世界经济 ›› 2017, Vol. 0 ›› Issue (8): 78-102.

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人民币汇率对中国企业出口的影响:加工贸易与一般贸易

宋超1, 谢一青2   

  1. 1. 复旦大学经济学院 上海市杨浦区国权路600号 200433;
    2. 复旦大学经济学院世界经济系和世界经济研究所 上海市杨浦区国权路600号 200433
  • 出版日期:2017-08-10 发布日期:2017-09-12
  • 作者简介:宋超,E-mail:heatsong@126.com;谢一青,E-mail:yiqingxie@fudan.edu.cn

How Do Exchange Rate Changes Affect Chinese Exporters Differently? Processing Trade vs.Ordinary Trade

Song Chao1, Xie Yiqing2   

  • Online:2017-08-10 Published:2017-09-12

摘要: 改革开放以来,中国企业通过加工贸易等形式逐渐融入全球价值链,成为国际产品内贸易分工体系的主要参与者之一。本文在全球价值链的背景下,研究中国企业出口模式差异对出口汇率传导的影响。我们发现一般贸易与加工贸易企业在汇率弹性上存在异质性:加工贸易企业出口价格的汇率弹性大于一般贸易企业,出口量的汇率弹性小于一般贸易企业。在进口税收方面,加工贸易企业进口中间要素比例大于一般贸易企业,享受更多的进口要素税收减免,进口边际成本低于一般贸易企业。因此,在应对汇率冲击时,加工贸易企业相比一般贸易企业会更多地调整出口价格,更少地调整出口量。

关键词: 人民币汇率, 企业出口, 汇率弹性, 加工贸易

Abstract: The paper examines that different export modes (processing trade vs.ordinary trade) of Chinese exporters lead to heterogeneous exchange rate pass-through effects on firm-level exporting behaviors.The exchange-rate elasticity of price of Chinese exporters that conduct processing trade is greater than that of the ordinary trade exporters, while the exchange-rate elasticity of quantity of processing trade exporters is smaller compared to their ordinary trade counterparts.In addition, we find that this exchange rate pass-through difference between different export modes in China stems from the marginal cost adjustment heterogeneity.Since processing trade exporters are associated with a larger amount of imported intermediate inputs that give them more import tariff reduction than ordinary trade firms, processing trade exporters and ordinary trade exporters have different abilities in adjusting their marginal costs with the fluctuations of RMB exchange rate.

Key words: RMB Exchange Rate, Firm-Level Export, Processing Trade, Tax Reduction, Exchange rate Pass-Through

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