外汇风险对冲能降低企业的股权融资成本吗——基于跨境投资企业分类研究的视角

发布时间：2018-01-11 02:24

本文关键词：外汇风险对冲能降低企业的股权融资成本吗——基于跨境投资企业分类研究的视角　出处：《财会月刊》2016年20期 　论文类型：期刊论文

【摘要】："一带一路"战略的实施使得中国跨境投资企业面临越来越多的外汇风险,而使用外汇衍生品进行对冲则是有效管控汇率风险的重要手段。本文基于转轨国家跨境投资企业分类研究的视角,以2007~2014年中国A股公司为样本,探讨了外汇风险对冲与股权融资成本之间的关系。研究发现:就全体样本而言,中国跨境投资企业的外汇风险对冲能显著降低其股权融资成本;按所有制差异划分企业类型,发现国有跨境投资企业的外汇风险对冲对股权融资成本的降低效应并不明显,但在民营企业降低效应显著;将民营企业按区域差异划分,发现只有东部地区民营企业的降低效应显著;将全部企业按行业集中度划分,发现完全竞争型和高垄断型行业企业的外汇风险对冲能显著降低股权融资成本,但低垄断型行业企业的降低效应不显著。
[Abstract]:The implementation of "Belt and Road" strategy makes Chinese cross-border investment enterprises face more and more foreign exchange risks. The use of foreign exchange derivatives to hedge is an important means to effectively control exchange rate risk. This paper is based on the perspective of cross-border investment enterprises classification in transitional countries. This paper discusses the relationship between hedging of foreign exchange risk and the cost of equity financing based on the sample of China A-share companies from 2007 to 2014. The results show that: as far as all samples are concerned. Foreign exchange risk hedging of Chinese cross-border investment enterprises can significantly reduce their equity financing costs; According to the difference of ownership, it is found that the reduction effect of foreign exchange risk hedging on equity financing cost of state-owned cross-border investment enterprises is not obvious, but it is significant in private enterprises. According to the regional differences of private enterprises, it is found that only the eastern region of private enterprises have a significant reduction effect; By dividing all enterprises according to the degree of industry concentration, it is found that the hedging of foreign exchange risk can significantly reduce the cost of equity financing in both fully competitive and high-monopoly industries, but the reduction effect of enterprises in low-monopoly industries is not significant.
【作者单位】：北京工商大学经济学院;
【基金】：国家社会科学基金项目“中国跨境投资企业的外汇风险敞口测度、对冲动因与效果评价研究”(项目编号:15BGL020) 国家自然科学基金项目“政治关联情境下的风险与组织衰亡问题研究”(项目编号:71562025) 北京市社科联青年社科人才资助项目“北京跨境投资的外汇风险对冲绩效研究”(项目编号:2015SKL017) 国有资产管理协同创新中心资助项目“国有资产资本市场运营效率研究”(项目编号:GZ20130901)
【分类号】：F832.6;F832.51
【正文快照】： 一、引言当前,中国经济增速放缓,正面临着如何化解产能过剩和促进经济结构转型升级的难题。在这一重要关口,习近平总书记于2013年高瞻远瞩地提出了“一带一路”战略构想,李克强总理也积极向全世界大力推介中国企业和中国技术。可以预见,未来几年中国企业跨境投资、跨国经营的

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