The Impact Of Exchange Rate Fluctuation And Quality Of Imported Intermediates On TFP Of Industrial Enterprises In China

In the context of embedded global value chain,exchange rate changes and international trade will have a profound impact on a country's economic development.At present,China takes the transformation of economic growth mode and the transformation of old and new kinetic energy as the breakthrough of the transformation from a big country to a powerful country.The core of it is to improve the contribution of TFP of enterprises to economic growth.Therefore,based on the international background and domestic reality,this thesis will carry out research on exchange rate change,import trade and TFP.This study is not only related to the coordinated development of China's national economy,but also related to the major practical issues of maintaining the status of international division of labor.First of all,this thesis combs and summarizes the relevant classical theories and literature.Secondly,using the China Industrial Enterprise Database,Customs Database and IFS Database,this thesis makes a preliminary study of the relationship between exchange rate changes,quality of imported intermediate goods and TFP of enterprises from the macro and micro levels respectively.Then,this thesis derives and theory from the theoretical model Mechanism analysis further studies the impact of RMB real effective exchange rate and the quality of imported intermediate goods on the TFP of Chinese enterprises.Finally,through the establishment of regression model,this thesis conducts empirical research on 140902 sample enterprises during 2007-2012.At the same time,according to the heterogeneity of enterprises,this thesis analyze the difference effect of RMB real effective exchange rate and quality of imported intermediate goods on heterogeneous enterprises.Through the combination of theoretical and empirical methods,this thesis draws the following conclusions:(1)The real effective exchange rate of RMB,the quality of imported intermediates and their interaction are all significantly positive.That is,when the exchange rate of RMB appreciates,enterprises can improve the level of TFP by importing higher-quality intermediate goods.(2)The level of TFP is also regulated by the size of enterprises,capital intensity,age of enterprises and import penetration rate.The larger the enterprise scale and the higher the capital density,the higher the TFP level of enterprise.The older the enterprise age and the higher the import penetration rate,the lower the TFP of enterprise.(3)From the regression results of the group sample,the effect of the real effective exchange rate of the RMB and the quality of imported intermediate goods on the level of total factor productivity varies depending on the ownership of the enterprise,whether export or not,trade patterns,and the types of import countries.