外汇衍生品的使用与上市公司融资效率的提升——基于财务风险“中介效应”的分析

发布时间：2018-04-06 07:12

本文选题：外汇衍生品　切入点：财务风险　出处：《商业研究》2017年03期

【摘要】：本文以中国A股上市公司2007-2014年数据为样本,以自建的中国企业"外汇风险对冲交易数据库"为基础,基于财务风险的"中介效应"视角分析外汇衍生品使用与企业融资效率之间的关系。研究发现:就全样本而言,外汇衍生品的使用给中国上市公司带来了约8.1%融资效率的提升,公司财务风险下降约20.7%,并且使财务风险在外汇衍生品的使用与融资效率之间产生了"中介效应";国有上市公司外汇衍生品的使用对融资效率的提升作用显著高于民营上市公司;完全竞争型公司使用外汇衍生品能显著提高其融资效率,但是低垄断型和高垄断型公司外汇衍生品的使用效果不显著;东部公司外汇衍生品的使用对融资效率产生了"正效应",中部公司则产生了"负效应",西部公司"无效应"。
[Abstract]:Based on the data of Chinese A-share listed companies from 2007 to 2014, this paper bases on the foreign exchange risk hedging transaction database of Chinese enterprises.Based on the "intermediary effect" of financial risk, this paper analyzes the relationship between the use of foreign exchange derivatives and the financing efficiency of enterprises.The study found that the use of foreign exchange derivatives has increased the financing efficiency of Chinese listed companies by about 8.1% in terms of the full sample.The financial risk of the company is reduced about 20.7, and the financial risk has a "intermediary effect" between the use of foreign exchange derivatives and the financing efficiency, the use of foreign exchange derivatives of state-owned listed companies has a significantly higher effect on financing efficiency than that of private listed companies.The use of foreign exchange derivatives by fully competitive companies can significantly improve their financing efficiency, but the use of foreign exchange derivatives by low monopoly companies and high monopoly companies is not significant.The use of foreign exchange derivatives in eastern companies has a "positive effect" on financing efficiency, a "negative effect" on central companies and "no effect" on western companies.
【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 北京市社科基金项目“北京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:16YJB010
【分类号】：F275

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