Exchange Rate Movements, Selection of Heterogenous Firms and Economic Performance

2005年人民币汇率改革以来，人民币汇率保持了升值趋势，汇率波动弹性不断增大。在当地货币定价情形下，汇率变动会影响企业定价、贸易、用工和创新等行为，这些异质性企业的选择行为不但影响到企业自身的经济绩效，而且还可能通过影响企业之间的资源配置影响整体经济的绩效。 本文从2005年人民币汇率改革后的外汇交易微观结构入手，分析微观主体在汇率形成机制中的作用，从而说明了将“异质性企业的选择”纳入汇率经济绩效分析框架的必要性。本文进一步回顾了人民币汇率政策的历程，把握汇率政策调整的规律，并采用GRACH等多种方法测度了汇率波动特征，从而确定进一步汇率改革的重点和方向。 在分析有关汇率对微观企业行为影响...Since 2005, China deploy a new renminbi exchange rate formation machanism. Thereafter, renminbi keeps appreciating with a widening volatility band. Under the local currency pricing environment, Chinese exporters inevitably face fierce exchange rate risk exposure. And their pricing, trade, recruitment and R&D investments may be changed, which finally influence the firm's performance as well as the ...学位：经济学博士院系专业：经济学院_国际贸易学学号：1572013015396

The Research base for Exchange Rate Asymmetric Pass-through of the Frequency Domain

出口厂商根据汇率历史波动频率预期汇率升值或贬值的持续性,进而采取不同的调价策略,这造成汇率对出口价格的非对称传递。本文选取2005年7月至2012年6月中国等7国对美国出口价格等面板数据,采用“移动窗口单向带通滤波“技术将汇率分解为19种相互正交的频率分量,并频域估计出不同频率的汇率波动对出口价格的传递系数,检验其非对称传递性。结果表明:显著存在汇率传递的频率区间集中在[0,1.4],即汇率持续升值或贬值累积超过4.5个月会导致显著的汇率传递,而汇率短暂的波动并不引起显著传递效应,汇率波动频率对出口价格存在显著非对称传递性。因此,人民币应增强汇率弹性以减少持续升值的累积,从而降低其对厂商定价的不利冲击。This paper proposes a new analysis of exchange rate pass-through in frequency domain.Using 2005M7-2012M6 bilateral data between the United States and China,Canada,France,Germany,Japan,Mexico,United Kingdom,we present evidence of asymmetric exchange rate pass-through in different fluctuation frequency.We apply"moving window one-sided band pass filters"to partial the exchange rate series into 19 orthogonal frequency components.Through timedomain and frequency-domain estimation, we find significant asymmetric exchange rate pass-through at different frequencies,which indicates that transiently appreciation or depreciation bring no significant exchange rate pass-through,however,lasting appreciation or depreciation causes large and significant pass-through.So China should increase the exchange rate volatility to cultivate the switch of exchange rate flexible floating model from lasting appreciation model after the exchange rate reform in 2005

How Dose VAT Rebate Affects the Exports of Heterogeneous Products:Evidence from Three-dimensional Data of Chinese Firms

本文将出口退税引入产品异质性理论分析出口退税对异质性产品出口的影响,并采用2002-2006年企业、产品和目的国三个维度的出口数据,从中国出口增长的集约边际和扩展边际两个角度检验该影响机制。实证检验发现,面对出口产品退税率的提高,企业通过降低出口价格达到出口数量的增长;同时,出口退税率的提高增加了企业出口某产品的目的国数量。进一步研究发现,出口退税对企业核心产品的价格和出口国数目有显著影响,而对边缘产品影响不显著。核心产品的需求相对缺乏弹性,因此出口退税对核心产品的数量影响较小。基于不同生产率、样本和退税率度量方法,以上结论均较为稳健。This paper introduces VAT Rebates into the theory of product heterogeneity in order to analyze how the VAT rebates affect the export of heterogeneous products. Using three- dimensional customs data of firms, products and objectives from 2002 to 2006, we check the mechanism of VAT rebates on exports growth based on intensive and extensive margin. The empirical estimation shows that firms will increase the quantity of export by decreasing product price when VAT rebates raise. Meanwhile, the number of export destination countries is rising. Furthermore, VAT rebates have significant impact on the price and the number of objectives of core product, but none of marginal product. VAT rebates have smaller impact on the number of export of core product for the less price elasticity of demand. Based on various productivities, samples and measurements of VAT rebates, we do the robust test and all empirical results are soundly robust.福建省社科规划项目(FJ2015C233);; 厦门大学基础创新基金(201422G008)资

