作　　者： ; (郑尊信）; ;

机构地区： 深圳大学经济学院

出　　处： 《国际贸易问题》 2014年第12期144-156,共13页

摘　　要： 本文用HS8位编码商品的进口和出口单位价值之比作为商品相对质量的测度依据,基于非对称性视角首次研究了商品质量与汇率传递的关系。以2000年1月至2013年12月中日商品贸易为例,本文作了初步的实证研究,发现(1)日本出口商利用成本加成的变化吸收日元汇率的部分波动,使得汇率冲击不完全传递到人民币价格上;(2)商品质量相对较高的日本出口商更倾向于维持日元加成的稳定,使得传递率较高,商品质量是汇率传递商品间差异性的一个来源;(3)日元汇率偏离长期均值时产生的估值压力对传递率的不对称影响较为显著,高质量出口商品对日元估值压力也更敏感。 Focusing on the asymmetric influence of exchange rate shocks, this paper examines how differently the prices of high-quality goods respond to exchange rate changes. By using the unit price ratio of the same HS 8 digit com- modity imported from and exported to Japan as the proxy for quality, the paper reveals that for most of the commodities examined, the same product imported from Japan is of higher quality than that exported to Japan from China. Based on the data from January, 2000 to December, 2013, the study empirically finds that the Japanese exporters absorb some of the exchange rate fluctuation by alter- ing the cost margin, which results in incomplete pass-through of CNY/YEN changes. Higher-quality exporters tend to absorb less changes in exchange rate and keep the cost margin rather stable, which suggests that the quality is a source of the heterogeneity of ERPT. The study also shows that the ERPT is higher after China＇ s exchange rate reform and during the period when Yen ap- preciates, but these results are not very significant statistically. Instead, the Japa- nese exporters tend to change prices more often when Yen is overvalued or un- dervalued from the average level of CNY/YEN and higher-quality exporters are more sensitive to the exchange rate deviation.

关 键 词： 汇率传递 商品质量 商品异质性 中日贸易

领　　域： [经济管理—产业经济]