人民币实际有效汇率的工资效应——基于中国制造业企业的经验研究

The wage effect of the real effective exchange rate of RMB——Empirical Research Based on Chinese Manufacturing Enterprises

本文基于2000—2007年中国工业企业数据库与海关数据库的匹配数据,就人民币实际有效汇率对微观企业异质性工人工资水平和工资差距的影响进行实证检验。结果表明:人民币升值显著提高了技能和非技能劳动的工资水平,但是相对于非技能劳动而言,技能劳动的工资水平增加幅度更大,从而拉大了工资差距。具体而言,人民币升值通过出口途径促进工人工资水平上升并拉大工资差距,通过进口途径降低工人工资水平并缩小工资差距,出口途径起主导作用。人民币汇率变动对国有企业工资差距影响较小,而对私营和外资企业工资差距影响较大。汇率工资弹性动态呈“V”型分布。进一步地,人民币升值使企业增加投资,减少出口。

Based on matching data of China industrial enterprise database and customs data,this paper tests the impact of RMB exchange rate change on wage and wage gap among heterogeneous workers in micro enterprises using panel data from 2000 to 2007 empirically.There exist three kinds of results.For the first time,the appreciation of RMB exchange rate has significantly raised the wage level of skilled and unskilled labor,but wages for skilled labor increased much more than those for unskilled labor,which widens the wages premium between skilled and unskilled workers.For the second time,revaluation of RMB real effective exchange rate will promote wage levels rise and widen the wage premium through export way,and reduce workers'wages and narrow the wage gap through imports way.For the third time,the change of RMB exchange rate has little effect on the wage gap of state-owned enterprises,while it has more effects on that of private and foreign-owned enterprises.Exchange rate elasticity of exports was presented“V”type distribution.Further,appreciation of the RMB exchange rate increase enterprises to investment and reduce exports.