关键词: 人民币汇率, 不完全竞争, 生产率, 贸易转型

Abstract: In the imperfect export market, enterprises' innovation and productivity competition are more emphasized. Previous studies were only concern with the influence of exchange rate fluctuation on import and export price and quantity. This paper examines the exchange rate pass-through mechanism based on productivity as an important moderator. Theoretical model shows that in the imperfect competitive export market, disadvantageous exchange rate shocks will force some enterprises with low productivity to withdraw from the export market through the selective effect. Through dynamic effects, enterprises with high productivity may increase R&D investment under the larger product substitution elasticity in order to improve productivity. This paper confirms the above inference by matching data from nearly 8 Chinese industrial enterprises and customs trade between 2001 and 2007. After the appreciation of RMB, the TFP of China's export enterprises has increased rapidly, showing that exchange rate fluctuations have a positive effect on the TFP growth of enterprises. The paper proposes to increase the floating flexibility of RMB exchange rate and improve the flexibility of enterprises to cope with external shocks through operation adjustment so as to strengthen the bedrock of the trade development.

Key words: RMB Exchange Rate, Imperfect Competition, Productivity, Trade Transformation