台灣出口廠商的報價幣別選擇：結合進口幣別的美元支配性貨幣計價實證研究

Abstract

本文是國內首篇同時結合財政部出口與進口的海關資料，並串聯廠商賦稅資訊，以 2018 年至 2021 年的資料探討台灣出口廠商報價幣別選擇的文章。即使和美國以外的國家貿易，使用支配性貨幣計價 (Dominant Currency Pricing, DCP)，亦即以美元作為第三方貨幣報價，是台灣進出口貿易的典型事實。本文以線性機率模型（Linear Probability Model, LPM）估計報價幣別策略性互補、貨幣配對與市場佔比等廠商異質性，如何影響出口商選擇以美元作為第三方貨幣計價。我們的實證研究發現，當競爭對手使用美元的比例越高，出口商更可能使用美元計價，凸顯當美元作為出口市場的支配性貨幣，廠商和競爭對手間存在報價幣別策略性互補。此外，我們亦發現出口廠商的貨幣配對行為，即若出口商在進口時以美元計價的比例越高，在出口時也會越傾向使用美元報價。最後，若製造廠商的市場佔比越高，則出口越不傾向使用美元計價，但批發商是否使用美元，並未隨市場佔比而有顯著不同。本文以台灣從未被使用的資料集，首次分析支配性貨幣報價對出口報價幣別選擇的影響，並闡述此前國內對出口廠商未曾討論的貿易面向，這些發現對於台灣未來的貿易政策與匯率政策具有重要意義。

This paper is the first in Taiwan to use firm-level data from corporate income tax files, combined with both export and import customs data from 2018 to 2021, to examine the invoicing currency choices of Taiwanese exporters. Despite trading with countries other than the United States, the use of US Dollar as a third-party invoicing currency remains prevalent, a phenomenon known as dominant currency pricing. This study employs a linear probability model to estimate how firm heterogeneity such as strategic complementarity, currency matching, and market share influence exporters' invoicing decisions.

Our empirical research reveals that the higher the proportion of competitors using the Dollar, the more likely exporters are to invoice in Dollars, underscoring the strategic complementarity within firms when the Dollar acts as the dominant currency. Additionally, we find that exporters who use Dollars for imports are more likely to use Dollars for exports, indicating a currency matching behavior. Lastly, while manufacturers with higher market shares are less inclined to use Dollar, the use of the Dollar by wholesalers does not significantly vary with market share. This paper provides new insights into characteristics of Taiwanese exporters through an unexplored dataset, offering significant implications for Taiwan's trade policies and exchange rate policies.