Asymmetric Impact Of The RMB Exchange Rate Appreciation And Fluctuation On Chinese Firmlevel Export

In recent years,the RMB exchange rate has shown a trend of rising and two-way fluctuations.In the context of economic globalization,the exchange rate is the basis for the formation of relative prices of countries and an important variable affecting macroeconomics and micro-individuals.This paper studies the asymmetric impact of RMB exchange rate levels and volatility on corporate exports from the perspective of micro-enterprise heterogeneity.By deeply grasping the export characteristics of Chinese enterprises,it provides useful research and exploration for the enterprises in the face of exchange rate risk management and related department policy formulation in the context of globalization.Through literature review,this paper summarizes the internal mechanism of the impact of exchange rate levels and fluctuations on corporate exports and its theoretical mechanism of asymmetric impact on corporate exports.Using the data of China Industrial Enterprise Database and China Customs Database from 2000 to 2006,the actual effective exchange rate and fluctuation of RMB were measured from the micro level.The panel regression analysis was used to empirically study the asymmetric impact of RMB exchange rate and fluctuation on corporate exports.And the impact of RMB exchange rate levels and volatility interactions on corporate exports.Finally,we will further explore the differences between different types of trade,types of export products,and ownership.This paper draws the following conclusions:(1)Exchange rate depreciation promotes enterprise exports,exchange rate appreciation and exchange rate fluctuations inhibit corporate exports;(2)Exchange rate appreciation has an asymmetric impact on corporate exports,and the impact coefficient and significance of devaluation on exports are higher than The impact of appreciation on exports;(3)exchange rate fluctuations have an asymmetric effect on corporate exports,and the effect of large exchange rate fluctuations on corporate exports is more obvious than small fluctuations;(4)considering the superposition of exchange rate appreciation and exchange rate fluctuations The results show that with the increase of exchange rate fluctuations,the impact of exchange rate appreciation on corporate exports will increase;(5)The asymmetry of RMB exchange rate will behave differently in different types of enterprises.For enterprises of different trade types,general trade is most affected by the exchange rate appreciation and volatility;for single-product and multi-product enterprises,the fewer types of products,the greater the impact of exchange rate appreciation and fluctuations on corporate exports;Enterprises,the appreciation of the exchange rate has the greatest impact on private enterprises and exchange rate fluctuations have the greatest impact on state-owned enterprises.Based on the above conclusions,different enterprises should take measures according to the asymmetry of exchange rate fluctuations and combine their own characteristics to propose countermeasures.