Exchange Rate Risk Analysis Based on Firm Data: A Global Value Chain Perspective

Table 1

Descriptive statistics of variables.

Variable	Number	Mean	Variance	Maximum	Minimum	Skewness	Kurtosis
Exports	2,562,428	6.30	2.22	18.10	−4.58	−0.06	3.64
Bilateral real exchange rate	2,882,375	0.30	2.45	3.22	−8.58	−1.41	4.29
GVC forward linkage	1,346,367	−0.05	0.12	1.20	−1.19	−0.39	17.81
GVC backward linkage	1,346,367	0.02	0.06	0.40	−0.36	1.82	6.26
Firm total factor productivity	2,883,486	2.30	0.32	10.81	−6.68	2.33	42.12
Firm research and development	283,032	5.88	1.52	7.08	0.00	−1.30	4.08
Firm profit rate	2,882,810	0.13	0.28	2.20	−0.40	3.84	24.85