Exchange Rate Changes,the Price Of Imported Intermediate Goods And The Mark-up Rate Of Enterprises

In recent years,the marketization degree of RMB exchange rate has been enhanced,and two-way fluctuation of exchange rate has gradually become normal.The changes of exchange rate will inevitably affect the cost and income of enterprises through the price channel,thus affecting the markup rate of enterprises,and ultimately affecting China’s balance of payments and economic development.In the context of globalization,the scale of China’s import trade has gradually increased,among which the import of intermediate goods has become an important pillar of China’s economic development.It has become a research topic that scholars focus on to explore how exchange rate affects the mark-up rate of enterprises through the channel of importing intermediate products so as to formulate effective import strategies to improve the operating efficiency of enterprises.From the perspective of the price of imported intermediate goods,this thesis sorted out the relevant literature at home and abroad,and determined the research direction as the intermediary effect of the price of imported intermediate goods on exchange rate changes and enterprise mark-up rate.First of all,this thesis sorts out three categories of literature related to exchange rate changes,imported intermediate products and enterprise mark-up rate,and makes a brief summary.Secondly,the relevant theoretical basis is analyzed,mainly involving incomplete pass-through theory of exchange rate,market-based pricing theory and firm heterogeneity theory.Then,the micro-data obtained from the database matching between Chinese customs and industrial enterprises from 2000 to 2007 are used for empirical analysis.The research results show the increase of RMB exchange rate will reduce the cost mark-up rate of enterprises.Every 1% increase of the actual effective import exchange rate of enterprises,the cost mark-up rate will decrease by 0.002%.The rise of RMB exchange rate will reduce the price of intermediate goods imported by enterprises.The price of intermediate goods imported by enterprises will decrease by 0.087% when the actual effective import exchange rate increases by 1%.At the same time,the price of imported intermediate goods has a mediating effect between exchange rate fluctuation and enterprise markup rate,and the mediating effect is 30.45%.In addition,heterogeneity analysis is conducted on enterprises with different ownership types,sizes and locations.The overall results still show that the increase of RMB exchange rate reduces the cost-plus rate of enterprises,and the price of imported intermediate goods has a mediating effect.However,the influence degree of exchange rate changes on enterprises with different heterogeneity is different.Finally,based on the conclusions of the research,relevant suggestions on government level and enterprise level are put forward.From the government level,they should encourage all industries to advance together;to provide policy support to banks and other financial institutions and relax import credit standards;we will actively promote bilateral trade cooperation.From the enterprise level,enterprises should strengthen their ability to manage trade activities;Optimize the product structure of the enterprise;Use differentiated products to meet different consumer preferences and improve enterprise brand value.This paper provides a new perspective for us to explain the relationship between exchange rate changes and corporate markups through theoretical and empirical research.