汇率变动、加工贸易与中国企业的成本加成率

RMB Exchange Rate,Processing Trade and Markups of Chinese Firms

本文基于2000-2006年工业企业数据库和海关数据库,考察了汇率变动对中国企业成本加成率的影响。研究发现:人民币实际有效汇率的升值显著降低了企业的成本加成率,并且对加工贸易企业的负面影响更为明显。同时,人民币汇率变动对中国企业成本加成率的影响具有明显异质性,依赖于企业规模、企业技术水平、所在行业的平均盈利能力以及企业的所有制特点。此外,本文的机制分析表明,人民币实际有效汇率升值同时降低了出口企业的产品价格和生产成本,尤其对加工贸易企业产品价格的冲击最大。

Using the firm-level micro data from 2000 to 2006, this paper analyzes how the fluctuations of RMB exchange rate affect Chinese companies＇ markups. The results show that the appreciation of RMB signifi- cantly reduces the markups of Chinese manufacturing firms, and that the preceding effect is more pronounced for processing trade finns. Moreover, this effect is heterogeneous for finns with different characteristics, including scales, technologies, profits, ownerships, etc. Furthermore, we find that the appreciation of RMB lowers both the product prices and the marginal costs of exporters＇ at the same time, and that it has greater impact on the prices of processing trade firms. In summary, our paper shows that the competitive advantages of prices for Chinese firms are gradually weakening. As a consequence, technological innovation and industrial restructuring become the best way for Chinese firms to deal with trade disputes and to upgrade China＇s export structure.