人民币汇率、市场结构与技能工资差距

RMB Exchange Rate,Market Structure and Skill Wage Gap

文章利用了2000~2006年微观企业数据和海关数据,基于企业层面的实际有效汇率,探讨了出口收益机制、进口成本机制和进口竞争机制等汇率变动影响技能工资差距的影响路径,并实证检验了市场结构在上述机制中的异质性作用。研究发现:人民币汇率升值总体上缩小了企业技能工资差距,且出口收益机制和进口竞争机制表现较为明显;但进口成本机制会扩大企业技能工资差距。引入市场结构因素后,企业市场势力越强,汇率出口收益机制对企业技能差距的缩小作用越弱,而进口成本机制对企业技能工资差距的扩大作用则越强;行业竞争程度越高,汇率进口竞争机制对企业技能工资差距缩小的作用也越强。进一步基于名义有效汇率和企业异质性的拓展分析也发现,非国有企业、高生产率和资本密集型企业的出口收益机制与市场势力的交互作用,比国有企业、低生产率、劳动密集型企业更为显著;对于进口竞争机制与行业垄断竞争的交互作用,高生产率、资本密集型企业的表现仍旧强于低生产率、劳动密集型企业,而进口成本机制与市场势力的交互作用,则与此相反。

Based on the real effective exchange rate at the enterprise level and making use of micro - enterprise data and customs data from 2000 to 2006, this paper discusses the impact of exchange rate changes of export income mechanism, import cost mechanism and import competition mechanism on skill wage gap and empirically examines the heterogeneity of market structure in the above mechanisms. It is found that the appreciation of RMB exchange rate narrows the skill wage gap on the whole and export income mechanism and import competition mechanism are more obvious. However, import cost mechanism will widen the skill wage gap of the enterprise. After taking the factor of market structure into account, the stronger the market power of the enterprise is, the weaker the effect of export income mechanism of exchange rate on narrowing the skill wage gap of the enterprise and the stronger the effect of import cost mechanism on widening the skill wage gap will be. The more competitive the industry is, the stronger the effect of import competition mechanism of exchange rate on narrowing the skill wage gap will be. Based on nominal effective exchange rate and enterprise heterogeneity, further analysis also reveals that the interaction between export income mechanism and market power of non-state-owned enterprises, high productivity and capital-intensive enterprises is more significant than that of the state-owned enterprises, low productivity and labor-intensive enterprises. For the interaction between import competition mechanism and industrial monopolistic competition, the performance of high productivity and capital-intensive enterprises is still stronger than that of low productivity and labor-intensive ones, while the interaction between import cost mechanism and market power is the opposite.