Study on the Impact of Digital Transformation,Exchange Rate Changes on Exports
Under the dual background of comprehensively building a digital China and accelerating to-wards a trade powerhouse,the digital transformation of enterprises plays an increasingly important driving role in maintaining the stable growth of export trade;At the same time,the normalization of exchange rate fluctua-tions brought about by the process of advancing exchange rate marketisation also affects the decision-making and effectiveness of the development of export enterprises.Based on the financial report data of listed compa-nies and the matched data of China Customs Database from 2007-2016,this paper empirically investigates the impact of digital transformation on enterprises'exports and explores the role played by exchange rate chan-ges in it.The results show that digital transformation significantly promotes firms'exports,but RMB apprecia-tion attenuates the positive effect and RMB depreciation strengthens the positive effect.It is further found that exchange rate changes can affect the export promotion effect of enterprises'digital transformation by influencing the binary marginal channels including price margin,quantity margin,export market expansion margin,prod-uct variety expansion margin,and the risk channel including risk-taking ability and risk appetite,and the effect is more significant in non-state-owned firms,labor-intensive firms,firms in eastern regions and central cities.The research provides theoretical references and practical insights for promoting enterprises'digital transformation,enhancing enterprises'ability to cope with exchange rate changes,grasping the policy guidance of macro exchange rate control,and promoting China's high-level opening-up to the outside world.
digital transformationreal effective exchange rate of firmsexportbinary marginalex-change rate change
万方数据
维普
