The Impact Of Export Product Quality On Exchange-Rate Pass-Through

In the context of the continuous development of economic globalization,the exchange rate,as an important factor affecting the efficiency of resource allocation in the price system,and playing a key role in international economic trade,has attracted more and more attention from the government and academia.In addition,in the international monetary system,the status of the renminbi is also increasing with the development of the Chinese economy.In 2016,the renminbi officially joined the SDR new currency basket,especially after China’s influence on the world gradually increased.Fluctuations are becoming more frequent,and fluctuations in the RMB exchange rate have an increasingly important impact on the formulation of economies and policies in countries and regions around the world.The exchange rate transfer describes the extent to which the exchange rate of a unit changes the price of a country’s import and export products and the level of domestic prices.The transmission reflects the adjustment of the price of the import and export enterprises when the exchange rate changes,so that the impact of the exchange rate on one unit of the product on the price of the product is less than one unit or more than one unit,which in turn affects domestic prices.The size of the exchange rate will not only affect the country’s inflation,but also the level of the country’s balance of payments and even the government’s monetary policy,and have a direct impact on the consumer’s trade benefits and the profits of import and export enterprises.Since the advent of the city pricing theory Krugman(1986),a large number of relevant theoretical and empirical studies on exchange rate transfer have shown that every change in the exchange rate often causes the import and export prices to be lower than one unit,which confirms that the exchange rate is not fully.As an export subject at the micro level,an enterprise is the maker of the price of an export product,and therefore usually has the ability to independently price the price of the exported product.But when the exchange rate changes,how does the exchange rate affect the price,and how big is the impact? Therefore,in the context of the volatility of the RMB exchange rate and the fact that 60% of Chinese export enterprises will simultaneously import,this paper is based on the heterogeneity theory of export enterprises and is based on the matching data of China Industrial Enterprise Database and China Customs Library.From the perspective of micro-pricing,the analysis of the exchange rate effect of China’s manufacturing enterprises.This paper constructs the heterogeneity indicators of enterprises such as real exchange rate,import intermediate input intensity and export product quality at the micro level in China,and comprehensively analyzes the factors affecting the export exchange rate of enterprises.This paper first expounds the research background and significance of the incomplete exchange rate,and then combs the relevant research at home and abroad from the macro and micro perspectives,and points out the research direction of the incomplete exchange rate.Then,this paper expounds the impact mechanism of the incomplete exchange rate on the exchange rate,explores the impact of the import intermediate input intensity and the quality of the export product on the incomplete transfer of the exchange rate,and the intermediate import channel will affect the quality of the exchange rate,and construct the empirical evidence.Regression equation.Next,this paper uses the Chinese enterprise database,customs database and exchange rate related database.Through the empirical research on the micro-level enterprise export,the paper analyzes the impact of the import intermediate input intensity and the quality of the export product on the incomplete exchange rate.The results show that:(1)The higher the quality of export products,the higher the ability to adjust prices,thus showing a lower exchange rate;(2)the impact of the quality of export products on the exchange rate will be affected by the import The impact of input intensity.For enterprises with the same product quality,the higher the import intermediate input intensity,the lower the ability to adjust the price and the higher the exchange rate.