RMB Exchange Rate Movements And Firm's Export

Since the reform of the RMB exchange rate formation mechanism,the two-way changes in exchange rate level and the expansion of exchange rate fluctuations have become increasingly obvious.Exchange rate changes affect the export performance of enterprises.Whether foreign exchange derivatives can be used to hedge exchange rate risk has become an important issue for export-oriented enterprises.From the perspective of micro-enterprises,this paper studies the impact of exchange rate levels,exchange rate fluctuations,and foreign exchange derivatives on corporate exports,which helps export enterprises actively manage foreign exchange risks,improve competitiveness,and improve China's foreign exchange derivatives market.This article draws on Dai Mi and Shi Bingzhan(2013),using the IMF exchange rate data from 2007 to 2017,to measure the effective exchange rate level and exchange rate fluctuations at the enterprise level.Combined with the database of listed companies,an empirical study the impact of exchange rate levels,exchange rate fluctuations and foreign exchange derivatives on the export.And the mitigation effect of foreign exchange derivatives on the effect of exchange rate level and fluctuations on the export.And further discuss the heterogeneity of the mitigation effect of foreign exchange derivatives on the nature of enterprises and industries.The results show that:First,exchange rate levels and exchange rate fluctuations have a significant negative impact on corporate exports,and foreign exchange derivatives have a significant positive impact on corporate exports.Second,empirical results at the general level show that foreign exchange derivatives transactions have eased on the negative impact of exchange rate levels on exports,but significantly enhanced the negative impact of exchange rate fluctuations;the complexity of foreign exchange derivatives does not have a significant impact;Third,the empirical results of stratification indicate that foreign exchange derivatives transactions have significantly eased the negative impact of exchange rates level faced by domestic and manufacturing enterprises,and have significantly eased the negative impact of exchange rates fluctuations faced by manufacturing enterprises.Based on the above conclusions,this article finally puts forward policy recommendations from the perspective of the enterprise level and the development of the foreign exchange derivatives market.