人民币汇率变动与企业创新的“质”与“量”——基于产业链溢出效应

RMB Real Eff ective Exchange Rate and“Quality”and“Quantity”of Enterprise Innovation:Based on Industry Production Network

本文利用2000~2014年的中国工业企业数据库、海关贸易数据库、企业专利数据库以及2007年中国投入产出表,基于产业链视角验证了人民币升值对制造业企业创新的影响。研究结果表明,人民币升值能显著提高企业创新能力,并且产业链在其中发挥着异质性效果:企业会因其所处产业链位置表现出创新“量”与“质”的差异。人民币升值对上游企业创新质量的促进作用更强,而对创新数量的影响并不明显。机制分析发现:人民币升值带来的进口中间品增加会在产业链中形成行业间技术溢出效应以及行业内竞争效应,均对企业创新模式产生重要影响;上游企业在全产业链中表现出“质量引领效应”。本研究为企业在“双循环”发展格局下利用行业生产网络效应提高自身创新提供建设性方向。

This paper uses the industrial enterprise database,customs database,enterprise patent database from 2000 to 2014 and China’s input-output table in 2007 to verify the impact of RMB appreciation on manufacturing enterprise innovation from the perspective of industrial chain.The research results show that the appreciation of RMB can significantly improve the innovation capability of enterprises,and the industrial chain plays a heterogeneous role in it:that is,enterprises will show the difference between“quantity”and“quality”of innovation due to their position in the industrial chain.The appreciation of RMB plays a stronger role in promoting the innovation quality of upstream enterprises,but has no obvious impact on the innovation quantity.The mechanism analysis shows that the increase of imported intermediate goods brought about by the appreciation of RMB will form inter-industry technology spillover effect and intra-industry competition effect in the industrial chain,which will have an important impact on the enterprise innovation model;The upstream industry enterprises show“quality leading effect”in the whole industry chain,providing a constructive direction for enterprises to improve their own innovation by using the industry production network effect under the“double cycle”development pattern.