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汇率变动、融资约束与出口企业研发

王雅琦1, 卢冰2   

  1. 1. 中央财经大学金融学院 全球经济可持续发展研究中心 北京市海淀区学院南路39号 100081;
    2. 清华大学五道口金融学院 北京市海淀区成府路43号 100083
  • 出版日期:2018-07-10 发布日期:2018-07-18
  • 通讯作者: 卢冰(通讯作者),电子信箱:lubing_1994@163.com E-mail:lubing_1994@163.com
  • 作者简介:王雅琦,电子信箱:yakisunny@126.com

Exchange Rate Movement, Financial Constraints and Exporter's R&D

Wang Yaqi1, Lu Bing2   

  • Online:2018-07-10 Published:2018-07-18

摘要: 本文基于2000-2007年匹配的中国海关和工业企业数据库数据,探究汇率变动对中国制造业出口企业研发支出的影响,并进一步区分处于不同融资约束状况下企业的异质反应。结果表明,企业层面实际有效汇率上升(本币升值)显著促进了出口企业研发支出增加,且企业受到的融资约束越轻,这种效应越明显。进一步研究发现,竞争渠道和中间品进口渠道为实际有效汇率上升促进出口企业研发的两个可能渠道。本文在微观层面上证明了融资约束在出口企业创新活动中的重要作用,为加快金融市场化改革及改善出口企业融资环境提供了政策依据。

关键词: 汇率变动, 融资约束, 出口企业, 研发支出

Abstract: Based on the highly disaggregated firm-level data from 2000 to 2007, we investigate the influence of exchange rate movement on Chinese manufacturing exporters' R&D expenditure, and further study the heterogeneous responses of firms under different levels of financial constraints. We demonstrate that the appreciation of firm-level real effective exchange rate (REER) contributes significantly to exporters' R&D expenditure, especially for those that are less financially constrained. Further studies indicate that the competition channel and the intermediate input imports are two possible explanations for the main results. Our paper provides micro evidence of the important role of a better financial environment for exporters' R&D activities.

Key words: exchange rate movement, financial constraints, exporters, R&D expenditure

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