本文研究旨在探討我國匯率與電子零組件製造業出口的關聯，研究樣本為 2001M1-2019M12 月資料。為了了解匯率如何影響我國出口，我們首先使用實質有效匯率估計總出口匯率彈性，研究樣本為 1996M1-2019M12 ，接著運用 Sato et al. (2013, 2015) 提出的電子產業實質有效匯率估計電子零組件製造業出口匯率彈性，最後分析電子產業匯率波動對電子零組件製造業出口的影響。

實證發現： (1) 在 1996M1-2019M12 期間，實質有效匯率貶值顯著有利總出口，但隨著考慮越近期的樣本期間，貶值有利總出口的效果不再具有統計顯著性。 (2) 2006M1-2019M12 與 2011M1-2019M12 期間，電子產業匯率升值對於電子零組件製造業出口有顯著的正面影響。 (3) 在所有樣本期間，我們尚無足夠證據證明電子產業匯率波動與電子零組件製造業出口有統計關聯。

This paper investigates the impact of exchange rates on Taiwan's electronic parts and components manufacturing exports. Given that export price competitiveness among industries might be different, both REER from BIS and industry-specific REER from Sato et al. (2013, 2015) are used in our analysis. Different sample periods are investigated. Our empirical results reveal that while depreciation significantly benefits total exports in 1996M1-2019M12, the effects become insignificant when more recent periods are considered. In addition, we find that the electronic industry exchange rate appreciation has significant and positive effects on the exports of electronic parts and components manufacturing in 2006M1-2019M12 and 2011M1-2019M1. However, no statistical significance is found between exchange rate volatility and electronic parts and components manufacturing exports in all sample periods.

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