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多产品企业、汇率变动与出口价格传递 被引量:35

Multi-product Firms, Exchange Rate Fluctuation and Export Price Pass-through
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摘要 汇率变动影响产品边际成本以及加成率大小,从而影响进出口企业市场定价。在Berman等(2012)基础上,本文引入产品质量、外国进口中间产品投入以及出口目的国消费偏好因子,研究产品异质性对出口价格汇率传递的影响。结论是出口产品生产效率越高,使用国外中间产品投入越少,产品质量越高,出口价格对汇率变动的弹性越大,汇率传递越不完全。随后,本文采用中国19万多家企业对153个国家或地区的海关出口数据,从企业、产品和东道国的三维层面(Firm-Product-Destination Level),分别检验产品绝对销售量、相对市场份额和产品质量3个产品异质性指标对汇率传递效应的影响,并对一般贸易与加工贸易,出口至低收入与高收入国家的子样本进行比较。结果显示,中国出口企业受汇率波动风险最小的产品,是市场份额占有率较高,并具有较高质量的优势产品,而非出口销售额大,但在国际分工中走低端生产路线的低质量产品。结论对于研究人民币汇率波动下中国出口厂商因市定价策略的贸易利益具有重要的政策含义。 Exchange rate change affects products 'marginal cost and markup, thus influencing market pricing of import and export enterprises. Based on Berman et al.(2012), this paper introduces factors of product quality, foreign intermediate input and consumer preference in export destination countries, and study the effect of product heterogeneity on the export price pass-through. The conclusion is that the export price on the exchange rate elasticity is much larger and exchange rate pass-through will bemore incomplete, when the production efficiency is higher, or less foreign intermediate inputis used, or quality of products is better. Then, this paper uses Chinese custom and firm data to test the effect of absolute sales, relative market share and product quality on exchange rate pass-through in firm, product and destination level respectively. We also compare the difference of sub-samples between ordinary trade and processing trade,and between export to low-income countries and high-income countries. The result is that products with highest competitiveness and lowest exchange rate risk are the ones with large market share and high quality, rather than the ones with high sale volume and low quality. The results have important policy implications for Chinese exporters 'PTM strategy under the background of RMB exchange rate fluctuation.
出处 《管理世界》 CSSCI 北大核心 2017年第8期14-26,共13页 Journal of Management World
基金 中国特色社会主义经济建设协同创新中心 教育部人文社会科学研究一般项目(16YJA790013) 教育部人文社会科学重点研究基地重大项目(16JJD790025)资助
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