摘要
利用中国工业企业数据库、海关数据库和专利数据库匹配的49230家企业数据,本文研究了汇率变动对企业全要素生产率的影响。在此基础上,基于中介效应分析框架,考察了企业创新以及不同关键程度的创新在汇率变动对企业全要素生产率影响中的中介作用。结果发现:(1)汇率升值推升了企业全要素生产率,汇率升值1个标准差则企业全要素生产率提高1.54%;(2)企业创新在汇率对企业全要素生产率影响中发挥中介作用,中介程度4.54%;(3)不同关键程度的企业创新所发挥的中介作用存在显著差异:非关键核心技术的中介作用最大,关键核心技术次之,关键核心发明技术的中介作用最小。本文在微观层面上证实了不同关键程度的企业创新在汇率变动对企业全要素生产率影响中的差异化作用,并为有效引导企业创新提供了政策依据。
Under the intensified trade friction between China and the US and the impact of the COVID-19,the fluctuation of RMB exchange rate has expand since 2015,so that enterprises will inevitably face obvious export pressure and operational difficulties.On the other hand,enterprise innovation,especially key-core technology innovation,is not only regarded as an important path to enhance its own competitiveness and improve Total Factor Productivity(TFP),but also rises to the height of national strategy,which is related to high-quality economic development and China′s process of modernization.Therefore,the innovation behavior of micro-enterprises,especially the innovation effectiveness of key core technologies,is an important breakthrough to transform the macroeconomic development model and achieve high-quality development.In the face of exchange rate fluctuations,can enterprises continue to maintain innovation motivation,enhance innovation vitality,achieve breakthroughs in key core technologies,and then improve their total factor productivity?Using the data from 49,230 enterprises and 310,000 sets of data matched by China′s industrial enterprise database,customs database and patent database,the paper studied the impact of exchange rate changes on the TFP of enterprises.Based on the analysis framework of the mediation effect,this paper investigated the mediating role of innovation and different critical degrees of innovation in the impact of exchange rate changes on the TFP of enterprises.Based on the above analysis,it was found that:(1)Exchange rate appreciation pushes up the TFP of enterprises,with a 1 standard deviation appreciation of the exchange rate increases the TFP of enterprises by 154%;(2)Enterprise innovation plays an mediating role in the impact of exchange rate on TFP of enterprises,with a mediation degree of 4.54%;(3)There are significant differences in the mediating role of enterprise innovation with different core degrees:the mediating role of non-core technology innovation is the largest,followed by
作者
陈奉先
光云霞
Chen Fengxian;Guang Yunxia(School of Finance,Capital University of Economics and Business,Beijing 100070,China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2023年第8期57-68,共12页
Science Research Management
基金
国家自然科学基金项目:“人口学视角下风险态度、全要素生产率与金融资产收益率”(71873092,2018.09—2023.09)
北京市教委2023年社科重点项目:“国际资本流动‘突然停止’冲击的微观影响与治理对策:以北京地区上市公司为例”(SZ202310038016,2023.01—2026.12)
首都经济贸易大学北京市属高校基本科研业务费专项资金(QNTD202206,2022.01—2024.12)
首都经济贸易大学研究生学术新人计划项目资助(2023XSXR08,2023.01—2025.12)。
关键词
汇率变动
关键核心技术
全要素生产率
有调节的中介效应
exchange rate change
key core technology
total factor productivity
moderated mediation effect
