人民币汇率变动与出口企业研发

发布时间：2019-03-16 20:56

【摘要】：本文基于人民币汇率水平变动和波动弹性增大的背景,分析实际有效汇率变动对出口企业研发投资的影响,以及融资约束等异质性特征的重要调节作用。基于Aghion et al.(2009)的扩展理论分析认为,不利的汇率冲击会减少支撑出口企业研发投资的资金,当企业面临较大的融资约束时,出口企业研发投资的概率显著降低。本文进一步采用2008-2011年"海关"与"全国税收调查"匹配数据库,详细地度量了企业级实际有效汇率等指标,实证研究发现:有效汇率的升值和预期波动风险的增大均显著不利于出口企业研发投资,但是,融资约束越低、出口产品种类和目的地越多的企业却能更好地隔绝汇率的不利冲击,政府的扶持和研发费用所得税减免政策也起到显著的对冲作用。
[Abstract]:Based on the background of the change of RMB exchange rate level and the increase of volatility elasticity, this paper analyzes the influence of the real effective exchange rate change on R & D investment of export enterprises, as well as the important regulating effect of heterogeneous characteristics such as financing constraints. Based on the extended theory analysis of Aghion et al. (2009, it is concluded that the adverse exchange rate shock will reduce the funds supporting R & D investment of export enterprises, and the probability of R & D investment of export enterprises will be significantly reduced when the enterprises face greater financing constraints. This article further uses the 2008-2011 "customs" and "the national tax survey" the matching database, has measured the enterprise-class real effective exchange rate and so on the index and so on in detail, The empirical study shows that the appreciation of effective exchange rate and the increase of expected volatility risk are not conducive to R & D investment of export enterprises. However, the lower the financing constraints, the lower the financing constraints. The more types and destinations of export products, the more companies can better insulate the adverse impact of exchange rate, and the government support and R & D fee income tax reduction policy also play a significant role in hedging against the adverse impact of exchange rate.
【作者单位】：暨南大学经济学院;上海对外经贸大学国际经贸学院;
【基金】：国家社会科学基金一般项目(17BJL110)的资助
【分类号】：F752.62;F832.6

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