人民幣升值對中國出口企業(yè)的影響和對策【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　The Impact and Countermeasures of RMB Appreciation on Export-Based Enterprises in China</p><p>　　Material

2、Resource: http://www.ebscohost.com Author: Ken Cassar</p><p>　　RMB appreciation will pose a challenge to export-based enterprises in China, and bring a sense of crisis to them. Therefore, China's

3、export enterprises should take active measures to deal with the impact caused by the RMB appreciation, so that export-oriented enterprises can better adapt to the changes in the global economy, thus materializing their s

4、ustainable and stable development.</p><p>　　Keywords: RMB appreciation, Export-based industries, Pros and cons, Countermeasures The appreciation of the RMB has become much-discussed focus in the internationa

5、l economy and society. China has begun to implement the managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies. RMB exchange rate is no longer pegged only to the

6、 U.S. dollar, and instead China has formulated a more flexible RMB exchange rate mechanism. RMB appreciation will pos</p><p>　　1. Major industries damaged by and benefitting from Yuan’s rise</p><p

7、>　　The impact of a Yuan’s rise on various kinds of sectors varies according to the different characteristics of industries. RMB appreciation brings advantages to the industries that need to import raw materials, but i

8、s not favorable to ones that are export-oriented. It also brings opportunities to the upgrade and optimization of these industries, though certain industries will be adversely affected by it. The main industries benefitt

9、ing from Yuan’s rise are as follows:</p><p>　　(1) real estate and infrastructure ones, which belong to the non-real estate industry, with its domestic real estate value comprehensively enhanced by a rise in

10、Yuan; </p><p>　　(2) ones such infrastructure industries as airports, ports, railways, and highways characterized by limited resources, on opply, the long construction period, and small supply elasticity; <

11、;/p><p>　　(3) the financial sector, especially banking and securities, which is among capital-intensive industries dealing with currencies and capital. Because of good liquidity, it is categorized into the indu

12、stry with a high value of RMB assets, benefitting from attracting a large amount of international capital; </p><p>　　(4) ones such as aviation, electricity, oil refining, paper-making, engineering machinery,

13、 and so on, which will see a reduction in costs owning to its main dependence on procurement of foreign raw materials orequipments, or because of the benefits resulted from large amounts of external debt service and the

14、exchange gains and</p><p>　　losses, in particular the aviation industry with the dominance of the domestic market; </p><p>　　(5) high-tech ones relying upon importing technology, which don’t hav

15、e any advantage in intellectual property rights related to key sciences and technologies, will also maintain the momentum of a large amount of imports in a certain period of time, and are able to keep up their advantage

16、in costs under the premise of a rise in Yuan.</p><p>　　Major industries damaged by Yuan’s rise are as follows:</p><p>　　(1) as for export-oriented ones, such as the textile industry (especially

17、garment industry with the high degree of dependence on exports more damage, followed by the cotton spinning industry and wool industry), household appliances, building materials, whose product competitiveness will be wea

18、kened to a large extent; </p><p>　　(2) foreign trade enterprises have a disadvantageous position in the industry chain, and their import business will be unable to gain excess profits from the appreciation o

19、f the RMB, with the export business</p><p>　　suffering a lot; </p><p>　　(3) mining, petrochemical, and non-ferrous metal industries, which will be given a big blow by their</p><p>　

20、　export business; (4) agriculture with a larger proportion of exports.</p><p>　　2. The impact of RMB appreciation on China's export enterprises</p><p>　　2.1 Adverse effects on China's ex

21、port enterprises</p><p>　　2.1.1 The export of manufactured goods is greatly affected by fluctuations in exchange rate on a wide basis RMB appreciation will induce a increase in currency exchange cost in Chin

22、ese export firms, resulting in the loss of price advantage. The cost refers to the RMB cost paid domestically on the net revenue from one dollar’ worth of exports.</p><p>　　China's manufacturing exports

23、are more concentrated on low-end products, with competitive advantage weak. These products compete with other ones mainly by means of prizing, and as a result the Yuan’s rise will have a retarding effect on their exports

24、. For employees in the manufacturing sector, those that are seriously affected may face the reduced income, or even the risk of unemployment. The adverse impact of enterprises in labor-intensive industries will be greate

