How Responsive are Chinese Exports to Exchange Rate Changes? Evidence from Firm-level Data
利用2000-2006年中国企业数据，研究汇率变化对企业出口决策（是否出口及出口份额）的影响，发现汇率水平变动显著影响出口的扩展边际和集约边际，且企业规模、地理位置和行业差异起重要作用。
This article examines the impact of exchange rate changes on Chinese firms’ decisions on export market entry and export share. Using a large dataset for Chinese firms in 2000--2006, we find that changes in exchange rate levels play a significant role on both export extensive and intensive margins of Chinese firms. Compared to studies using macro data, our firm-level analysis allows us to control for firm and industry heterogeneity. Firm size and location matter. We do not find a difference between foreign and domestic firms in responding to exchange rate changes. Industry heterogeneity is also found to be important.