中文摘要：

本文基于高度细化的企业-产品-出口目的地层面海关出口交易数据,考察2002-2009年间汇率波动对我国企业出口的影响。结果表明,当中国与目的地汇率波动增加时,中国企业出口额、出口产品的种类都会显著减少,并且在产品结构上企业出口会更多集中于核心产品,而金融市场化程度的提高会显著抑制汇率波动的负面作用。当金融市场化水平从平均值提高10%,企业出口额、出口产品种类、产品集中度相对于汇率波动的弹性分别降低30.4%、37.5%和35.7%。本文在微观层面上为加快国内金融市场化进程、降低信贷约束提供了支持。

英文摘要：

Based on highly disaggregate transaction level data,we explore the effect of exchange rate volatility on Chinese export during 2002- 2009. We find that both the export value and the scope of products decrease for destinations with higher exchange rate volatility. Meanwhile,exports are more focused on the products with core competency. This effect is dampened when the level of financial marketization is higher. When the level of financial marketization increases by 10% from the average value,the exchange rate volatility elasticities of export value,product scope and product skewness reduce by 30. 4%,37. 5% and 35. 7% respectively. Our results provide a micro- level support for the financial marketization and the relaxation of credit constraint.