Study On The Pricing To Market Ability Of Export Product From The Perspective Of Exchange Rate Transfer Effect

As a measure of a country's macroeconomic development of the important benchmark,exchange rate is the core part of the price system.For a country,its change will not only affect the allocation of domestic economic resources,but also affect the development of a country's foreign trade.From a micro perspective,it will not only affect a country's domestic price level and the level of import and export products,but also affect the domestic enterprises of product pricing behavior and capability of pricing to market.After the reform of the exchange rate system in 2005,2010 and 2015 the degree of marketization of China's exchange rate is also getting higher and higher,and the RMB exchange rate is still in a state of continuous appreciation.Export as one of the "troika" driving China's economic development,the export status is directly related to the speed and level of China's economic development.According to the classic Marshall-Lerner condition,the appreciation of a country's currency will be significantly less trade surplus,so that the development of foreign trade conditions can be improved.But the actual situation is that after the exchange rate reform,China's foreign trade surplus status has not been changed,there is a reality and theory contrary to the predicament.In addition,due to the aftermath of the 2008 financial crisis,the world economy is in a slow recovery stage,the lack of market demand,plus the rise of trade protectionism,trade friction phenomenon has become increasingly fierce trend,all above will be bound to make our export enterprises more and more difficult.Based on the above background,it is very necessary to study the China's export exchange rate of export and export commodity pricing capacity,so that make enterprises out of the woods and improve China's export trade situation.Based on the realistic background,this paper presents some problems and puts forward some related problems.On the basis of summarizing the related literature and collecting the relevant research data,firstly,we review the theoretical basis of this paper and analyze the present situation of China's export trade through statistical analysis,and construct the mathematical formula of exchange rate transfer and export pricing ability model.Then,the fixed effect model of variable coefficient and the error correction model of panel are used to analyze the exchange rate of each industry,and the export pricing ability of each industry is obtained by the empirical research.On the basis of the above research results,combined with the current economic and policy background,we give the relevant decision-making recommendations.After a series of theoretical and empirical research,this paper draws the following three conclusions:(1)from the long-term exchange rate transfer effect,the exchange rate between the industry transfer effect is quite different.Overall,the average exchange rate transfer factor is about 0.26,indicating that 26% of the exchange rate changes can be digested by price.In addition,in the long run,the key variable RMB nominal effective exchange rate on the impact of the price is less than the control variable foreign demand and domestic production costs.(2)In terms of short-term exchange rate effect,most of the short-term prices in our 15 industries have not responded to changes in exchange rates,and most industries are unable to adjust at any time in the face of exchange rate changes.They tend to pass the impact of the exchange rate over a longer period of time.And from the price of short-term adjustment efforts,the various sectors of the short-term price offset adjustment efforts are also greater differences.(3)From the level of capability of pricing to market,the average PTM of the 15 industries we studied is about-0.74,indicating that export firms are offsetting 74% of the exchange rate by adjusting the cost of additions.The change is entirely dependent on the manufacturers themselves to digest.In addition,the gap between China's export pricing capacity of the industry is relatively large.Based on the above conclusions,we have given the policy recommendations:(1)Reasonable controlling the two-way volatility interval of RMB exchange rate to break the appreciation of the renminbi expected;(2)Good use of exchange rate hedge to avoid exchange rate risk;(3)Enhancing the competitiveness of export enterprises,building core competitive products;(4)Improving the export trade structure and promoting the sustainable and healthy development of export trade.