互联网可以提升企业应对汇率波动的能力吗?——基于汇率传递视角的研究

Can the Internet Improve Enterprises’ Ability to Cope with Exchange Rate Fluctuations?Study from the Perspective of Exchange Rate Pass-through

基于汇率传递视角,分析了互联网对中国企业应对汇率波动能力的影响,通过构建理论模型,提出提升出口产品质量和减少进口方搜寻成本两种对汇率传递水平起相反作用的影响机制。互联网对中国企业出口价格的汇率传递的总体影响取决于哪种机制,研究发现:总体上互联网可以降低企业出口价格的汇率传递水平,提高企业应对汇率波动的能力,这种作用可以通过提升企业产品质量实现。同时,企业接入互联网可以方便进口方对产品进行搜寻,降低进口方搜寻成本,因此对出口价格的汇率传递水平产生促进作用,这导致了互联网对不同企业出口价格的汇率传递的影响存在异质性。

Based on the perspective of exchange rate pass-through, this paper analyzes the impact of the Internet on the ability of Chinese enterprises to cope with exchange rate fluctuations. By constructing a theoretical model, this paper proposes two mechanisms that have opposite effects on the exchange rate pass-through level, namely, improving the quality of export products and reducing the search cost of importers. The overall effect of Internet on the exchange rate pass-through of Chinese enterprises’ export prices depends on which mechanism has the upper hand. It is found that in general, the Internet can reduce the exchange rate pass-through level of export prices and improve the ability of enterprises to cope with exchange rate fluctuations. This effect can be realized by improving the quality of enterprises’ products. At the same time, enterprises’ access to the Internet can facilitate importers to search for products and reduce the search cost of importers, thus promoting the exchange rate pass-through level of export prices, which leads to the heterogeneity of the influence of the Internet on the exchange rate pass-through of export prices of different enterprises.