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本文从出口企业定价的微观视角出发,选取广东省2005-2010年出口商品月度数据,通过采用面板随机系数模型对HS分类商品进行了细分行业的实证研究。研究表明:广东省分行业出口商品在面对人民币升值时,汇率传递有较大差异;具有比较优势的劳动密集型行业存在汇率过度传递现象,出口商具有超强的策略定价能力,在国际市场中,面对人民币升值时,有提高出口价格的能力;对于不具有比较优势的技术含量较高的行业,则存在逆传递的现象,出口商在面对人民币升值时,通过降低出口价格来维持其在国际市场上的竞争力和市场份额;大多数行业介于这两者之中,人民币汇率的出口价格传递呈现不完全传递的状态。
In this paper, from the microscopic point of view of the pricing of export enterprises, we choose the monthly data of export commodities in Guangdong Province from 2005 to 2010, and conduct the empirical research of the sub-sectors of HS classification products by adopting the panel random coefficient model. The research shows that in the face of the revaluation of the renminbi, Guangdong’s exports have great differences in exchange rate transmission. The labor-intensive industries with comparative advantages have the phenomenon of over-transmission of exchange rates. Exporters have super-strategic pricing power. In the international market, In the face of the appreciation of the renminbi, there is an ability to increase the export price. For industries without a comparative advantage in higher technology, there is a reverse transmission phenomenon. Exporters face the appreciation of the renminbi by reducing the export price to maintain Its competitiveness in the international market and market share; most industries are in between the two, the RMB exchange rate of export price transfer showed the status of incomplete delivery.