汇率升值有助于提高中国制造业的资本劳动比例吗？
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| Title | Can Exchange-rate Appreciation Upgrade Capital-labor Ratio in the Manufacturing Sector in China?
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| 作者 | 王晋斌 张美娟 |
| Author | Wang Jinbin and Wang Meijuan |
| 作者单位 | 中国人民大学经济学院 |
| Organization | RENMIN UNIVERSITY of CHINA |
| 作者Email | wjinbin@ruc.edu.cn |
| 中文关键词 | 汇率、动态要素需求、资本劳动比例 |
| Key Words | Exchange rate; Dynamic factor demand; Capital-labor ratio |
| 内容提要 | 采用动态要素需求模型，本文实证了2005-2011年的我国制造业要素相对价格对企业资本劳动比例变化的影响程度。从资本劳动比例对资本劳动相对价格变化的长期弹性来看，资本劳动相对价格下降10%将导致资本劳动比例上升约1.2%；在汇率完全传递的假设条件下,人民币升值10%将制造业资本劳动比例上升0.44%。而在非完全传递的条件下，制造业资本劳动比例上升的幅度更小，人民币汇率升值对我国制造业资本劳动比例的提高作用甚微。提高中国制造业的资本劳动比例关键是要提高国内金融系统的效率，降低制造业资本筹集的成本，而不是通过汇率的升值来促进制造业产业结构的升级。 |
| Abstract | Using dynamic factor demand model and the data from 2005 to 2011, this paper makes a quantitative analysis to test whether changes in the relative price of capital have effect on the capital-labor ratio. The empirical evidence shows that the elasticity of capital-labor ratio to the relative price of capital is approximately -0.12. Assuming complete RMB exchange rate pass-through effect, 10% appreciation of the exchange rate will only lead to the capital-labor ratio rise by 0.44%. Thus, the effect of the exchange rate is limited. The effective way to upgrade the capital-labor ratio is to cut down the costs of raising capital by improving the efficiency of financial system, not the appreciation of Renminbi. |
| 文章编号 | WP759 |
| 登载时间 | 2014-11-20 |
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