出口退税和汇率变动对中国出口企业利润率的影响

The Impact of the Value Added Tax Rebate and the Real Effective Exchange Rate on Profit Margins of Chinese Export Enterprises

企业利润率是产业结构升级的基础,也是企业进入与退出市场的条件。本文分析了出口退税率和汇率变动对不同贸易方式企业利润率变动的影响机制,通过匹配获得的"企业-产品"层面出口数据,考察了出口退税率和企业层面实际有效汇率对企业利润率的影响。研究结果表明,出口退税率上升对提升出口企业利润率的作用有限,企业层面实际有效汇率变动对一般贸易企业利润率影响的重要性大于出口退税率调整对一般贸易企业利润率影响的重要性。因此,汇率调整应更加关注企业出口的国别结构,出口退税率设计应针对不同的生产环节。出口退税率设计和调整应针对不同的生产环节。

Profit margin is the basis of the industrial structure upgrade, as well as a key condition for enterprises to enter and to exit the market. This paper analyzes the influence and the mechanism of the value added tax （VAT） rebate and the real effective exchange rate （REER） on profit margins of export enterprises. The empirical tests based on ＂firm-product＂ level data show that the increase in VAT rebate has limited effect on profit margins of export enterprises. The influence of REER change on profit margins of general trade enterprises is greater than that of VAT rebate. Based on our results, the government should adjust exchange rate according to country structure of enterprises export, and should design and adjust the VAT rebate to accommodate different stages of the supply chain.