25、r than ones in capital-intensi</p><p>　　2.1.2 Causing a slow growth in the export of most of products related to raw materials</p><p>　　The majority of products related to raw materials don’t ha

26、ve any competitive edge in the export price, with a stronger reliance on the exchange rate, such as paper, cotton yarn, black metal (steel, manganese, etc.), aluminum, wood and other decorations. RMB appreciation will in

27、duce a slow growth in exports of these primary products and raw material products, having a negative impact on economic growth in the short run. It will also reduce the exports of crude oil, refined oil, timber, copper,

28、go</p><p>　　2.1.3 The psychological effect of trade impact on people</p><p>　　In the international market, the increase in production costs will be passed on to the price, and consequently the e

29、xchange rate appreciation will not affect the profits of these enterprises too much. China's export products cause the price fluctuations in foreign countries due to our currency appreciation, and the appreciation of

30、 the RMB will increase the domestic production costs of these enterprises, and in the international market these enterprises have a substantial cost advantage, with the</p><p>　　2.2 Beneficial effects on Chi

31、na's export enterprises</p><p>　　2.2.1 Enhancing the independent innovation capacity of enterprises</p><p>　　At present, China is at a stage of technology overtaking, and enterprises have a

32、strong capacity of technology introduction, digestion and absorption. And the Yuan’s rise can reduce the cost of independent development, indirectly promote the technological upgrading of firms and enhance their core com

33、petitiveness, thus speeding up the pace of optimizing and upgrading the industrial structure and boosting the structure adjustment of exports.</p><p>　　2.2.2 Optimizing the structure of introduced foreign ca

34、pital</p><p>　　RMB appreciation makes improve the treatment of workers, which is beneficial to attracting high-tech talents. Under the prerequisite of the country's independent innovation and technologic

35、al progress, foreign capital will invest in those industries with a high technological content, thereby promoting industrial structure upgrading and optimizing the structure of exports. 2.2.3 Promoting China's enterp

36、rise investment overseas For enterprises to invest directly in foreign nations, they must use th</p><p>　　2.2.4 Facilitating the development in service and trade industries</p><p>　　RMB apprecia

37、tion can most effectively crowd out those firms in the manufacturing sector with low technology content and added value, poor management and low efficiency, to the benefit of changing the situation of excessive resources

38、 gathering to export industries (mainly the secondary industry), and thus make industrial structure service-industry-oriented, promoting the optimization and upgrading of industrial structure and facilitating the rapid d

39、evelopment of service industries including trade</p><p>　　2.2.5 Boosting China's imports of raw materials and technology</p><p>　　The prices of foreign consumer goods and capital goods are l

40、ower than ever before, and manufacturers dependent on importing raw materials witness a decline in costs, such as steel, electrolytic aluminum, gasoline, oil and other consumption goods more and more dependent on imports

41、. China's industrialization need to purchase a large number of advanced foreign technology; the appreciation of the RMB can reduce the purchase cost of foreign technology. As imports increase, the purchasing power of

42、 for</p><p>　　2.2.6 Reducing pressure from external debt servicing</p><p>　　The appreciation of the RMB is advantageous to repaying foreign debts, and there is a corresponding reduction in the a

43、mount of outstanding extern al debt servicing.</p><p>　　2.2.7 Strengthening the international purchasing power of common people in our country As the exchange rate rises, the prices of foreign consumer goods

44、 purchased by ordinary people will fall, promoting the import of consumer goods. At the same time the drop in the cost of travel abroad can promote the growth of national consumption.</p><p>　　3. Counter-mea

45、sures by China's export firms after RMB appreciation</p><p>　　In theory, the rising RMB exchange rate is bound to have a negative effect on China's export enterprises, but according to the actual tra

46、de volume, it’ s still uncertain whether the rise in the RMB exchange rate lead to such results, which can be verified by the fact that China's foreign trade volume continues to maintain a favorable balance. However,

47、 export enterprises should response in a positive manner under the premise of the growing appreciation of the RMB.</p><p>　　3.1 Avoiding exchange rate risk is an expedient measure for export enterprises to g

48、rapple with the appreciation of the RMB in the short run Faced with the steadily rising RMB exchange rate, export enterprises must take precautions, apart from enhancing its anti-risk capacity. In addition, financial ins

