跨国企业汇率风险控制的新途径——盈余管理

发布时间：2018-01-17 01:18

本文关键词：跨国企业汇率风险控制的新途径——盈余管理　出处：《现代财经(天津财经大学学报)》2017年02期 　论文类型：期刊论文

【摘要】：文章以我国764家有外汇交易的上市公司为研究对象,探寻新的汇率风险管理方法,以帮助企业进一步加强汇率风险管理。并以2008-2012年期间的数据为样本,研究盈余管理对企业的汇率风险的影响。发现盈余管理可以将由汇率波动引起的公司业绩波动变的平滑,消除了业绩的波动给公司带来的风险。同时盈余管理与传统的汇率风险管理方法之间是互补关系,若公司在使用了金融对冲和经营对冲之后仍然有汇率风险敞口,则可继续使用盈余管理来平滑汇率波动引起的业绩波动,使得公司业绩平稳,风险敞口降低。本文将现有的汇率风险管理方式由金融对冲和经营对冲两种扩展为含有盈余管理的三种。
[Abstract]:This paper takes 764 listed companies with foreign exchange trading as the research object to explore a new method of exchange rate risk management. To help enterprises to further strengthen exchange rate risk management. Using data for the period 2008-2012 as a sample. This paper studies the effect of earnings management on the exchange rate risk of enterprises and finds that earnings management can smooth the volatility of performance caused by exchange rate fluctuations. At the same time, earnings management and traditional exchange rate risk management methods are complementary. If the company is still exposed to exchange rate risk after using financial hedge and operating hedge, earnings management can continue to be used to smooth the performance fluctuations caused by exchange rate fluctuations, so that the company's performance is stable. In this paper, the existing exchange rate risk management methods are extended from financial hedging and operating hedging to three types with earnings management.
【作者单位】：中国人民大学商学院;
【基金】：国家自然科学基金项目(71372162)
【分类号】：F276.7;F832.6
【正文快照】： 一、引言人民币中间价格自2015年3月中旬之后一改此前的温和走低,呈现小幅的走强态势,进入4月份,人民币汇率的中间价格更是连续三个交易日上涨,累计上涨129个基点。而人民币即期汇率在经过前两个月的连续贬值后,从3月初开始缓慢升值,至今已恢复至年初水平。人民币未来可能长期

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