外汇风险对冲、市场化进程对企业价值影响研究——以海外施工企业为例

发布时间：2018-01-07 11:05

本文关键词：外汇风险对冲、市场化进程对企业价值影响研究——以海外施工企业为例　出处：《当代财经》2017年09期 　论文类型：期刊论文

【摘要】：外汇风险对冲会导致企业价值产生变化,且这一变化会呈现出地域之间的差异性。利用2011年至2015年海外施工企业的数据的产证检验表明,外汇衍生品与企业价值呈正相关关系,而外汇风险对冲程度与企业价值之间并非是线性的关系而是呈现出"U"型特征。进一步分析发现,高市场化区域内的企业拐点比低市场化区域内的企业拐点出现得更早。这一结论表明,企业在汇率风险管理过程中应在一定程度内增加外汇衍生品这一金融工具的运用;同时,应加快市场化进程较低区域内外汇衍生品市场的发展和人才储备。
[Abstract]:Foreign exchange risk hedging will lead to a change in enterprise value, and this change will present regional differences. Using the data of overseas construction enterprises from 2011 to 2015, the certificate of production test shows that. There is a positive correlation between foreign exchange derivatives and firm value, and the relationship between hedging degree of foreign exchange risk and firm value is not linear, but shows a "U" pattern. The enterprise inflection point in the high market area appears earlier than that in the low market area. This conclusion indicates that the enterprise inflexion point appears earlier than the enterprise inflexion point in the low market area. In the process of exchange rate risk management, enterprises should increase the use of foreign exchange derivatives as a financial instrument to a certain extent; At the same time, the development of foreign exchange derivatives market and talent reserve should be accelerated.
【作者单位】：江西财经大学工商管理学院博士后流动站;江西财经大学国际经贸学院;
【基金】：江西省博士后科研项目(2016KY52)
【分类号】：F406.7;F426.92;F832.6
【正文快照】： 一、引言当今海外施工领域,已呈现出高风险、快变化、严质量、短工期、低成本、竞争日益激烈的特征。据亚洲开发银行估计,2010年至2020年期间,仅亚洲基础设施投资需求就高达8万亿美元(毛振华等,2015)。[1]在海外施工项目承包过程中,各种风险的防范管理一直是项目管理各方关注

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