49、truments developed by banks and other financial institutions must also be relied on to be hedged against risks and prepare more “l(fā)ife buoy”, so as to achieve the purposes of avoiding risks and impr</p><p>　　

50、3.1.1 Focus on the RMB exchange rate changes, and increase exchange rate risk awareness Concern about the RMB exchange rate changes is one of long-term management tasks in export businesses, with great importance attache

51、d to this. Special force must be organized to learn exchange rate management knowledge and closely track the movement of the RMB exchange rate changes, in particular the movements in the recent exchange rate of RMB again

52、st the U.S. dollar, euro, Japanese Yen, and other major curr</p><p>　　3.1.2 Flexibly use various financial tools to lock and avoid exchange rate risks Flexible and effective financial instruments should be a

53、dopted, such as the use of multi-currency clearing method to transfer exchange rate risk, appropriate use of foreign exchange forward trading, hedging and other means to lock the exchange rate risk. Through the appropria

54、te U.S. dollar loans, interest payments and the losses can be reduced. In addition, under the conditional premise, this method can be used to k</p><p>　　3.1.3 Accelerate the realization of exports, and reduc

55、e the occupation of receivable foreign exchange accounts Export enterprises accelerate the documentation transfer, strive to withdraw export documentations as soon as possible, actively take notes trade, factoring and ot

56、her ways to make timely settlement in hand instruments realizable, and use this method to implement the money worth more than half of the export volume into cash. Enterprises should carry out the more rapid recovery of t

57、he exp</p><p>　　3.1.4 Increase foreign exchange liabilities, and strike a balance between foreign exchange income and expenditure Through the application of remittances, enterprises can replace Yuan loans fo

58、r foreign exchange loans, delaying payment of imports and appropriately increasing foreign exchange liabilities. After the appreciation of the RMB, the amount of outstanding loans due to sell or buy foreign exchange retu

59、rn and external payment can be used to offset the risk of devaluation of foreign exchange</p><p>　　3.2 Main strategies for export enterprises to deal with the long-term appreciation of the RMB In the evasion

60、 of exchange rate risk, the pace of restructuring needs to be accelerated, and the ability of independent innovation and competitiveness enhanced. By strengthening internal management, carrying out technological transfor

61、mation to develop the potential, and taking the road of branding, this is the long-term and fundamental solution to enterprise development.</p><p>　　3.2.1 Enterprises carry out the "going out" stra

62、tegy We ought to solve problems related to ideas, accelerate the pace of opening to the outside world, and encourage strong, qualified enterprises to conduct foreign investment and overseas acquisition of the ore, nonfer

63、rous metals and other important resources. In particular, electrolytic aluminum enterprises should give full play to the available import-export rights, invest in foreign nations and establish a supply base of stable alu

64、mina, bauxit</p><p>　　3.2.2 Optimize the structure of export commodities, and vigorously develop the international market Export enterprises, especially production-oriented enterprises, ought to actively use

65、 new technology, develop new products and continuously improve the value-added products, reducing the exports with lowest profits and expanding own-brand product exports of good quality and efficiency. In addition, expor

66、t enterprises should conscientiously strengthen the costs and cost management of procurement, p</p><p>　　3.2.3 Speed up the upgrading of products, and improve the quality of export products</p><p&

67、gt;　　China is a manufacture-based country. If a product is sold well, there will be many homogenized products available on the market overnight, especially export enterprises. Many of China's enterprises are in the p

68、hrase of pursuit of survival, and lack long-term brand planning. The majority of export products win at low prices. Export enterprises based on production should increase technical transformation investment, speed up pro

69、duct upgrading, and strive to improve product quality and added value</p><p>　　References</p><p>　　Phelps, E.S. (1994). Structural Slumps: The Model Equilibrium Theory of Unemployment, Interest,

70、 and Assets.</p><p>　　Cambridge, Mass: Harvard University Press.</p><p>　　Rotemberg, J.J and M. Woodford. (1991). Mark-Ups and the Business Cycle. NBER Macroeconomics Annual,</p><p&g

71、t;　　(6)63-129.</p><p>　　Sachs, J.D and H. J. Shatz. (1994).Trade and Jobs in U.S. Manufacturing. Brookings Papers on Economic Activity,</p><p><b>　　(1):1-80.</b></p><p>

