中文摘要：

基于2000-2007年工业企业数据库和海关贸易数据库,本文检验了人民币汇率与我国制造业企业加成率分布之间的关系,考察了人民币汇率变动对资源配置效率的影响。研究显示：人民币实际有效汇率升值显著降低了我国制造业加成率分布的离散程度,出口汇率升值和进口汇率升值均提高了资源配置效率。异质性分析发现：（1）人民币实际有效汇率升值分别降低了新进入/退出企业（即扩展边际）和持续存在企业（即集约边际）的加成率分布的离散程度,且对前者的作用更突出;（2）人民币实际有效汇率升值对企业加成率分布的影响还依赖于企业的所有制特点和劳动密集度。最后,本文机制检验部分证实了人民币实际有效汇率升值通过改变企业的价格分布和边际成本分布两个渠道影响了加成率分布,即存在明显的价格分布效应和边际成本分布效应。

英文摘要：

Using the firm - level micro date from 2000 to 2007, we empirically investigate the relationship between the fluctuation of RMB and markup dispersion of Chinese manufacturing firms in order to analyze the effects of RMB fluctuation on resource allocation. The results show that the appreciation of RMB significantly reduce the markup dispersion within a narrowly defined industry, and both the appreciation of export exchange rate and import exchange rate increase the efficiency of resource allocation. And, the much of the RMB appreciation effect on markup dispersion stems from different markups among new exit/entry firms, rather than surviving firms. Moreover, the effect of RMB appreciation on markup dispersion is heterogeneous for firms with other different characteristics, including factor intensities, ownerships. Finally, we also find RMB appreciation significantly reduces the dispersion of firm price and firm productivity, suggesting the response of costs and prices to RMB appreciation.