人民币汇率传递与中国国际收支

RMB Exchange Rate Pass-through and China's International Balance of Payments

在有效分割市场与垄断厂商假设下,采用变截距固定效应面板分析方法对中国出口因市定价行为的估计表明,中国出口厂商在不同目标市场上制定的出口价格是不同的,存在着因市定价现象。因而,当人民币升值时,出口厂商调整其加成定价以部分地吸收汇率变动对产品价格的影响,使得汇率变动向目标市场的进口价格的传递是不完全的,因此人民币汇率升值并不能必然削弱中国出口商品的价格优势,从而改变中国对外贸易格局。

Under the hypothesis of effective market segmentation and oligopoly monopoly, the paper evaluates the pricing-to-market behavior of China＇s export market by using variable intercep- tion fixed-effect panel data. The evaluation results show that Chinese export companies set differ- ent export prices for different export markets, which is regarded as pricing-to-marketing. There- fore, when RMB is appreciated, export companies adjust their cost-plus pricing to partially absorb the influence of exchange rate change on product price, which makes the transfer of import price to target market become incomplete. Therefore, RMB appreciation cannot weaken the price advan- tage of Chinese export products and change the foreign trade pattern of China.