Trade Liberalization, Movements in the Private Sector, and Productivity Changes in Industries: a Natural Experiment in China's Accession to the WTO

本文根据Melitz&Polanec(2015)将行业生产率按存活、进入和退出三种企业动态类型进行分解,并采用倍差法研究贸易自由化下不同企业动态类型对行业生产率提升的贡献。基于1998-2007年工业企业数据,修正了生产率估计方法,纳入了加入WTO对生产率的影响,并利用2001年行业平均关税定义连续的处理与控制组,采用不同时点的倍差法发现:进口关税削减对行业生产率进步的影响存在"J曲线效应"特征,即关税削减的"规模效应"在初期抑制了存活企业对生产率进步的贡献幅度,但其后的"竞争激励效应"又提升了存活企业的生产率贡献幅度。然而,进口关税削减并未带来显著的存活企业间配置效应,引致的企业进入和退出的生产率贡献亦不显著。This paper investigates how the reduction of import tariffs affects the productivity of firms that are entering, continuing in, and exiting their industries. Based on Melitz & Polanec(2015), we use Chinese firm-level data to estimate productivity and deconstructed industry- wide productivity data to isolate the contributions of the three types of companies. Our difference- in- differences estimations reveal that tariff reductions after China's accession to the WTO show a"J-Curve"effect on the contributions of productivity of continuing firms, i.e., tariff reductions initially hinder but later improve the productivity contributions of continuing firms. However, no significant results were found in entering and exiting firms.教育部哲学社会科学研究重大项目(13JZD010);; 福建省社会科学规划项目(青年博士论文项目,FJ2015C233);; 厦门大学基础创新科研基金(201422G008)的研究资

Corporate Environmental Disclosure and Financing Constraints

本文利用2009-2013年中国污染行业所有上市公司数据,检验了公司披露环保信息对融资约束的作用。结果发现:公司提高环保信息披露水平可以显著降低公司面临的融资约束;进一步分析发现,这种作用在公司财务透明度低的情况下更显著,表明环保信息披露对财务信息披露具有补充作用。在考虑遗漏变量问题、变换环保披露水平和融资约束测度方式、采用工具变量和差分GMM方法估计等不同角度分析后,结论仍稳健。本文为分析"社会政治理论"与"经济披露理论"之间的争论提供了证据,丰富了公司非财务信息披露领域的文献。Discovering and understanding the economic consequences of the disclosure of corporate environmental information can help government make appropriate environmental policies. Using data of all Chinese listed firms in polluting industries from 2009 to 2013, this paper examines the impact of corporate environmental disclosure on financing constraints. We find that corporate environmental disclosure is asso- ciated with lower financing constraints. Furthermore, the relationship is stronger for firms with less financial transparency, implying that corporate environmental disclosure plays a complementary role in financial dis- closure. These results are robust against various measurements for corporate environmental disclosure and financing constraints, as well as against the introduction of instrumental variables. We also employed the differential GMM dynamic panel model, and there is little change to the conclusions above. This paper sheds light on the theoretical dispute between economics disclosure theory and socio-political theory, and enriched the literature of non-financial disclosure.国家自然科学基金项目(71272081)；中央高校基本科研业务费专项资金(20720151184)；福建省社会科学规划项目(FJ2015C233)的资助