72、<b>　　譯文</b></p><p>　　人民幣升值對中國出口企業(yè)的影響和對策</p><p>　　資料來源: http://www.ebscohost.com 作者：肯.卡索</p><p>　　如下為因人民幣升值受到重創(chuàng)的產業(yè)： (1)外向型企業(yè)，如紡織業(yè)（尤其是高程度依賴出口的企業(yè)，接著是棉花，紡線和羊毛類企業(yè)）家用電

73、器具，建筑材料，這些企業(yè)的競爭力將被大大的削弱。 (2) 外貿公司也將在產業(yè)鏈中處于十分不利的地位，它們的進口業(yè)務由于人民幣的升值將不會再帶來額外的利潤。(3)采礦業(yè)，石油，有色金屬等產業(yè)將在出口業(yè)中受到重創(chuàng)。(4)一定數量的農產品出口。</p><p>　　2. 人民幣升值對中國出口企業(yè)的影響。</p><p>　　2.1對中國出口企業(yè)的不利影響</p><p>

74、　　2.1.1在人民幣升值的基礎上，人造物品將隨著匯率變化而起伏不斷，這也將誘導中國出口企業(yè)貨幣的流通成本增加，從而減少了其成本優(yōu)勢。這個成本指出口中人民幣在與美元的匯率下的價值。隨著競爭力的下降，中國制造業(yè)將更加集中于低端產品的出口。這些產品與其他產品的競爭力僅僅在與價錢，隨著人民幣的升值對他們的出口必將造成影響。對于制造領域的員工來說，那些被嚴重影響的人將大大削減他們的收入或者加大他們失去工作的幾率。這些不利的影響在勞動密集型企業(yè)中

75、比資金流企業(yè)將更加嚴重。</p><p>　　2.1.2在原材料為主的產業(yè)中，增長速度將放緩。</p><p>　　大多數依靠原材料的產品在出口價格上都處于劣勢，它們嚴重依賴匯率，如紙，棉花，深色金屬（鋼，錳等），鋁，木材和其他的建筑物品。人民幣升值將減少出口低端產品和原材料產品，在短期內將對經濟增長造成不良影響。它也將影響原油，加工過用油，木材，銅，金和其他依靠原料的物品，并給企業(yè)帶來損

76、失，還有一系列例如增加失業(yè)率和銀行債務的問題。因為我們的原來并非那么充足，這些基于原材料的產品也是高能量輸出和污染較大的產業(yè)。過去出口這些依賴原料的產品使國內用煤，電，石油的矛盾更加容易在短期內加深。長期來看，它將加重國內的環(huán)境和資源壓力，這將不利于國內經濟的可持續(xù)發(fā)展。</p><p>　　2.1.3 對從商人員的心理造成影響</p><p>　　在國際市場上，增加的產品成本將體現(xiàn)在價錢

77、上，所以匯率上升將不會太大的影響這些企業(yè)的利潤。中國這些產品在國外的價格起伏現(xiàn)象是由于貨幣的增值，人民幣升值會增加這些企業(yè)在國內的成本，在國外這些企業(yè)卻有著堅固的成本優(yōu)勢，在影響上也是最小的。 </p><p>　　然而，那些別有用心的動機將在國際上對中國散播消極的心理影響。人們相信從中國來的產品價錢會高很多，國外的生意人也不愿意從中國進口很多產品，這些將對中國的出口商造成很不利的影響。</p>&

78、lt;p>　　2.2 對中國出口企業(yè)有益的影響</p><p>　　2.2.1加強企業(yè)獨立創(chuàng)新的能力</p><p>　　目前，中國正處于技術趕超階段，企業(yè)擁有強大的技術引進，消化和吸收的能力。人民幣升值可以減少獨立開發(fā)成本，間接促進企業(yè)的技術升級，增強企業(yè)核心競爭力，從而加快優(yōu)化和提升產業(yè)結構，促進出口結構的調整。</p><p>　　2.2.2 優(yōu)化引進外

79、資結構</p><p>　　人民幣升值使工人的待遇得到改善，有利于吸引高科技人才。在國家的自主創(chuàng)新和技術進步的前提下，外資將投資于具有較高技術含量的行業(yè)，從而促進產業(yè)結構升級和優(yōu)化出口商品結構。</p><p>　　2.2.3 推動中國企業(yè)投資海外</p><p>　　企業(yè)直接投資于國外，他們投資必須使用目的地國的貨幣。而人民幣升值大大降低了其海外投資成本，同時提高

