| At present,China's economy is facing downward pressure,GDP growth slows down,and industrial structure urgently needs upgrading.At the same time,China is facing increasingly3 severe external trade environment and constant trade frictions.Under the circumstances of RMB marketization reform,the impact of China's import and export is bound to be more severe.The division of labor in international trade is becoming more and more complex.The traditional way of calculating trade income can not measure the actual profits of enterprises.Domestic added value in export measures China's income in international trade more accurately by stripping the input of export commodities from foreign countries.In the current complex international trade environment,it is of great significance to study the impact of effective exchange rate shocks on the domestic value-added rate of Chinese enterprises' exports to upgrade China's industrial and international trade status.We study the impact of effective exchange rate shocks on export value added at the enterprise level by using micro-data at the enterprise level.We calculate the domestic value-added rate(DVAR)and effective exchange rate(EER)of enterprises from 2002 to 2007 from the micro level by using customs database and industrial enterprise database combined with exchange rate and PPI of various countries.This paper studies the impact of effective exchange rate on the domestic value-added rate of enterprises from three aspects.Firstly,we use mixed panel data to study the impact of enterprise-level REER on DVAR and the impact of different directions and sizes of REER on DVAR.Secondly,this paper introduces the intermediary variable,market sales size(Mktsize),to examine the intermediary process of REER affecting DVAR,and uses the step-by-step method to examine the significance of the intermediary process.Finally,this paper determines the dummy variables according to the trade mode and capital structure,and studies the heterogeneity impact of REER on DVAR.The results of this study show that the total domestic value added of exports fluctuates upward,while the effective exchange rate data fluctuates in varying degrees.The calculation results classified according to capital structure show that the DVAR of foreign capital enterprises is smaller than that of domestic capital enterprises.The calculation results classified trade mode show that DVAR of general trade mode is obviously higher than that of processing trade mode.DVAR in different sub-industries of manufacturing industry is mainly concentrated in 0.5 to 0.6.The results of unbalanced panel regression show that REER at the enterprise level has a significant impact on DVAR.The positive impact of REER on DVAR is more significant.The greater the fluctuation of REER,the more significant the results are.The results of intermediary effect model show that REER has a significant impact on sales scale.The depreciation of exchange rate leads to the increase of sales revenue.Enterprises can have more capital to improve production efficiency,enhance international competitiveness,and then enhance the DVAR of enterprises.Heterogeneous shocks result shows that firms with foreign capital are less affected by REER.General trading enterprises are more affected by REER shocks.The increase of enterprise wage level has a positive impact on DVAR.The higher the wage level,the higher the average labor productivity,and the higher the international trade status.The entry of foreign capital can improve the management and technology level of enterprises and reduce the fluctuation of DVAR.More labor input makes the domestic investment of enterprises increase,so the DVAR of enterprises rises.According to the results of this paper,we believe that exchange rate reform should be properly promoted to avoid the adverse impact of too rapid exchange rate appreciation on import and export enterprises.Actively introducing foreign capital and raising wage level are conducive to enhancing the international competitiveness of enterprises. |
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