融资约束与出口汇率弹性

Financial Constraint and Exchange Rate Elasticity of Export

本文尝试从融资约束的角度,解释出口对汇率波动缺乏弹性的现象。基于2000年至2006年的中国出口数据,本文从集约边际和广延边际两个方面,分别考察了融资约束对行业层面和企业层面出口汇率弹性的影响。实证结果显示,融资约束不仅降低了出口额的汇率弹性,同时也降低了出口参与对汇率波动的敏感程度。在对出口企业类型进行进一步区分后,发现融资约束对私有企业出口汇率弹性的影响均大于对外资企业和国有企业的影响。

One puzzling observation in international economics is the lack of response of aggregate export to exchange rate fluctuations. Utilizing Chinese export data from 2000 to 2006, we find that an exporter＇s response to exchange rate shocks relies on its financial vulnerability. Depreeiation stimulates export on both extensive margin and intensive margin, but both effects are dampened in financial vulnerable sectors. Further analysis of separating firms by ownership suggests that financial constraint has greater influence on private firms than foreign firms or state-owned firms in face of exchange rate fluctuations.