| In recent decades,the phenomenon of industrial agglomeration in China has become increasingly obvious,and the spatial layout of manufacturing industry has changed rapidly.Industrial agglomeration can improve industrial productivity and effectively improve the probability of industries entering the export market.At the same time,export manufacturing industry is an industry greatly affected by exchange rate fluctuations.From the perspective of exchange rate transmission,exchange rate fluctuations will have an impact on the pricing ability of export manufacturing industry.Since China’s exchange rate reform in 2005,exchange rate fluctuations have continued to increase,Does China’s manufacturing industry’s ability to resist the fluctuation of exchange rate after 2012 have a greater impact on China’s manufacturing industry? Whether there are differences in export pricing ability and resistance to exchange rate fluctuation risk caused by differences in agglomeration level among different export manufacturing industries has become a content worthy of study.Firstly,this paper analyzes the impact mechanism of industrial agglomeration on total factor productivity and the impact mechanism of total factor productivity on the pricing-to-market ability of export manufacturing industry on the basis of industrial agglomeration theory and pricing-to-market theory,and then puts forward the impact mechanism hypothesis of industrial agglomeration on the pricing-to-market ability of export manufacturing industry under the background of exchange rate fluctuation.Secondly,based on the micro data of China’s manufacturing industry from 2012 to2015,the spatial Gini coefficient and location entropy are used to quantify the agglomeration degree of each manufacturing industry;Based on the customs data in the same period,the PTM index of various manufacturing industries and regions in China is estimated by using the city based pricing model of various industries and regions under the constructed local analysis framework.Finally,the fixed effect model is further used to empirically test the impact of the change of industrial agglomeration level on the pricing-to-market ability of China’s export manufacturing industry under the background of wide fluctuation of exchange rate since the exchange rate reform in 2005.The calculation results of agglomeration level show that the agglomeration degree of China’s manufacturing industry is deepening,the concentration degree of labor-intensive and technology intensive industries is higher,while the concentration degree of capital intensive industries is lower;The estimation results of PTM index show that China’s manufacturing industry has a certain degree of pricing power.The market pricing power of labor-intensive and capital intensive industries is strong,while the pricing-to-market power of technology intensive industries is weak.In addition,from the comparative analysis of the change of exchange rate transmission effect of manufacturing industry before and after the relaxation of exchange rate fluctuation in March 2014,it can be found that the larger exchange rate fluctuation leads to the weaker pricing ability of export enterprises according to the market.Finally,the study also found that industrial agglomeration significantly improved the market pricing ability of China’s export manufacturing industry,and verified the theoretical transmission mechanism hypothesis of "industrial agglomeration-total factor productivity-pricing to market" proposed in this paper;Labor intensive export industries have stronger ability to resist the risk of exchange rate fluctuation through industrial agglomeration effect.In today’s international situation,the labor cost is rising day by day,and the core competitiveness of China’s export manufacturing industry is still facing cruel challenges.In order to maintain and expand China’s export scale and improve the pricing ability of China’s export enterprises,we need the joint efforts of the national level,the government level and the enterprise level to enhance the core competitiveness and pricing ability of China’s export manufacturing industry. |
