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文章在Chatterjee等(2013)模型的基础上,引入垂直专业化的“成本效应”来研究汇率变动对企业出口关系的影响。基于2000-2006年中国工业企业数据和中国海关产品层面交易数据,文章实证结果显示:(1)人民币汇率升值降低了企业出口关系进入的概率,垂直专业化水平的提高会降低人民币汇率升值对企业出口关系进入的抑制作用;(2)人民币汇率升值会提高企业出口关系退出的概率,而垂直专业化水平的上升会降低人民币汇率升值对企业出口关系退出的不利影响;(3)在控制垂直专业化影响的基础上,生产率越高、外资企业和融资约束越小的企业,人民币汇率升值对出口关系进入与退出的影响会越小。
Based on the model of Chatterjee et al. (2013), this paper introduces vertical specialization “cost effect ” to study the impact of exchange rate changes on the export relations of enterprises. Based on the data of Chinese industrial enterprises from 2000 to 2006 and the transaction data of China’s customs products, the empirical results show that: (1) The appreciation of RMB exchange rate reduces the probability of entry of export-oriented enterprises and the increase of vertical specialization will reduce the appreciation of RMB exchange rate to enterprises (2) The appreciation of the RMB exchange rate will increase the probability of exit of the export relations of enterprises, while the rise of the vertical specialization will reduce the adverse impact of RMB exchange rate appreciation on the exit of the export relations of enterprises; (3) On the basis of the impact of the change, the higher the productivity, the less foreign-funded enterprises and enterprises with financing constraints, the less impact the RMB exchange rate appreciation will have on the entry and exit of export-oriented relations.