中文摘要：

近年来，汇率传递理论取得了一系列新的研究进展，特别表现为从企业自身经营状况和产品属性两个视角研究企业的“依市定价”行为。鉴于此，本文首先总结了汇率传递不完全的微观原因和宏观解释；其次，以“依市定价”理论为研究主线，从企业经营绩效和商品质量两个层面分析了企业“依市定价”行为的异质性；再次，基于非对称性视角，探讨企业的“依市定价”行为，进一步拓展了汇率传递理论；最后，本文提出未来深化汇率传递理论研究的方向，同时得到了如何进一步深入探讨人民币汇率传递问题的启示。

英文摘要：

The theory of pricing to market （PTM） is the cornerstone of studying the reasons of the in- complete exchange rate pass-through. The early studies of the PTM behavior started from the perspective of external environment of firms, while recent theoretical breakthroughs studied the PTM behaviors from the perspectives of operation conditions of firms and properties of products. As the first work to summarize the micro and macro reasons for the incomplete exchange rate pass-through, this paper analyzes the heterogene- ity of PTM behavior from the perspectives of productivity of firms and quality of products. Moreover, the paper extends the current theoretical literature by considering the asymmetrical exchange rate pass-through. Our study sheds light on the future direction of the exchange rate pass-through theory, and provides some implications for the RMB exchange rate pass-through research.