人民币实际汇率变动对资源配置效率影响的研究
发布时间：2019-01-30 11:51
【摘要】：本文采用工业企业实际产出数据估计企业成本加成率,结合细分制造业实际有效汇率指数,考察了实际汇率变化对行业内部企业成本加成离散度的影响。研究表明:(1)实际汇率变化会对企业成本加成离散度产生显著影响。人民币实际有效汇率升值(贬值)会显著提升(降低)资源配置效率。(2)人民币升值通过出口开放渠道会显著增加持续性企业成本加成离散度,但升值通过进口竞争和进口中间品渠道会显著加快企业进入和退出的比率,从而会显著降低行业的成本加成离散度;实际汇率变动通过改变企业进入退出方式对资源配置效率的影响作用更大。(3)实际汇率变动的影响具有不对称性,人民币贬值相对升值对资源配置效率的影响作用更大。
[Abstract]:In this paper, the actual output data of industrial enterprises are used to estimate the cost addition rate of enterprises, and combined with the actual effective exchange rate index of subdivision manufacturing industry, the influence of the change of real exchange rate on the cost addition dispersion of enterprises within the industry is investigated. The results show that: (1) the change of real exchange rate has a significant effect on the cost addition dispersion. RMB real effective exchange rate appreciation (depreciation) will significantly improve (reduce) the efficiency of resource allocation. (2) RMB appreciation through export opening channels will significantly increase the cost plus dispersion of persistent enterprises. However, appreciation through import competition and import intermediates channels will significantly accelerate the ratio of entry and exit of enterprises, thus significantly reducing the cost addition dispersion of the industry; The effect of real exchange rate change on resource allocation efficiency is greater by changing enterprise entry and exit mode. (3) the effect of real exchange rate change has asymmetry, and the relative appreciation of RMB depreciation has more influence on resource allocation efficiency.
【作者单位】： 中国社会科学院世界经济与政治研究所;浙江大学;荷兰瓦格宁根大学;
【分类号】：F275.3;F832.6
，
本文编号：2418099
[Abstract]:In this paper, the actual output data of industrial enterprises are used to estimate the cost addition rate of enterprises, and combined with the actual effective exchange rate index of subdivision manufacturing industry, the influence of the change of real exchange rate on the cost addition dispersion of enterprises within the industry is investigated. The results show that: (1) the change of real exchange rate has a significant effect on the cost addition dispersion. RMB real effective exchange rate appreciation (depreciation) will significantly improve (reduce) the efficiency of resource allocation. (2) RMB appreciation through export opening channels will significantly increase the cost plus dispersion of persistent enterprises. However, appreciation through import competition and import intermediates channels will significantly accelerate the ratio of entry and exit of enterprises, thus significantly reducing the cost addition dispersion of the industry; The effect of real exchange rate change on resource allocation efficiency is greater by changing enterprise entry and exit mode. (3) the effect of real exchange rate change has asymmetry, and the relative appreciation of RMB depreciation has more influence on resource allocation efficiency.
【作者单位】： 中国社会科学院世界经济与政治研究所;浙江大学;荷兰瓦格宁根大学;
【分类号】：F275.3;F832.6
，
本文编号：2418099
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