本文运用资产组合模型和协整计量方法,论证了美元汇率变化所带来的估值效应对美国经常账户调节的影响。分析结果表明,美元贬值引致的估值效应很小,再加上美元贬值可能使美国短期债务利率上升,这就很容易抵销掉贬值所带来的估值收益。因此,美国巨大的贸易赤字不可能通过美元贬值所带来的估值效应得以纠正。 This paper uses the portfolio model and the co-integration measurement method to demonstrate the effect of the valuation effect caused by the exchange rate changes of the U.S. dollar on the current account of the United States. The analysis shows that the effect of the valuation caused by the depreciation of the dollar is very small. Coupled with the depreciation of the U.S. dollar, the short-term debt interest rate in the United States may rise. This will easily offset the valuation gain brought by the devaluation. Therefore, the huge U.S. trade deficit can not be corrected through the valuation effect brought by the depreciation of the U.S. dollar.