人民币汇率与企业生产率变动——来自中国的经验证据

Journal of Financial Research

2015, Vol. 424

Issue (10): 1-16 DOI:

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RMB Exchange Rate and Firms’ Productivity Changes: Evidence from China’s Enterprises

XU Jiayun, TONG Jiadong, MAO Qilin

School of Public Policy and Management, Tsinghua University;
School of Economics, Nankai University

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Abstract Based on the firm-level micro data and highly disaggregated customs data from 2000 to 2007, this paper investigates the effects of RMB real effective exchange rate on Chinese manufacturing enterprises’ productivity. The results show that:(1) RMB real effective exchange rate appreciation has a positive net effect through capital and labor elements allocation effect, companies selection effect, scale economy effect and human capital enhancement effect on the manufacturing enterprises’ productivity, and the conclusion remains robust after the use of several tools to solve problems of endogenous variables; (2) The effects of RMB real effective exchange rate on enterprises’ productivity are significantly different among firms with different characteristics, including whether firms export or not, different mode of trade, different technology level and different ownership of enterprises; (3) As a factor that restrict the effect of RMB exchange rate on enterprises’ productivity, the stronger the enterprise financing ability, the greater the positive impact of RMB exchange rate on firms’ productivity.

Key words： RMB real effective exchange rate Productivity Heterogeneity Manufacturing enterprises

Received: 02 April 2015 Published: 19 April 2018

JEL分类号:	D21
	F10
	C33

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XU Jiayun,TONG Jiadong,MAO Qilin. RMB Exchange Rate and Firms’ Productivity Changes: Evidence from China’s Enterprises[J]. Journal of Financial Research, 2015, 424(10): 1-16.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2015/V424/I10/1

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