中国上市企业套期保值对企业价值的影响
发布时间：2018-08-09 16:05
【摘要】：使用面板数据分析方法,根据市场参与者使用衍生工具的不同特点,以中国化工行业及银行业上市公司为样本,对中国上市企业套期保值行为对企业价值的影响进行了实证检验。结果表明,同一经济周期内,套期保值行为对企业价值的影响存在行业差异,化工企业使用衍生工具并没有提高企业价值,银行业的套期保值行为对银行权益资本有更多的价值提升,而对银行资产收益率没有显著影响。
[Abstract]:Based on the different characteristics of the derivative tools used by the market participants and taking the listed companies in the Chinese chemical industry and the banking industry as samples, the impact of the hedging behavior of Chinese listed companies on the value of the enterprise is tested empirically. The results show that the hedging behavior is of value to the enterprise within the same economic cycle. The use of derivatives does not improve the value of the enterprise. The hedging behavior of the banking industry has increased the value of the equity capital of the bank, but has no significant influence on the rate of the bank's asset returns.
【作者单位】： 西安交通大学经济与金融学院;
【基金】：国家自然科学基金项目(71171158) 教育部哲学社会科学研究重大课题攻关项目(15JZD012)
【分类号】：F275
[Abstract]:Based on the different characteristics of the derivative tools used by the market participants and taking the listed companies in the Chinese chemical industry and the banking industry as samples, the impact of the hedging behavior of Chinese listed companies on the value of the enterprise is tested empirically. The results show that the hedging behavior is of value to the enterprise within the same economic cycle. The use of derivatives does not improve the value of the enterprise. The hedging behavior of the banking industry has increased the value of the equity capital of the bank, but has no significant influence on the rate of the bank's asset returns.
【作者单位】： 西安交通大学经济与金融学院;
【基金】：国家自然科学基金项目(71171158) 教育部哲学社会科学研究重大课题攻关项目(15JZD012)
【分类号】：F275
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