文献类型：期刊文献

中文题名：人民币实际有效汇率变动对中国制造业企业绩效的影响:来自制造业微观层面的证据

英文题名：The Effect of Real Effective Exchange Rate Movement on the Performance of Chinese Manufacturing Firms: Evidence From Firm-Level Data

作者：沈筠彬[1];伏玉林[2];丁锐[2]

机构：[1]同济大学经济与管理学院;[2]华东理工大学商学院

年份：2018

期号：5

起止页码：25

中文期刊名：世界经济研究

外文期刊名：World Economy Studies

收录：CSTPCD;;北大核心:【北大核心2017】；CSSCI:【CSSCI2017_2018】；

基金：上海市"科技创新行动计划"重点项目"技术体制视角的比较优势演化与制造业转型升级研究"(项目编号:18692106400);国家自然科学基金面上项目"中国制造业集聚和转移的趋势与机制研究:新经济地理学框架时空成本视角"(项目编号:71373080)的阶段性研究成果

语种：中文

中文关键词：行业实际有效汇率;企业绩效;出口收益;进口成本;进口竞争

摘要：文章采用中国工业企业数据库和海关贸易数据库匹配的数据集,在计算行业实际有效汇率基础上,从出口收益、进口成本和进口竞争三个渠道考察了汇率变动对制造业企业绩效的影响。研究发现:人民币升值通过出口收益渠道提高了本国产品以外币表示的价格,对企业绩效有负向影响;人民币升值通过进口成本渠道降低了以本币表示的进口中间品成本价格,对企业绩效有正向影响;通过进口竞争渠道,人民币升值降低了进口产品的价格,给国内产品市场施加了更大的竞争压力,对企业绩效有负向影响。同时,实际有效汇率对企业绩效的影响因企业生产率、行业集中度、要素密集度及所有制的不同而表现出差异性。
This paper uses the Chinese industrial enterprise database and the customs trade database to study the impact of the real effective exchange rate changes on the performance of manufacturing enterprises though three channels,export benefit,import costs and import competition.The results reveal in this paper that the appreciation of the RMB,increasing the price of domestic products in foreign currency,has negative impact on firm performance through export benefit channel.The appreciation of RMB can reduce the cost of imported goods in their own currency prices and has a positive impact on corporate performance through the cost of imports.The appreciation of exchange rate will reduce the price of imported products and make domestic enterprises face more competitive pressure,haing a negative impact on the performance of enterprises for the import competition channel.At the same time,Our empirical analysis shows that the effects of real effective exchange rate on the performance of the enterprise varies across different firms and industry characteristics.The impact depends upon productivity,industry concentration,capital intensity and company ownership.