金融衍生工具的使用及其对企业出口绩效的影响——来自352家中国农产品出口企业的经验证据
发布时间：2018-11-10 20:00
【摘要】：利用352家中国涉外农业企业调查数据,本文试图考察影响企业使用金融衍生工具来规避汇率风险的决定因素以及衍生工具的使用对企业出口绩效的影响。研究发现,32.4%的样本企业使用金融衍生工具进行汇率风险管理,企业规模、风险偏好、出口市场数、出口比率和知识水平对中国农业企业使用金融衍生工具的概率有显著的正向影响,资产负债率和沉淀成本也与使用金融衍生工具的概率存在着正向关系,而研发投入对中国农业企业使用金融衍生工具存在显著的负向影响。农业企业在使用金融衍生工具规避汇率风险时出口绩效将得到显著提高,即使用者将获得比未使用者更高的出口收入。
[Abstract]:Based on the data of 352 foreign agricultural enterprises in China, this paper attempts to investigate the determinants that affect the use of financial derivatives to avoid exchange rate risk and the impact of the use of derivatives on the export performance of enterprises. It is found that 32.4% of the sample enterprises use financial derivatives for exchange rate risk management, enterprise size, risk preference, number of export markets, The export ratio and knowledge level have significant positive influence on the probability of using financial derivatives in Chinese agricultural enterprises, and there is a positive relationship between asset-liability ratio and precipitation cost and the probability of using financial derivatives. However, R & D investment has a significant negative impact on the use of financial derivatives by Chinese agricultural enterprises. When agricultural enterprises use financial derivatives to avoid exchange rate risk, export performance will be significantly improved, that is, users will get higher export earnings than non-users.
【作者单位】： 浙江大学中国农村发展研究院;
【基金】：国家自然科学基金项目“农业企业汇率风险反应行为与应对策略研究”(编号:70773096)的系列研究成果
【分类号】：F752.62;F762;F832.2;F224
本文编号：2323465
[Abstract]:Based on the data of 352 foreign agricultural enterprises in China, this paper attempts to investigate the determinants that affect the use of financial derivatives to avoid exchange rate risk and the impact of the use of derivatives on the export performance of enterprises. It is found that 32.4% of the sample enterprises use financial derivatives for exchange rate risk management, enterprise size, risk preference, number of export markets, The export ratio and knowledge level have significant positive influence on the probability of using financial derivatives in Chinese agricultural enterprises, and there is a positive relationship between asset-liability ratio and precipitation cost and the probability of using financial derivatives. However, R & D investment has a significant negative impact on the use of financial derivatives by Chinese agricultural enterprises. When agricultural enterprises use financial derivatives to avoid exchange rate risk, export performance will be significantly improved, that is, users will get higher export earnings than non-users.
【作者单位】： 浙江大学中国农村发展研究院;
【基金】：国家自然科学基金项目“农业企业汇率风险反应行为与应对策略研究”(编号:70773096)的系列研究成果
【分类号】：F752.62;F762;F832.2;F224
【相似文献】
相关重要报纸文章 前1条
1 农总行战略管理部;在增长和结构调整之间平衡 2010年下半年宏观经济形势展望[N];中国城乡金融报;2010年
相关硕士学位论文 前6条
1 王博;VaR模型在我国商业银行汇率风险管理中的应用研究[D];东北财经大学;2011年
2 孙玮;人民币升值背景下我国商业银行汇率风险管理研究[D];西南财经大学;2012年
3 陈仕慧;基于VaR模型的商业银行汇率风险管理研究[D];武汉科技大学;2010年
4 皮大喜;VaR模型在我国商业银行汇率风险管理中的应用研究[D];西南财经大学;2008年
5 王梦冬;人民币汇率短期组合预测研究[D];天津大学;2008年
6 张静;基于极值理论的我国商业银行汇率风险管理研究[D];重庆理工大学;2011年
，本文编号：2323465
本文链接：https://www.wllwen.com/guanlilunwen/huobilw/2323465.html