80、了公司的</p><p>　　國際購買力和對外投資能力，從而為一個強大的企業(yè)的部分道路</p><p>　　實施“走出去“戰(zhàn)略。</p><p>　　2.2.4促進服務和貿易行業(yè)的發(fā)展</p><p>　　人民幣升值能夠最有效地排擠在制造業(yè)技術含量低的企業(yè)和附加值，管理不善，效率低，以改變過度資源狀況受益聚會出口產業(yè)（主要是第二產業(yè)），從而使

81、工業(yè)結構導向產業(yè)服務，促進產業(yè)結構優(yōu)化和升級，促進發(fā)展服務業(yè)，包括服務貿易。這樣，可以協(xié)調發(fā)展，最終實現(xiàn)了服務和商品貿易，增強國家的整體競爭力。</p><p>　　2.2.5推進中國進口原材料和技術</p><p>　　外國消費品和資本貨物的價格比以往任何時候都低，而且制造商依賴進口原料，諸如鋼鐵，電解鋁，汽油，石油和其他費用都在下降。消費品越來越多地依賴進口。中國的工業(yè)化需要購買大量的

82、國外先進技術，人民幣升值可以降低采購成本的外國技術。隨著進口的增加，國外購買力的增加與原材料出口下降，所以它有利于緩解目前的貿易盈余，增強中國的國際收支的平衡，削弱人民幣外匯，提高貨幣政策的獨立性和主動性，平衡貨幣供應量。</p><p>　　2.2.6 減少外債還本付息壓力</p><p>　　人民幣升值有利于償還外債，并相應的減少了未償還金額外部人還本付息</p><

83、;p>　　2.2.7加強我國老百姓的國際購買力</p><p>　　由于匯率上升，日常人們購買的國外商品的價格將下降，推動進口消費品。同一時在國外旅行成本下降，可以促進國家經濟增長消費。</p><p>　　3．民幣升值后中國出口企業(yè)的對策</p><p>　　在理論上,不斷上升的人民幣匯率一定會對中國的出口企業(yè)產生不好的影響,雖然中國的對外貿易總額繼續(xù)保持良

84、好的平衡。但根據實際的貿易額仍不能確定,那是否是人民幣匯率上升導致這樣的結果。總之出口企業(yè)應該以積極態(tài)度去應對人民幣升值。</p><p>　　3.1出口企業(yè)應掌握避免匯率風險權宜之計。人民幣升值在短期內面臨著的人民幣匯率的穩(wěn)步上升,出口企業(yè)必須采取預防措施包括加強它的抗風險能力。此外,金融工具由銀行和其他金融機構也必須被套期保值,規(guī)避風險,使之產生更多的“救生圈”,從而達到避免風險和提高目運作效率。</p

85、><p>　　3.1.1專注于人民幣匯率的變化,增強匯率風險意識</p><p>　　在出口業(yè)務上的長期管理工作應更重視更關心人民幣匯率變化有組織的學習匯率管理知識和密切跟蹤人民幣匯率的移動速度變化,特別是最近的人民匯率幣對美元、歐元、日元、等其他主要貨幣。公司要進行深入探討,人民幣升值對出口產品的影響,努力提高關聯(lián)的、有效的工作。出口企業(yè)應加強匯率的變化風險意識,在可以控制匯率風險下采取有效

86、手段,不斷提高處理匯率風險的能力。例如,在簽訂出口合同時,企業(yè)的有關規(guī)定可以增加一些其他避免匯率風險的條款,防止可能發(fā)生的情況。</p><p>　　3.1.2靈活運用各種金融衍生工具</p><p>　　鎖住和避免匯率風險。比如使用最大現(xiàn)金流量結算方法轉移匯率風險,使用合適的外匯遠期交易,套期保值和其它方式避免匯率風險。通過適當美元貸款,利息及虧損就能使匯率下降。此外,在有條件的前提下,

