廠商異質性與報價幣別選擇：臺灣的實證分析

Abstract

廠商進出口報價幣別一直是國際貿易中廣受討論的一環，而報價幣別不僅會受到總體經濟因素以及商品層級因素的影響，廠商間不同的個體差異也是影響報價幣別的關鍵之一。本文使用財政部2006年至2016年詳盡的進出口海關資料，串聯廠商營所稅稅籍檔，集合成一完整的資料集。由資料可發現，在資料期間中本國進口所使用的報價幣別是以美元為大宗，分別佔了55.65%的交易頻率以及81.64%的交易價值。其次分別為日幣和歐元，各自佔了15.29%、15.18%的交易頻率以及9.03%、4.12%的交易價值。在新臺幣的使用上，雖然只佔了4.65%的交易頻率以及3.76%的交易價值，然而兩項比率都是逐年上升的，因此廠商在新臺幣的報價使用上更加值得討論。本文首先從不同的角度量化廠商的個體性質，並探討異質廠商間的個體特性如何影響其進口報價幣別。藉由多元羅吉斯迴歸實證發現，當廠商的銷售額越高、廠商的進口規模越大以及廠商的進口來源國家數越多時，相對於生產者的幣別，廠商越傾向使用新臺幣進行報價。而當廠商的進口頻率越高，則相對於新臺幣，廠商越傾向使用生產者幣別報價。最後，當廠商當年同時自某個國家進出口，相對於新臺幣以及第三方幣別，廠商更傾向使用該國貨幣。另外，本文亦將國家間的總體經濟情況以及商品層級的因素納入模型中討論，發現廠商進口的報價幣別不僅受到廠商特性影響，也受到雙邊匯率波動、不同國家間貨幣制度、外幣在臺灣之交易成本、進口來源國出口至臺灣規模、產品異質性以及交易價值等因素影響。最後本文指出臺灣的製造業因為與批發/零售業之產業特性不同，導致製造業廠商的銷售額越大，越傾向使用生產者幣別報價。

Firms’ invoicing currency choice is a critical issue in international trade, since it determines which side bears the exchange rate risk in bilateral trade. Firms can choose among local currency pricing, producer currency pricing and vehicle currency pricing. In this paper we investigate the importance of firm heterogeneity, product characteristics and country characteristics in invoicing currency choice for imports. Using a comprehensive Taiwanese firm-level data from the corporate income tax files combined with customs transaction data from 2006 to 2016, we find that, compared to producer currency pricing, the tendency of using local currency as the invoice currency increases with the size of importers’ sales, the value of imports, and the number of import source countries, and decreases with import history. Moreover, compared to local currency pricing and vehicle currency pricing, importers tend to use the producers’ currency if they export to the producers’ countries in the same year they import. Further, we show that bilateral exchange rate fluctuations, monetary system of the exporting country, the transaction cost of the currency, export share of the exporting country, product differentiation, and the value of transactions are also factors that influence importers’ invoicing currency choice. Finally, this paper finds that, differ from importers in wholesale and retail industries, importers in manufacturing industries with higher sales tend to invoice in the producer’s currency.