias caused by the zeros of trade in order to achieve more robust result. Our study indicates that firms of high productivity have a propensity to reduce the exporting volume rather than lower the exporting price, firms of low productivity tend to adopt the opposite strategy. It also can be inferred that the passing-through effect of RMB is incomplete.