金融衍生品使用与企业价值、风险:来自中国有色金属类上市公司的经验证据

发布时间：2018-05-03 23:18

本文选题：金融衍生品使用 + 企业价值　；参考：《经济管理》2011年01期

【摘要】：本文基于企业使用金融衍生品的发展趋势,以中国有色金属类上市公司为样本,对上市公司使用金融衍生品是否有利于提升公司价值;使用金融衍生品究竟增加了企业的风险还是降低了企业的风险?企业价值和企业风险关系如何?对这些问题进行了实证检验。结果发现,公司使用金融衍生品提升了公司价值,但未必能提升经营业绩;合理运用金融衍生品在某种程度上能够降低公司的内生性风险,有利于企业价值提升,而系统性风险与企业价值之间不具有因果关系。本文研究结论对中国上市公司合理使用金融衍生品进行风险管理提供了有益的借鉴。
[Abstract]:Based on the development trend of enterprises using financial derivatives, this paper takes Chinese non-ferrous metal listed companies as a sample, whether the use of financial derivatives for listed companies is conducive to promoting corporate value; Does the use of financial derivatives increase the risk of the enterprise or reduce the risk of the enterprise? What is the relationship between enterprise value and enterprise risk? These problems are empirically tested. The results show that the use of financial derivatives can enhance the value of the company, but not necessarily improve the business performance; reasonable use of financial derivatives can reduce the endogenous risk of the company to a certain extent, which is conducive to the promotion of corporate value. There is no causal relationship between systemic risk and enterprise value. The conclusion of this paper provides a useful reference for Chinese listed companies to use financial derivatives reasonably for risk management.
【作者单位】：上海对外贸易学院金融管理学院;
【基金】：上海市教委重点学科金融学建设项目(J512-01)
【分类号】：F426.32;F832.2

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