| In recent years,as China's comprehensive national strength continues to increase,the depth and breadth of Chinese enterprises' participation in international division of labor has also been increasing.While maintaining the growth rate,improving the quality of growth is also crucial.In the early period of reform and opening up,China relied on exporting a large number of labor-intensive goods to open up markets in international trade.The main types of enterprises were processing trade.Domestic added value was relatively low and profits were meagre.But nowadays,international trade is becoming more and more intense.It is difficult for Chinese enterprises to compete with other countries by relying on low valueadded products.On the contrary,they will become dependent on other countries.Improving domestic added value can help a country to increase its profits in international trade,and also help enterprises to improve their ability to deal with international trade risks.In the process of economic globalization,exchange rate reflects the relative prices of commodities between countries.The change of exchange rate has a direct regulating effect on a country's import and export trade,and has an important impact on economic development.From the micro point of view of enterprises,exchange rate changes may affect the decision-making of enterprises,change the trade structure,and then affect the domestic added value of enterprises' exports.Firstly,from the perspective of the impact of exchange rate changes on domestic valueadded of enterprises' exports,this paper combs the relevant literature at home and abroad,and briefly introduces the relevant theoretical basis.In terms of data,this paper calculates the domestic value-added and some control variables based on the data of China Industrial Enterprise Database and China Customs Database.Then,using the CPI data of the World Bank and the exchange rate data in the IFS database of the International Monetary Fund,the real effective exchange rate of RMB at the enterprise level is obtained by arithmetic weighting method.In the empirical aspect,the results of benchmark regression show that the exchange rate changes have a significant impact on the domestic added value of enterprises' exports.The RMB depreciates,while the domestic added value of enterprises' exports rises;on the contrary,it decreases.Subsequently,in order to distinguish from the original independent variable,we use the nominal effective exchange rate of RMB at the enterprise level and the national level to test the robustness of the replacement independent variable.The test results are also significant,which further verifies the correlation between the two.Because there may be two-way causality between exchange rate fluctuation and domestic value-added of enterprises' exports,this paper uses the instrumental variable method to test the endogenous problem.Next,based on the theory of enterprise heterogeneity,this paper carries out sub-sample regression analysis for enterprises of different ownership types,different regions and different scales.The research shows that the domestic value-added of foreign-funded enterprises is most significantly affected by the exchange rate fluctuation,and has little effect on state-owned enterprises,collective enterprises and private enterprises;the exchange rate fluctuation has the most prominent impact on the domestic value-added of enterprises in eastern region,but has no effect on enterprises in other regions;regardless of the size of enterprises,the domestic value-added of exports is affected by the exchange rate fluctuation.? In order to further analyze the relationship between them,this paper analyses and tests the impact mechanism,and finds that exchange rate changes will affect the domestic added value of enterprises' exports through two channels: price and imported intermediate goods.Finally,the conclusions of this study are summarized and relevant suggestions are put forward from the national level and enterprise level. |
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