| Since the reform and opening up,China's export has developed rapidly,the degree of opening up of China's economy has been further enhanced.At the same time,China's RMB exchange rate formation mechanism is also being improved step by step,especially after the ‘811 exchange rate reform' in 2015,the RMB exchange rate appears to be more market-oriented,and the changes in the RMB exchange rate have become the focus of attention of the people at home and abroad.The exchange rate of any country's foreign trade exports is an important factor that cannot be ignored.It can be related to the future development of exporting enterprises in the country.Then,how the changes in the RMB exchange rate affect the development of China's export trade is very worthy of study.In particular,the current exchange rate and export research continues to extend from the macro level to the micro level,and then discusses the impact of exchange rate changes on micro-enterprise export behavior.Under the above background conditions,this paper will start from two aspects of the RMB exchange rate,namely,level and fluctuations to explore its impact on the export of Chinese listed companies.This thesis firstly analyzes the relevant research literature at home and abroad,the impact of exchange rate levels and volatility on exports,and then analyzes the development history and development status of RMB exchange rate and China's foreign trade.Then the empirical part of this thesis uses the export data of listed companies in China to establish the empirical model to explore the impact of changes in the exchange rate of the RMB and the impact of fluctuations on exports.The original export data of listed companies are derived from the CSMAR database.The empirical evidences of this thesis include the following contents:(1)How exchange rate level and exchange rate fluctuations affect the export behavior of listed companies;(2)Whether the impact of exchange rate on exports changes after adding control variables at the enterprise level;(3)Consider the role of firm's total factor productivity in the impact of exchange rate level and volatility on firm exports;(4)From the perspective of the weight of state-owned shares of listed companies,whether it will cause listed companies to face heterogeneous export performance in the face of changes in the RMB exchange rate.The main conclusions of this thesis are as follows: The appreciation of the real effective exchange rate of the RMB will increase the export of listed companies in China,and the fluctuation of the RMB exchange rate will reduce the export of listedcompanies in China.From the perspective of enterprise-level control variables,it can be concluded that larger enterprise scale,stronger corporate borrowing capacity and higher total factor productivity will promote the export of listed companies in China.Considering the changes in the exchange rate of the RMB exchange rate,volatility and TFP,the results show that listed companies with higher productivity will not perform better when dealing with changes in the RMB exchange rate or large exchange rate fluctuations.Considering the exchange rate level changes,fluctuations and the interaction of state-owned shares,it is found that the weight of state-owned shares will enhance the positive effect of exchange rate appreciation on corporate exports,and will reduce the negative effects of exchange rate fluctuations on corporate exports.In the end,based on the above theoretical research and empirical analysis,this thesis puts forward the current RMB exchange rate formation mechanism and export status,and proposes to stabilize the current exchange rate level,gradually improve the RMB exchange rate mechanism,establish a RMB cross-border settlement platform,and export enterprises should reasonably a series of constructive suggestions,such as upgrading the industrial structure,vigorously developing the foreign exchange market,and improving the innovation of exchange rate risk management products. |
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