商业研究

商业研究

• 财经纵横 • 上一篇    下一篇

汇率传递、市场势力与研发投入 ——基于我国省际面板数据的分析

史恩义   

  1. 山西财经大学 国际贸易学院，太原 030006
  • 收稿日期:2017-05-10 出版日期:2017-09-22
  • 作者简介:史恩义（1967-），男，山西襄汾人，山西财经大学国际贸易学院副教授， 经济学博士，研究方向：国际经济与金融经济。
  • 基金资助:
    教育部人文社会科学研究规划基金项目“双边融资与国际产能合作：机制、效用和条件”，项目编号：16YJA790043。

Exchange Rate Pass-through, Market Power and R&D Investment：An Analysis based on Panel Data of Provinces in China

SHI En-yi   

  1. Faculty of International Trade, Shanxi University of Finance and Economics, Taiyuan 030006, China
  • Received:2017-05-10 Online:2017-09-22

摘要： 汇率变动对国内产品价格、进出口产品价格具有传递效应，贸易厂商根据其平均价格加成能力、对进出口产品的依赖程度等市场势力大小调整其研发投入的强度和结构；同时，金融结构的变迁也影响着研发投入结构的调整。运用省际面板数据实证分析发现，人民币升值对研发投入有显著影响；市场势力增强对不同地区研发投入有不同效应，但市场势力与实际有效汇率共同作用均有显著效应；实际汇率通过进口贸易和出口贸易都对研发投入有显著影响；研发结构分析发现我国企业在市场竞争下更多关注的是应用研究和试验发展，而对具有长期性和前瞻性的基础研究较为忽视；金融结构的变迁有助于提高研发投入，东部地区表现出这一显著特征。因此，我国应合理运用汇率政策，积极培育企业市场势力，优化配置研发结构，加快发展金融市场。

关键词: 汇率传递, 市场势力, 研发投入, 研发结构

Abstract: Exchange rate changing has pass-through effects on the prices of domestic and import and export products, so trade vendors adjust their R&D investment scale and structure according to their market power, which includes price-bonus ability and dependence on import and export; meanwhile, evolution of financial structure plays an important role in R&D structure. Empirical tests with provincial panel data indicate that RMB′s appreciation has significant effects on R&D investment; improvement of market power has different effects on R&D input in different regions, however it makes significant effects with exchange rate for all regions; the cooperation of exchange rate and import or export do the same; in view of R&D structure, enterprises pay more attention to applied research and experimental development while neglect long-term and prospective basic research; the evolution of financial structure do help R&D and East-China show the features. So we should use exchange rate policy reasonably, cultivate enterprises′ market power actively, optimize the allocation of R&D structure and speed up the development of financial market.

Key words: exchange rate pass-through, market power, R&D investment, R&D structure