摘要
金融衍生工具使用效果与公司价值之间的关系,一直是学术界和实务界共同关心的问题之一。已有研究虽文献丰富,但并未形成一致的研究结论。本文以现金流的调控效应为研究视角,通过实证研究发现,企业运用金融衍生工具能够减少现金流的波动幅度,增强现金流的稳定性,并由此提升公司的价值和业绩;而且非国有企业由于其所受的干预和监管较少,在金融衍生工具的使用和选择上具有较多的自主性,从而与国有企业相比具有更好的使用效果。
The relationship between the effect of financial derivatives and firm value has been one of the issues of common concern for the academic community and practitioners as well. Although there is abundant research literature, no consistent conclusions have been reached yet. From the perspective of the regulatory effect on cash flow, the empirical study of this paper finds that businesses can use derivatives to reduce cash flow volatility, enhance cash flow stability, and thus improve the company＇s value and performance. With less intervention and regulation, non-state-owned enterprises gain better results in the use of the derivatives than state-owned enterprises.
出处
《财经论丛》
CSSCI
北大核心
2014年第6期53-59,共7页
Collected Essays on Finance and Economics
基金
教育部人文社科基金资助项目(13YJA630045)
关键词
金融衍生工具
风险管理
公司价值
financial derivatives
risk management
enterprise value
