人民币汇率变化对资本劳动比例的影响研究——基于1998-2011年制造业各行业分析

Influence of RMB Exchange Rate Changes on Capital Labor Ratio:An 1998-2011 Panel Data Analysis Based on Manufacturing Industries

本文对汇率影响资本劳动比例的文献进行了综述,分析了汇率变化影响资本劳动比例的主要机制,并利用1998-2011年规模以上工业行业统计数据,实证分析了汇率变化对资本劳动比例的影响,分析表明,汇率升值促进了行业资本劳动比例的提高,汇率风险暴露对于行业资本劳动比例具有促进作用,而加成比例对于这种影响并不显著。分技术类型来看,汇率升值对于促进中高技术行业资本劳动比例提升影响更为显著,行业融资能力对于促进行业资本深化具有积极作用。

This paper reviews the literature on the effect of exchange rate on capital labor ratio and analyzes the principal influence mechanism of exchange rate changes on capital labor ratio.Using 1998-2011 data of above-scale industries,the paper empirically analyzes the impact of exchange rate changes on the capital labor ratio.The results show that the exchange rate appreciation promotes the increase of industry capital labor ratio,and the exchange rate risk exposure also plays a positive role in promoting industry capital labor ratio.The effect of price addition scale,however,is not significant according to the research.Among different types of industries,the exchange rate appreciation has a more significant influence on high technology industries than on low technology ones;also,the industrial financing ability plays a positive role in promoting industrial capital deepening.