人民币贬值是否提高了企业生产率——基于2015年人民币汇率改革的实证研究

Whether the Devaluation of the Yuan Has Improved Corporate Productivity—Empirical Research Based on RMB Exchange Rate Reform in 2015

摘要: 本文选取2011~2018年A股上市公司制造业行业和同时期人民币对美元的实际有效汇率的数据，运用最小二乘、双差分模型等试验方法，研究人民币贬值对企业生产率的影响，从而对后疫情时代人民币贬值的整体趋势对经济恢复的趋向性进行推断。研究得出人民币实际有效汇率的贬值与企业全要素生产率之间呈现显著的负相关关系，并推断得出人民币贬值的整体趋势可能对当前中国经济恢复产生影响的方式。

Abstract: This article selects 2011~2018 A-Share listed companies of manufacturing industry and RMB’s real effective exchange rate against the dollar in the data at the same time while uses the methods such as least squares, double difference model etc. to study the relationship between the devaluation of Yuan and enterprise productivity. In this way, the article tries to figure out whether the Yuan’s de-valuation trend has the effect on the inclination of economic recovery in post-pandemic era. It is concluded that there is a significant negative correlation between the devaluation of RMB’s real effective exchange rate and total factor productivity of enterprises. According to the conclusion, how the overall trend of Yuan’s devaluation may affect the current economic recovery of China is given in this passage.