目前学界对汇率波动对企业生产率影响的大多数研究文献在研究方法上都是假定完全竞争市场这一前提而忽略了对市场竞争结构的考虑。有鉴于此，将HHI衡量的市场结构因素纳入到实际汇率波动对企业生产率作用机制的分析中，并且运用面板数据分别对从事出口和不从事出口的企业进行实证分析，结果发现：（1）汇率升值对所有类型企业的生产率的直接影响均显著为负；（2）汇率升值会通过进口竞争效应显著提高国内竞争程度较弱的行业中非出口企业的生产率；（3）汇率升值会通过出口市场冲击显著降低国内出口企业的生产率，并且这种负面影响与企业所处行业的市场集中度和企业出口依存度正相关。

This paper incorporates the market structure measured by HHI into the analysis of the effect of real exchange rate fluctuations on firm productivity rate. Using panel data for empirical analysis, we find three main conclusions. Firstly, real exchange rate appreciation has a significantly negative effect on all types of firms. Secondly, real exchange rate appreciation significantly improves the productivity of non-export firms in less-competitive industries, but it decreases the productivity of firms involved in export, the extent to which is positively related to the industry HHI and the level of export dependence.