摘要
随着我国资本市场对外开放程度的不断提高,我国已有不少企业开始使用外汇衍生工具规避汇率风险。本文以2013-2021年沪深A股上市公司数据为样本,基于固定效应模型,实证分析上市公司运用外汇衍生工具对冲风险对企业价值的影响。研究表明:外汇风险对冲可以提高企业价值,融资约束在外汇风险对冲与企业价值之间具有中介作用。进一步分析发现:高市场化地区的企业进行外汇风险对冲对企业价值的提升作用更大。本文研究结果证实了我国加快外汇衍生品市场建设的必要性,应稳步推进外汇衍生品市场建设,引导企业合理运用外汇衍生工具,严格防范外汇衍生工具交易的风险。
With the continuous improvement of China's capital market opening to the outside world,many enterprises in China have begun to use foreign exchange derivatives to avoid exchange rate risks.Based on the data of A-share listed companies in Shanghai and Shen-zhen from 2013 to 2021,this paper empirically analyzes the impact of foreign exchange derivatives used by listed companies to hedge risks on firm value.The research shows that foreign exchange risk hedging can improve firm value,and financing constraint plays an intermediary role between foreign exchange risk hedging and firm value.Further analysis shows that foreign exchange risk hedging by enterprises in highly market-oriented areas plays a greater role in enhancing firm value.The research results of this paper confirm the necessity of speeding up the construction of foreign exchange derivatives market in China.We should steadily promote the construction of foreign exchange derivatives market,guide enterprises to use foreign exchange derivatives rationally,and strictly guard against the risks of foreign exchange derivatives trading.
作者
胡国晖
寇素婕
HU Guohui;KOU Sujie
出处
《价格理论与实践》
北大核心
2023年第3期124-127,共4页
Price:Theory & Practice
关键词
外汇风险对冲
融资约束
企业价值
foreign exchange risk hedging
financing constraint
firm value
