摘要
基于2000-2007年工业企业数据库和海关贸易数据库,本文检验了人民币汇率与我国制造业企业加成率分布之间的关系,考察了人民币汇率变动对资源配置效率的影响。研究显示:人民币实际有效汇率升值显著降低了我国制造业加成率分布的离散程度,出口汇率升值和进口汇率升值均提高了资源配置效率。异质性分析发现:(1)人民币实际有效汇率升值分别降低了新进入/退出企业(即扩展边际)和持续存在企业(即集约边际)的加成率分布的离散程度,且对前者的作用更突出;(2)人民币实际有效汇率升值对企业加成率分布的影响还依赖于企业的所有制特点和劳动密集度。最后,本文机制检验部分证实了人民币实际有效汇率升值通过改变企业的价格分布和边际成本分布两个渠道影响了加成率分布,即存在明显的价格分布效应和边际成本分布效应。
Using the firm - level micro date from 2000 to 2007, we empirically investigate the relationship between the fluctuation of RMB and markup dispersion of Chinese manufacturing firms in order to analyze the effects of RMB fluctuation on resource allocation. The results show that the appreciation of RMB significantly reduce the markup dispersion within a narrowly defined industry, and both the appreciation of export exchange rate and import exchange rate increase the efficiency of resource allocation. And, the much of the RMB appreciation effect on markup dispersion stems from different markups among new exit/entry firms, rather than surviving firms. Moreover, the effect of RMB appreciation on markup dispersion is heterogeneous for firms with other different characteristics, including factor intensities, ownerships. Finally, we also find RMB appreciation significantly reduces the dispersion of firm price and firm productivity, suggesting the response of costs and prices to RMB appreciation.
出处
《金融研究》
CSSCI
北大核心
2017年第7期1-15,共15页
Journal of Financial Research
基金
国家自然科学基金青年项目(71203104)
国家自然科学基金面上项目(71673150
71573141)
天津社科项目(TJYYWT16-018)
天津师范大学校博士基金(52WW1617)的资助
作者简介
刘竹青，经济学博士，讲师，天津师范大学经济学院，Email：liuzhuqing198688@163．com．
盛丹（通讯作者），经济学博士，副研究员，南开大学经济学院国际经济研究所、跨国公司研究中心、中国社会主义协同创新中心，Email：cindydd6@163．com．
