이 연구는 한국 유가증권시장 기업을 대상으로 중국 위안/달러 환율변동에 의한 환노출을 추정하고 그 특성을 분석한다. 한국 유가증권시장 기업은 위안/달러 환율이 상승(하락)하면 기업가치가 감소(증가)하는 환위험에 노 출되어 있다. 분석 기업의 위안/달러 환노출은 원/달러 환노출보다 큰 것으로 나타나고 있다. 위안/달러 환율변 동과 한국 달러기준 수출가격 변동의 관계로부터 추정한 마크업 조정 계수는 위안/달러 환노출이 위안/달러 환율 변동에 따른 한국 기업의 수출가격 조정과 관련이 있음을 보여준다. 위안/달러 환노출이 원/달러 환노출보다 크 게 나타나고 있다는 이 연구의 결과는 한국 기업들이 위안/달러 환노출에 보다 많은 관심을 가질 필요가 있음을 시사하고 있다.

Purpose - This paper empirically investigates the role of volatility in the China’s Renminbi (RMB) exchange rate plays on the Sino-Korea trade based on the analysis of auto industry. Due to the increasing proportion of China’s share in the world trade, RMB exchange rate is getting attention worldwide. Due to the close Sino-Korea trade relationships and the special position that auto industry plays in a country’s economy, this paper examines the causal relationship between RMB exchange rate volatility and Sino-Korea trade in this sector. Design/Methodology - Econometric methods including Johansen test of Co-integration, Granger causality analysis and multiple regression analysis are employed to explore the impact of RMB exchange rate changes on Sino-Korea bilateral trade flow using time series data of from 2001 to 2017. Findings – The outcome shows the real exchange rate changes of RMB have a limited effect on the improvement of Sino-Korea trade. The result indicates that there is a steady long-term relationship between bilateral real exchange rate of RMB and Sino-Korea trade. However, since the elasticity of exchange rate is too small, the change of exchange rate has a limited influence on Sino-Korea trade. In a short-run there is no lag on Sino-Korea trade processed by the real exchange rate. Originality/value - Neither theoretical studies nor argument analysis have reached a common conclusion on this point in the extant research. Even for the same country, the difference of industry, data and model they selected could result in the different results. Thus, this study is re-assessing the RMB’s exchange rate changes and Sino-Korea trade relationship by using the most recent and industry-level trade data. To examine the relationship this paper focuses on auto industry, the representative of the manufacturing industry in both countries.