欧洲量化宽松政策对中国企业出口影响——一个汇率网状溢出效应视角

发布时间：2018-04-05 06:13

本文选题：欧洲量化宽松政策　切入点：汇率溢出效应　出处：《金融研究》2017年09期

【摘要】：本文首次构建了欧洲量化宽松政策的汇率溢出效应对我国微观企业出口行为影响的理论模型,运用面板固定效应模型有效检验了欧洲量化宽松政策汇率溢出效应对我国微观企业出口行为的影响。研究结果表明:(1)从总体效果来看,欧洲量化宽松政策的汇率溢出效应促进了我国企业出口额和出口量的增长;(2)我国企业对出现升值反应的国家出口额(量)增加使我国企业对出现贬值反应的国家出口额(量)缩减;(3)我国企业对相对人民币升值的国家出口额(量)增加,对相对人民币贬值的国家出口额(量)缩减;(4)一般贸易在汇率溢出效应的影响下,出口额和出口量增长幅度最大,而加工贸易企业的出口行为受到的影响最小;(5)汇率溢出效应对外资企业和民营企业的出口积极影响最大,国有出口企业受到的影响最小。
[Abstract]:This paper, for the first time, sets up a theoretical model of the effect of exchange rate spillover effect of quantitative easing policy in Europe on the export behavior of micro enterprises in China.The panel fixed effect model is used to test the effect of the exchange rate spillover effect of European quantitative easing policy on the export behavior of China's micro enterprises.The results of the study show that in terms of the overall effect,Exchange rate spillover effects of European quantitative easing policies promote the growth of Chinese enterprises' exports and exports. (2) the increase of Chinese enterprises' exports (volume) to the countries in which there has been a response to the appreciation of the value of the country has led to the response of Chinese enterprises to the depreciation of the country.The export volume (volume) of China's enterprises has increased to the countries where the value of the RMB has appreciated (in volume).For countries that have depreciated relative to the RMB, their exports (volume) have shrunk. (4) under the influence of exchange rate spillover effects, the volume of exports and exports increased the most.The export behavior of processing trade enterprises is the least affected by 5) exchange rate spillover effect on the export of foreign-funded enterprises and private enterprises is the largest, and the state-owned export enterprises are the least affected.
【作者单位】：南开大学APEC研究中心;南开大学经济学院;清华大学经济管理学院;
【基金】：教育部重点研究基地重大研究项目(项目批准号:16JJD790026) 国家社科项目“国际金融危机对发展中国家发展的影响研究”(项目编号:12BJL049)的重要阶段性成果
【分类号】：F752.62;F821.0

【相似文献】