汇率传递效应与厂商决策行为——基于人民币升值背景下出口产品定价的理论分析

Exchange Rate Pass-Through Effect and Manufacturers Decision-Making Behavior——Theoretical Analysis Based on the Pricing of Exports in the Context of the RMB Appreciation

现有的关于汇率传递效应的分析和研究,主要集中在汇率波动对出口价格的影响、进出口价格的贸易条件,以及与此相关的反映汇率传递程度的产品替代性、地域性特征和市场组织等方面,而没有对引发汇率传递效应的厂商决策行为予以关注。其实,汇率传递效应是特定汇率制度下厂商决策行为的结果。人民币升值背景下的出口产品定价,可以在理论上看成是受汇率波动驱动而关联于物价水平、产品结构、技术梯度、国际收支平衡等的函数;厂商是出口产品定价者的事实,会涉及对上述函数中各因素的认知,而这种认知会形成厂商的选择偏好和效用期望,从而决定厂商的决策行为。作为对人民币升值背景下出口产品定价的一种理论探讨,可以围绕汇率波动来刻画厂商在出口产品定价中的选择偏好和效用期望,以说明汇率传递效应与厂商决策行为之间的联系。

The exchange rate pass-through effect is the result of manufacturers decision-making behavior. Export product pricing can be seen as a function driven by exchange rate fluctuations associated with the price level, a function of product structure, gradient, and balance of payments. As a theoretical discussion, we can focus on exchange rate fluctuations to characterize the choice of manufacturers in the export product pricing preference and utility expectations, to explain the relationship between exchange rate pass-through effect and manufacturers decision-making behavior.