生产者货币计价决定因素的实证研究

利用12个发达国家和发展中国家的非平衡面板样本数据,对微观、宏观和其他因素对生产者货币计价(PCP)的影响进行实证研究,指出经济规模、市场份额、金融市场的发达程度、币值的对内稳定性和产品差异化程度是最主要的影响因素,而出口商的谈判能力、币值的对外稳定性等因素也对PCP的选择有一定影响。根据实证检验结果,对人民币作为贸易计价货币的条件进行评估,发现其优势在于我国的经济规模、出口商的市场份额及其谈判能力以及人民币汇率的相对稳定性; 劣势在于相对落后的金融市场、不可预期性较大的通货膨胀水平以及产品的差异化程度。

Empirical research on determinants of producer＇s currency pricing

By using the unbalanced panel sample data of 12 developed and developing countries, the influences of micro-, macro-and other factors on producer＇s currency pricing （ PCP） are studied empirically. The result indicates that economy scale, market share, developing level of financial market, internal stability of currency and product differentiation level are the most important influcing factors, and the negotiation ability of exporters and external stability of currency can also affect the choice of PCP. According to the results of empirical test, the condition of RMB as a trade valuation currency is assessed. Advantages are found on aspects of economy scale, market share and negotiation ability of exporters, and the relative stability of exchange rate of RMB in China. Disadvantages are the relatively backward financial market, the inflation level with high unpredictable degree, and the degree of product differentiation.