汇率波动对跨国企业SDX公司价值的影响

发布时间：2018-01-25 16:09

本文关键词： 跨国企业公司价值汇率波动 SDX公司实证分析　出处：《北京工业大学》2015年硕士论文　论文类型：学位论文

【摘要】：随着世界经济由工业经济向服务经济的迅速转型,承接服务外包成为了跨国企业参与国际竞争,实现公司价值高速增长的重要途径。2008年美国金融危机和2009年欧债危机的爆发,跨国企业增加了将附加值较低的后勤服务流程进行外包的数量,危机加剧了国际债券市场、股票市场和外汇市场动荡,汇率产生大幅波动,加剧了承接后勤服务企业的外汇风险,致使承包后勤服务业务企业的生产经营、市场环境和公司价值都发生了变化。因此,本文以在全球80个国家开展跨国后勤服务承包服务的SDX公司作为研究对象,以期通过汇率波动对跨国企业SDX公司价值影响的研究,对SDX公司提出了加强规避外汇风险的建议,提高核心竞争力,使SDX达到公司价值最大化的目标。同时,也为我国承包跨国后勤服务的公司提供参考和借鉴。本文从公司财务角度分析了SDX公司的外在环境和内在素质对公司价值的影响。运用现金流贴现模型推导出汇率与SDX公司价值的关系方程,得出了汇率波动对跨国企业SDX公司价值影响的多元非线性回归模型。由于汇率波动引发的汇率风险对SDX公司价值影响的作用随期限长短表现不同,本文从长期影响和短期影响两个方面进行了分析,并分别对主要币种美元、欧元、人民币的汇率波动对SDX公司价值的影响,以及汇率波动对与SDX公司同行业、不同国际业务收入企业的公司价值的影响进行了研究。本文根据实证分析结果得出了三点结论:一是SDX公司的财务价值驱动因素和营业价值驱动因素有助于SDX公司提升公司价值;二是无论在长期影响,还是短期影响内,美元、欧元、人民币及汇率整体波动对SDX的公司价值影响显著。由于汇率波动直接影响着SDX公司的成本、投资、债务、融资等因素,使得不同货币的汇率波动对SDX的公司价值存在着明显相关性;三是通过将SDX公司与同行业、不同国际业务收入比例的企业进行比较,发现国际业务收入占比越高的企业,汇率波动对其公司价值的影响越显著。
[Abstract]:With the rapid transformation of the world economy from the industrial economy to a service economy, service outsourcing has become a multinational enterprises to participate in international competition, an important way to realize the value of the company.2008 years the rapid growth of the financial crisis in the United States in 2009 and the European debt crisis, multinational enterprises have increased the number of low flow of logistics service outsourcing will be added value, crisis adding to the international bond market, stock market and foreign exchange market volatility, exchange rate fluctuations have intensified, undertake logistics service enterprise foreign exchange risk, the contract logistics business enterprise production management, market environment and corporate value are changed. Therefore, this paper to carry out transnational logistics service contract service in 80 countries around the world SDX company as the research object, to study the impact of exchange rate fluctuations on multinational enterprises SDX the value of the company, the company proposed to strengthen SDX To avoid foreign exchange risk, improve the core competitiveness, the SDX reached the maximum value of the company's target. At the same time, and provide the reference for China's multinational logistics service company contract. This paper analyses the influence of the external environment of SDX company and the inherent quality of the value of the company from the financial angle. The use of discounted cash flow model this paper deduces the relation equation of exchange rate and SDX value of the company, the multivariate nonlinear regression model has been established for the effect of exchange rate fluctuations on the multinational SDX company value. Due to the impact of exchange rate fluctuations caused by the exchange rate risk on the value of the company for the performance of SDX with different length, this paper analyzed from two aspects of long-term effects and short-term effects, and of the major currencies the dollar, euro, RMB exchange rate fluctuations on the SDX value of the company, and the fluctuation of exchange rate and SDX companies in the same industry, different international business income The influence corporate value is studied. According to the results of empirical analysis draws three conclusions: one is the SDX company's financial value drivers and business value drivers to help SDX company to enhance the value of the company; the two is whether in the long-term or short-term impact, influence, dollar, euro, RMB and the exchange rate of the overall volatility of the value of the SDX was significant. Due to exchange rate fluctuations directly affect the cost of SDX company, investment, debt financing and other factors, the fluctuation of exchange rates in different currencies on the SDX value of the company has significant correlation; three is the SDX company with the same industry, compares the different proportion of international business income of the enterprises found, international business income accounted for more enterprises, the impact of exchange rate fluctuations on the value of the company is more significant.

【学位授予单位】：北京工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.6;F276.7

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