经济与管理研究2019，Vol.40Issue(2)：47-69,23.DOI:10.13502/j.cnki.issn1000-7636.2019.02.004
汇率水平、汇率波动对企业绩效的影响——中国服务企业与商品企业的表现相同吗?
The Impact of Exchange Rate Level and Its Volatility on Firm Performance——Are Service Firms and Commodity Firms the Same in China?
摘要
Abstract
As an influencing factor in firm performance, does the exchange rate (the exchange rate level and its volatility) bring about different effects on different sectors' performance? Based on the firm-level data, this paper examines the impact of the RMB exchange rate level and its volatility on the performance of China's service firms, and compares them with China's commodity firms within the same analytical framework. The results are shown as follows.Firstly, service firms' performance (net profit, net interest rate, gross profit margin, labor productivity, etc.) is generally superior to commodity firms' performance.Secondly, the results of the model that does not introduce the exchange rate level and its volatility and the cross term of labor productivity show that: the depreciation of RMB exchange rate has a positive effect on the profit and sales of service firms and commodity firms, and the impact on the profit of commodity firms is greater than that of service firms; while the volatility of RMB exchange rate has a negative impact on the profit and sales of service firms and commodity firms, and the impact on commodity firms is even greater.Thirdly, service firms and commodity firms with higher productivity can increase more profit and sales when the exchange rate depreciates; the higher the productivity of commodity firms, the greater the negative impact of exchange rate volatility on their profit and sales.The conclusions of this paper can not only provide evidence for the impact of exchange rate changes on the firm performance in emerging market economies, but also have some implications for understanding the differences in the exchange rate affecting firm performance.关键词
汇率水平/汇率波动/服务企业/商品企业/企业绩效/劳动生产率Key words
exchange rate level/exchange rate volatility/service firm/commodity firm/firm performance/labor productivity分类
管理科学引用本文复制引用
胡宗彪,滕泽伟,黄扬嘉..汇率水平、汇率波动对企业绩效的影响——中国服务企业与商品企业的表现相同吗?[J].经济与管理研究,2019,40(2):47-69,23.基金项目
国家社会科学基金重大项目"培育国际竞争新优势与建设开放型世界经济的内生动力研究"(18VSJ046) （18VSJ046）
教育部人文社会科学研究青年基金项目"中国对外服务贸易成本评估及其影响因素研究"(14YJC790046) （14YJC790046）
国家自然科学基金青年科学基金项目"服务业出口增长机制、路径及其生产率效应:中国的理论与经验研究"(71503273) （71503273）
