汇率冲击对企业退出行为的影响——来自2005年人民币汇率制度改革的证据

发布时间：2018-06-23 19:17

本文选题：汇率变动 + 市场竞争　；参考：《中南财经政法大学学报》2017年03期

【摘要】：本文运用匹配的中国工业企业数据库和中国海关总署企业进出口数据库来构建企业层面的汇率暴露指标,并利用2005年人民币汇率制度改革来识别汇率冲击对企业退出行为的影响。研究结果表明,2005年人民币汇率制度改革引致的汇率冲击通过影响企业面临的竞争环境,提高了企业退出的可能性,汇率冲击能够解释部分企业的退出行为。进一步的分析表明,汇率冲击对生产率低的企业的退出影响更大,起到了改善要素配置效率的作用,这表明汇率在促进产业结构调整和经济增长方式转型中发挥了作用。此外,企业面临的融资约束在汇率冲击对企业退出行为的影响中扮演了重要的角色,企业融资能够缓解汇率冲击带来的负面影响。
[Abstract]:In this paper, the matching database of Chinese industrial enterprises and the import and export database of enterprises of the General Administration of Customs of China are used to construct the exchange rate exposure index at the enterprise level. And use the RMB exchange rate system reform in 2005 to identify the impact of exchange rate shock on the withdrawal behavior of enterprises. The research results show that the exchange rate shock caused by the RMB exchange rate regime reform in 2005 can improve the possibility of enterprise withdrawal by influencing the competitive environment faced by enterprises. The exchange rate shock can explain the withdrawal behavior of some enterprises. Further analysis shows that the impact of exchange rate shock on the withdrawal of enterprises with low productivity is greater, and it plays a role in improving the efficiency of factor allocation, which indicates that exchange rate plays a role in promoting the adjustment of industrial structure and the transformation of economic growth mode. In addition, the financing constraints faced by enterprises play an important role in the impact of exchange rate shocks on the withdrawal behavior of enterprises. Corporate financing can mitigate the negative impact of exchange rate shocks.
【作者单位】：武汉大学经济与管理学院;
【基金】：国家自然科学基金“法、金融与经济增长之再考察——中国的变革挑战与英国等国的经验”(7161101129)
【分类号】：F752.6;F832.6

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