实际有效汇率变动对企业成本利润率的影响

The Impact of the Enterprises' Real Effective Exchange Rates on Cost-Profit Ratios

汇率变动对企业的影响是研究汇率变动对总体经济影响的起点和落脚点。通过构建企业层面实际有效汇率对成本利润率影响的理论模型,并使用中国海关数据库和中国工业企业数据库2000—2006年企业层面的面板数据进行实证检验,发现企业净实际有效汇率升值会降低成本利润率,其变动对不同贸易方式的企业成本利润率影响不同。该研究结论对企业和政府进行决策具有很强的现实意义。

The impact of exchange rate changes on companies is the beginning and end of studying the impact of exchange rate changes on overall economic.In view of this,this paper first constructs the theoretical model of the impact of changes in enterprises'real effective exchange rates on cost-profit ratios,and then uses enterprise-level panel data from 2000 to 2006 in the Chinese Custom Database and the Industrial Enterprise Database to conduct empirical tests.The results show thatthe appreciation of enterprises'real net effective exchange rate leads to the decline in cost-profit ratios and the changes ofenterprises'real net effective exchange ratehave different effects on cost-profit rates of enterprises with different trade methods.The conclusion of the study has a strong practical significance for the decision-making of enterprises and governments.