87、該方法可以用來保持匯率風險,經營范圍內的來源,經過長期的外匯交易期權交易和外匯期貨交易。</p><p>　　3.1.3快實現(xiàn)現(xiàn)款規(guī)定的出口情形,并減少應收賬款的職業(yè)外匯賬戶的企業(yè)出口文檔轉讓、努力撤回出口文獻,積極做筆記貿易、保理業(yè)務,使貨幣價值超過一半的出口額為現(xiàn)金。企業(yè)應進行更快的出口業(yè)務康復,合理控制出口業(yè)務的復原時間,同時提高應收賬款外匯帳戶的集合,從而縮短的清算期間,減少內部交易基金。</p&g

88、t;<p>　　3.1.4外匯債務,</p><p>　　找到外匯收入和支出平衡點應用于匯款,企業(yè)可以取代貸款,推遲外匯貸款支付進口,并適當增加外匯資金的負債。</p><p><b>　　3.2主要改革策略</b></p><p>　　規(guī)避出口企業(yè)受長期升值人民幣匯率風險影響。加速改革的步伐,提高自主創(chuàng)新能力和競爭力。通過加強內

89、部管理,進行技術改造來開發(fā)潛能，走品牌之路,這是從長期從根本上解決企業(yè)的發(fā)展之路。</p><p>　　3.2.1企業(yè)實施“走出去”戰(zhàn)略,我們應該解決相關的思想問題、促進我國早日對外開放,并鼓勵合格企業(yè)進行海外投資和海外采購礦砂、有色金屬和其他重要的資源。特別是,電解鋁企業(yè)應充分發(fā)揮現(xiàn)有的進出口權利,促進企業(yè)投資和建立穩(wěn)定的供應氧化鋁、鋁土礦和其他資源基地。在這個例子中,人民幣升值的呼聲增加也促使進口原材料的價格

90、增加,進一步減少生產成本。我們應該認真學習其可行性,大力在發(fā)展中國家和地區(qū)擴建工廠,開發(fā)新產品,提高產品的科技含量。產品的附加值強化企業(yè)成本管理,降低生產和運行費用。政府應該選用低增值加工企業(yè)的銷售網絡支持他們建立生產廠房及把部門和服務建立在這些勞動力成本更低的國家。這樣不僅能使用多年建立的市場營銷網絡建,而且可以使工作崗位的另一部分,從而達到曲線出口和降低貿易順差與主要貿易國家和壓力對人民幣升值。</p><p&g

91、t;　　3.2.2優(yōu)化出口商品結構,大力發(fā)展國際市場出口企業(yè),</p><p>　　特別是生產型企業(yè),應積極運用新技術,開發(fā)新產品,不斷提高產品的附加值,減少出口最低的利潤和擴大自有品牌產品出口的好質量和效率。此外,要切實加強出口企業(yè)的成本和成本管理的采購、生產、市場推廣、財務規(guī)劃等方面,充分發(fā)揮內在潛能,減少費用及開支,擴大產品的競爭力的利潤和增加出口產品。只有這樣的方式,是通過匯率的波動風險可以避免的。在人民

92、幣升值期間,進行產業(yè)結構的調整出口是最優(yōu)先要考慮的。國際市場不是無限的,和傳統(tǒng)的比較優(yōu)勢理論在國際貿易中大大地挑戰(zhàn)。一些國家比較優(yōu)勢產業(yè),失步的課題,國際貿易的需求增長,在國際市場。這意味著保護這些行業(yè)不得有利于企業(yè)的長遠發(fā)展。</p><p>　　3.2.3 加快產品的更新?lián)Q代,完善的質量出口產品</p><p>　　中國是一個制造企業(yè)為基礎的國家。如果產品暢銷,就會有很多同質性的產品在

93、一夜之間出現(xiàn)在市場上,特別是出口企業(yè)。許多中國企業(yè)在詞的追求生存,和缺乏長期品牌規(guī)劃。大部分出口產品贏得價格低廉。根據生產出口企業(yè)技術改造應該增加投資,加快產品升級,努力提高產品質量和附加值,提高綜合競爭力的道路,以出口產品的區(qū)別與品牌的問題。人民幣升值可能迫使一些公司產品的升級,提高出口競爭力,根據質量和品牌。目前,許多輕工業(yè)產品,特別是出口產品具有高附加值的高新技術內容,依然較短。因此,企業(yè)應該逐漸進行產品結構調整和整合資源,大力發(fā)