企业有效汇率变动对企业利润的影响

The Impact of the Enterprises' Effective Exchange Rates on Profits

本文基于中国海关数据库和工业企业数据库,计算了2000-2006年企业净有效汇率、出口有效汇率、进口有效汇率以及加总有效汇率,从总体关系、作用渠道以及企业异质性等方面考察了企业有效汇率变动对企业利润的影响。研究发现,从总体上看,企业净有效汇率上升对企业利润有负向影响;从汇率变动影响企业利润的渠道来看,企业出口有效汇率上升对企业利润有负向影响,企业进口有效汇率上升对企业利润有正向影响;区分企业类型后,企业净有效汇率上升对不同贸易类型、不同利润率水平以及不同出口产品种类企业利润的影响都有所不同。

Based on the Chinese Custom Database and the Industrial Enterprise Database, this paper estimates the enterprises＇ net, export, import and total effective exchange rates, and examines the overall and heterogeneous impact of the changes of these rates on enterprises＇ profits via different influence chan- nels. We find that, in general, the appreciation of enterprises＇ net effective exchange rate has a negative impact on profits. From the perspective of influence channels, the appreciation of export effective exchange rate has a negative effect on profits, while that of import effective exchange rate has a positive effect. The effect is also heterogeneous for firms with various trade types, profitability and number of export products.