CAJ | 학술논문

文章在综合了20个绩效指标信息的基础上，对人民币汇率变动与中国出口企业绩效的关系进行了经验分析。结果表明，人民币汇率对中国出口企业的偿债能力和营运能力具有显著的负向影响，与出口企业的盈利能力之间的关系，因盈利指标的不同而存在差异。更具体地说，人民币汇率与利润及营业收入等绝对指标之间存在显著的负相关关系；但从相对盈利指标看，人民币汇率对提取自销售净利率、营业利润率以及成本费用利润率的主因子变量具有显著正向作用，而对综合了资产报酬率、净资产报酬率以及股本报酬率等指标的主因子变量之间则具有显著负向作用。上述研究对于中国出口企业因应人民币升值、制定定价策略以及中国的贸易政策具有一定的参考价值。
문장재종합료20개적효지표신식적기출상，대인민폐회솔변동여중국출구기업적효적관계진행료경험분석。결과표명，인민폐회솔대중국출구기업적상채능력화영운능력구유현저적부향영향，여출구기업적영리능력지간적관계，인영리지표적불동이존재차이。경구체지설，인민폐회솔여리윤급영업수입등절대지표지간존재현저적부상관관계；단종상대영리지표간，인민폐회솔대제취자소수정리솔、영업리윤솔이급성본비용리윤솔적주인자변량구유현저정향작용，이대종합료자산보수솔、정자산보수솔이급고본보수솔등지표적주인자변량지간칙구유현저부향작용。상술연구대우중국출구기업인응인민폐승치、제정정개책략이급중국적무역정책구유일정적삼고개치。
Based on the listed company quarterly panel data and twenty performance indices, the paper conducts an empirical analysis on the correlation between the fluctuation of RMB exchange rate and the performance of Chinese ex-porting enterprises. The result shows that significant negative correlation exists between exchange rate and performance in-dex of exporting enterprises, and from the main factors of performance, there exists a negative correlation between RMB exchange rate and the operational competence and solvency of export enterprises, but the correlation between the exchange rate and exporting enterprises ’ profitability is heterogeneous with the differences of profit indices The paper is of enlight-ening significance for China’s trade policy, Chinese exporting enterprises’ strategy of pricing and how to cope with RMB appreciation.