汇率变动与出口产品加成率:影响机制和资源配置效应

Exchange Rate Changes and Export Product Markup:Mechanisms and Resource Allocation Effects

利用2000—2013年中国工业企业数据和海关进出口数据,基于样本期间人民币汇率持续升值的事实,考察人民币汇率变动对中国出口产品加成率的影响。研究结果显示:人民币实际有效汇率的上升显著提高了企业出口产品加成率,并且该影响效应在异质性产品、竞争型行业、外资企业以及存在进口行为的企业中更大。机制分析表明,人民币升值通过产品质量效应、边际成本效应、价格竞争效应和市场选择效应影响出口产品加成率,其中产品质量升级和进口成本降低造成的影响占据主导,这是人民币升值显著提高出口产品加成率的重要原因。进一步研究显示,人民币升值的市场选择效应降低了产品内企业间的加成率离散度,提升了企业间的资源配置效率,但在市场选择效应和企业内加成率调整的共同影响下,其对企业内的资源配置效率没有显著影响。

This paper utilizes data from China Industrial Enterprise Database and China Customs Database from 2000 to 2013 to examine the impact of RMB exchange rate changes on the markup of Chinese export products based on the fact that the RMB exchange rate continued to appreciate during the sample period.The findings reveal that the appreciation of the real effective exchange rate of the RMB significantly enhances the export product markup.Furthermore,this effect is more pronounced in the case of heterogeneous products,competitive industries,foreign-funded firms,and firms engaged in import activities.Mechanism analysis demonstrates that the appreciation of the RMB exchange rate influences the markup of export products through the effects of product quality,marginal cost,price competition,and market selection.Notably,the dominant factors contributing to this increase in the markup are attributed to product quality upgrades and reductions in import costs.The study also uncovers that the market selection effect resulting from the appreciation of the RMB exchange rate reduces the dispersion of markup among firms within the product market,thus improving resource allocation efficiency among these firms.However,when considering both the market selection effect and the intra-firm markup adjustments,the impact on resource allocation efficiency within the firms is not statistically significant.