School of Finance, Central University of Finance and Economics; School of Economics and Management, Tsinghua University; PBC School of Finance, Tsinghua University
Abstract:
Based on the firm-level data and custom's transaction level data from 2000 to 2006, this paper investigates the impact of RMB real effective exchange rate movement on product quality of Chinese manufacturing enterprises. We find that the appreciation of RMB exchange rate will improve the average product quality. Quality improvement is significant for non-processing exporters but not for processing exporters. Besides, by dividing exporters into three categories-incumbents, entrants and dropouts, we find that the group of incumbents is the major contributor to the quality improvement. And we also note that firm's entry and exit play an important role in quality improvement. Finally, we find that against the backdrop of RMB exchange rate appreciation, the probability of market exit of products with lower quality is higher than that of products with higher quality. This effect is significant for non-processing exporters but not for processing exporters.
[1]戴觅和施炳展,2013,《中国企业层面有效汇率测算:2000-2006》,《世界经济》第5期,52～68页。 [2]戴觅、余淼杰和M. Maitra,2014,《中国出口企业生产率之谜:加工贸易的作用》,《经济学(季刊)》第13卷第2期,第675～698页。 [3]李宏彬、马弘、熊艳艳和徐嫄,2011,《人民币汇率对企业进出口贸易的影响－来自中国企业的实证研究》,《金融研究》第2期,第1～16页。 [4]梁中华和余淼杰,2014,《人民币升值与中国出口企业盈利能力－基于面板数据的实证分析》,《金融研究》第7期,第1～15页。 [5]施炳展,2013,《中国企业出口产品质量异质性:测度与事实》,《经济学(季刊)》第13卷,第263～284页。 [6]王雅琦、戴觅和徐建炜,2015,《汇率、产品质量与出口价格》,《世界经济》第5期,第17～35页。 [7]许家云、佟家栋和毛其淋,2015,《人民币汇率、产品质量与企业出口行为－中国制造业企业层面的实证研究》,《金融研究》第3期,第1～17页。 [8]徐建炜和田丰,2013,《中国行业层面实际有效汇率测算:2000-2009》,《世界经济》第5期,第21～36页。 [9]杨汝岱,2015,《中国制造业企业全要素生产率研究》,《经济研究》第2期,第61～74页。 [10]余淼杰,2010,《中国的贸易自由化与制造业企业生产率》,《经济研究》第12期,第97～110页。 [11]余淼杰和王雅琦,2015,《人民币汇率变动与企业出口产品决策》,《金融研究》第4期,第19～33页。 [12]Aghion, P., Askenazy P., Berman N., Cette G. and Eymard L. 2012. “Credit Constraints and the Cyclicality of R&D Investment: Evidence from France,” Journal of the European Economic Association, 10(5):1001~1024. [13]Amiti, M. and Khandelwal A. K. 2013. “Import Competition and Quality Upgrading,” Review of Economics and Statistics, 95(2). [14]Auer, R. and Chaney T. 2009. “Exchange Rate Pass-through in a Competitive Model of Pricing-to-Market,” Journal of Money, Credit and Banking, 41(Supplement):151~175. [15]Berman, N, Martin P. and Mayer T. 2012. “How do Different Exporters React to Exchange Rate Changes？” The Quarterly Journal of Economics, 127(1):437~492. [16]Bernini, M., Guillou S. and Bellone F. 2015. “Financial Leverage and Export Quality: Evidence from France,” Journal of Banking & Finance, 59(6):280~296. [17]Chen, N. and Juvenal L. 2016. “Quality, Trade, and Exchange Rate Pass-through,” Journal of International Economics, 100(42):61~80. [18]Fan, H. C., Li Y. A. and Yeaple S. R. 2015. “Trade Liberalization, Quality, and Export Prices,” Review of Economics and Statistics, 97(5):1033~1051. [19]Griliches, Z. and Regev H. 1995. “Firm Productivity in Israeli Industry 1979-1988,” Journal of Econometrics, 65(1):175~203 [20]Hallak, J. C. 2006. “Product Quality and the Direction of Trade,” Journal of International Economics, 68(1):238~265. [21]Hallak, J C, Sivadasan J. 2009. “Firms' Exporting Behavior Under Quality Constraints,” Social Science Electronic Publishing, 2009:14928. [22]Hallak, J. C., Schott P. K. 2011. “Estimating Cross-Country Differences in Product Quality,” Quarterly Journal of Economics, 126(1):.417~474. [23]Mayer, T., Melitz M. J. and Ottaviano G. I. P. 2014. “Market Size, Competition, and the Product Mix of Exporters,” American Economic Review, 104(2):495~536. [24]Olley, S. and Pakes A. 1996. “The Dynamics of Productivity in the Telecommunications Equipment Industry,” Econometrics, 64:1263~1297. [25]Schott, P. K.. 2004. “Across-Product versus Within-Product Specialization in International Trade,” Quarterly Journal of Economics, 119(2):647~678. [26]Verhoogen, E. A. 2007. “Trade, Quality Upgrading, and Wage Inequality in the Mexican Manufacturing Sector,” Quarterly Journal of Economics, 123(2):489~530. [27]Weinstein, D. and Broda C. 2006. “Globalization and the Gains from Variety,” Quarterly Journal of Economics, 121(2):541~585.
