摘要
本文使用企业微观数据,分析了出口分散化对汇率风险和企业绩效的影响,并进一步探讨不同分散化手段为企业出口提供的策略选择,及对企业绩效的传导机制。研究表明:产品分散化在各种情况下皆对企业绩效无显著影响,而目的国分散化能在相对稳定的水平变化中体现优势。异质性分析表明:大型企业规避了汇率影响,但同时收益也随之降低,中小型、中西部、技术密集型企业未能构建良好的目的国分散化机制。机制检验表明:随着目的国汇率贬值,企业能够通过目的国分散化更好地选择出口目的地,从而使得各类成本都大幅下降,最终实现企业绩效增长。此外,目的国分散化还能够有效帮助企业扩大资产规模,这种规模的扩张可能在一定程度上抵消了当年的企业盈利,但在长期而言利于企业发展。
This article analyzed the impact of export diversification on exchange rate risk and corporate performance from a micro perspective,and further explored the strategic choices provided by different diversification methods for corporate exports,as well as the transmission mechanism of corporate performance.Research shown that product diversification had no significant impact on corporate performance in various situations,while destination country diversification could demonstrate advantages in relatively stable level changes.Heterogeneity analysis shown that large enterprises avoided the impact of exchange rates and also lost profits,while small and medium-sized,central and western,and technology intensive enterprises failed to establish a good destination country diversification mechanism.Mechanism testing shown that as the exchange rate of the destination country depreciated,enterprises could better choose export destinations through destination country diversification,resulting in a significant decrease in various costs and ultimately achieving performance growth.In addition,destination country diversification could effectively help companies expand their asset size,which to some extent offset the company’s profits for the year,but in the long run,it is beneficial for the company’s development.
作者
刘永辉
惠思莹
左佳妮
LIU Yonghui;HUI Siying;ZUO Jiani
出处
《金融发展》
2024年第1期60-78,共19页
Financial Development
基金
国家社会科学基金一般项目“‘一带一路’沿线国家投资风险的统计研究”(19BTJ036)
关键词
产品分散化
目的国分散化
汇率
企业绩效
双向固定效应模型
Product Diversification
Country Diversification
Exchange Rate
Enterprise Performance
Bidirectional Fixed Effect Model
