摘要
基于企业异质性视角,本文研究事实汇率制度对企业出口产品质量的影响。理论上,固定汇率制度降低了企业进行出口贸易的生产率阈值,低效率企业涌入使出口产品质量下降;但企业生产率提升不仅能提高企业出口产品质量,还能缓解固定汇率制度对企业提升出口产品质量的阻碍,固定汇率制度不再对高生产率企业出口产品质量产生阻碍作用。企业产品细分层面数据的机制验证发现,只有少数中国企业能够达到固定汇率制度不阻碍企业出口产品质量所要求的生产率阈值。因此,事实固定汇率制度阻碍了中国出口产品质量的提升,提高企业生产率才是提升企业出口产品质量,提升全球竞争力的根本途径。
Based on the firm heterogeneity perspective,this paper studies the impact of the de facto exchange rate regime on the quality of Chinese export products.Theoretically,the de facto fixed exchange rate regime can lower the productivity threshold for firms when exporting,and the influx of inefficient firms may reduce the quality of export products.However,an increase in the productivity of firms can not only enhance the quality of export products,but also alleviate the limiting effects that the de facto fixed exchange rate regime has on the quality of export products.For highly efficient firms,the de facto fixed exchange rate regime is no longer an obstacle to the quality of export products produced by these firms.This paper adopts highly detailed firm-level data to empirically verify the above-proposed mechanisms and it finds that only a small fraction of Chinese firms can reach or even exceed the threshold productivity level required by the de facto fixed exchange rate regime without affecting the quality of export products.As a result,the de facto fixed exchange rate regime makes it difficult to increase Chinese firms'export product quality,and therefore they can only increase their product quality and outgrow their global competition by increasing their own productivity level.
作者
张夏
汪亚楠
施炳展
Zhang Xia;Wang Yanan;Shi Bingzhan
出处
《世界经济》
CSSCI
北大核心
2020年第1期170-192,共23页
The Journal of World Economy
基金
国家自然科学基金面上项目(71973071)
中央高校基本科研业务费项目(SWU1809702、2019MS080)的资助
关键词
事实汇率制度
企业生产率
出口产品质量
de facto exchange rate regime
firm productivity
export product quality
