Exchange Rate Fluctuations,Intermediate Imports And Resource Allocation Efficiency

This paper uses the data of Chinese industrial enterprise database and customs trade database from 2000 to 2007,with its matching data as the research object,and uses instrumental variable method and multiple difference method to investigate the influence effect and mechanism of exchange rate,import of intermediates and resource allocation efficiency,and carries out heterogeneity test.The results show that the exchange rate appreciation can significantly improve the resource allocation efficiency of intermediate import industry.After using relative mean deviation to express the dispersion degree,geometric weighting algorithm to calculate the actual effective exchange rate of the industry,ACF method to estimate the CD production function to calculate the addition rate,OP method,LP method to calculate the addition rate,and accounting algorithm to calculate the addition rate,the result is still stable.Considering the endogenous nature of the model and the endogenous nature between the actual effective exchange rate of the industry and the dispersion degree of the premium rate,this paper adopts the one-stage lag,instrumental variable method and multiple difference method to estimate it,and the conclusion is still valid.Further heterogeneity test shows that with the increase of the import intensity of intermediate products,the real effective exchange rate appreciation plays an increasing role in improving the efficiency of resource allocation.The effect of real effective exchange rate appreciation on the improvement of resource allocation efficiency of intermediate import industry is more significant in the enterprises with higher export intensity.The real effective exchange rate appreciation can reduce the resource allocation efficiency of the monopolized intermediate product import industry,but it will improve the resource allocation efficiency of the competitive intermediate product import industry.The real effective exchange rate appreciation can improve the efficiency of resource allocation in the intermediate goods import industry of enterprises with high productivity,but reduce the efficiency of resource allocation of enterprises with low productivity.Further mechanism test shows that the exchange rate can reduce the dispersion of the industry addition rate through the cost reduction effect and quality improvement effect of intermediate products,and further improve the efficiency of resource allocation.