汇率水平、汇率波动对企业绩效的影响——中国服务企业与商品企业的表现相同吗?

The Impact of Exchange Rate Level and Its Volatility on Firm Performance——Are Service Firms and Commodity Firms the Same in China?

汇率作为影响企业绩效的一个因素,其细化指标(汇率水平和汇率波动)对不同部门企业绩效的影响是否存在差异?基于微观的企业层面数据,本文考察人民币汇率水平、汇率波动对中国服务企业绩效的影响,并在同一个分析框架内与中国商品企业进行比较。结果显示:(1)服务企业绩效(净利润、净利率、毛利率、劳动生产率等)总体上要优于商品企业绩效。(2)未引入汇率水平及其波动与劳动生产率交叉项的模型结果研究表明,人民币汇率贬值对服务企业和商品企业的利润和销售都有促进作用,且对商品企业利润的影响要大于对服务企业利润的影响;人民币汇率波动对服务企业和商品企业的利润和销售都存在负面冲击,且对商品企业的冲击更大。(3)生产率较高的服务企业和商品企业在汇率贬值时能够增加更多的利润和销售;商品企业生产率越高,汇率波动对其利润和销售的负面冲击越大。本文研究结论不仅为新兴市场经济体的企业绩效受汇率变动影响提供了证据,而且对于认识汇率影响企业绩效的部门差异有一定启示。

As an influencing factor in firm performance,does the exchange rate(the exchange rate level and its volatility)bring about different effects on different sectors’performance? Based on the firm-level data,this paper examines the impact of the RMB exchange rate level and its volatility on the performance of China’s service firms,and compares them with China’s commodity firms within the same analytical framework.The results are shown as follows.Firstly,service firms’performance(net profit,net interest rate,gross profit margin,labor productivity,etc.)is generally superior to commodity firms’performance.Secondly,the results of the model that does not introduce the exchange rate level and its volatility and the cross term of labor productivity show that:the depreciation of RMB exchange rate has a positive effect on the profit and sales of service firms and commodity firms,and the impact on the profit of commodity firms is greater than that of service firms;while the volatility of RMB exchange rate has a negative impact on the profit and sales of service firms and commodity firms,and the impact on commodity firms is even greater.Thirdly,service firms and commodity firms with higher productivity can increase more profit and sales when the exchange rate depreciates;the higher the productivity of commodity firms,the greater the negative impact of exchange rate volatility on their profit and sales.The conclusions of this paper can not only provide evidence for the impact of exchange rate changes on the firm performance in emerging market economies,but also have some implications for understanding the differences in the exchange rate affecting firm performance.