人民币汇率、进口中间品投入与企业出口价格传递效应

RMB Exchange Rate,Imported Intermediate Inputs and Pass-through Effect of Enterprise Export Prices

随着人民币汇率变动更加富有弹性以及全球化产业链的深刻变化,研究我国出口产品价格的汇率弹性以及进口中间品投入对汇率传递的影响具有重要的现实意义。文章基于2000~2010年企业-产品层面的微观数据对此问题进行了深入研究。研究发现:第一,人民币升值会导致企业主动降低出口产品价格。同时,进口中间品投入的增加会提高企业汇率弹性,导致企业更大幅度地调整出口产品价格来应对汇率变动的影响。第二,企业所有制、出口方式、产品技术以及出口目的地等均会影响汇率弹性。第三,2005年的汇率制度改革提高了汇率传递效应;相较于贬值,人民币升值的汇率传递效应略高;相较于汇率小幅波动,大幅波动时汇率的传递效应较高。

With the more flexible changes of RMB exchange rate and the profound change of global industrial chain, it is of great practical significance to study the exchange rate flexibility of China’s export products prices and the impact of imported intermediate inputs on exchange rate pass-through. Based on the micro data at enterprise-product level from 2000 to 2010, this paper makes an in-depth study on this issue. The results show that:(1) the appreciation of RMB will lead the enterprises to actively reduce the prices of export products. Meanwhile, the increase in the inputs of imported intermediate products will enhance the exchange rate flexibility of the enterprise, resulting in a larger adjustment of the prices of export products to deal with the impact of exchange rate changes;(2) the enterprise ownership, export mode, product technology and export destination will affect the exchange rate flexibility;(3) the reform of exchange rate system in 2005 enchanced the pass-through effect of exchange rate. Compared with the depreciation, the exchange rate pass-through effect of RMB appreciation is slightly greater. Compared with the small fluctuation of exchange rate, the pass-through effect of exchange rate is greater when it fluctuates greatly.