人民币汇率变动对我国上市跨国企业市场价值的影响研究

发布时间：2018-04-27 04:19

本文选题：人民币汇率 + 上市公司　；参考：《西南财经大学》2014年硕士论文

【摘要】：经济环境的不稳定也致使国与国之间的货币比价处于不稳定的状态,国与国之间的贸易往来也因汇率不稳定而面临巨大冲击。出口一直是我国经济增长的重要推动力,自2009年以来人民币汇率一直面临升值的压力,在这种不稳定的外汇市场环境下,中国资本市场上众多跨国企业经营面临巨大挑战。在巨大的利润压力下企业的市场价值表现也起伏不定。本文以我国资本市场上以进出口为主营业务的上市跨国公司作为研究对象,通过对企业市场价值进行分析,构建企业市场价值模型,将企业价值与投资成本C(I),资本成本WAC,税后的投资收益率W之间建立相关关系。最后提出企业价值与汇率之间的相关关系,以及不同类型的跨国企业的不同影响分析。通过对企业价值VAC与汇率模型可以看出对于以出口业务为主的跨国公司企业经济增加值与汇率之间在直接标价法下呈现正向关系。而对于以进口为主的跨国企业经济增加值与汇率在直接标价法下存在一个临界值,当汇率大于一个限定值时,企业的经济增加值与汇率呈反向关系,当汇率水平小于这个临界值时企业的经济增加值与汇率之间呈现正向关系。将企业经营直接与汇率挂钩能够更加具体的体现汇率对企业价值的实际影响。在实证部分把不同行业的代表企业进行短期与中期分析能够更加直观的反应汇率的具体影响,同时也是给我国企业规避汇率风险的应对之策。
[Abstract]:The instability of economic environment also causes the exchange rate between countries to be in an unstable state, and the trade between countries also faces a huge impact due to the instability of the exchange rate. Export has been an important driving force for China's economic growth. Since 2009, the RMB exchange rate has been facing the pressure of appreciation. In this unstable foreign exchange market environment, many multinational enterprises in China's capital market face enormous challenges. Under the huge profit pressure, the market value performance of the enterprise also fluctuates. This paper takes the listed multinational corporations whose main business is import and export in the capital market of our country as the research object, through the analysis of the market value of the enterprises, constructs the model of the market value of the enterprises. The correlation relationship between enterprise value and investment cost, capital cost WACand after-tax investment rate W is established. Finally, the relationship between enterprise value and exchange rate is put forward, and the different effects of different types of multinational enterprises are analyzed. Through the model of enterprise value VAC and exchange rate, we can see that there is a positive relationship between the economic value added and exchange rate of multinational corporations which mainly export business under the direct pricing method. However, there is a critical value between economic added value and exchange rate for multinational enterprises which mainly import. When the exchange rate is greater than a limited value, the economic added value of the enterprise is inversely related to the exchange rate. When the exchange rate level is less than this critical value, there is a positive relationship between the economic value added and the exchange rate. Directly linking the business operation with the exchange rate can more concretely reflect the actual impact of the exchange rate on the enterprise value. In the empirical part, the short-term and medium-term analysis of representative enterprises in different industries can more intuitively reflect the specific impact of exchange rate, and it is also the countermeasures to avoid exchange rate risk for Chinese enterprises.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.7;F832.6

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