金融衍生工具的使用及其对企业出口绩效的影响——来自352家中国农产品出口企业的经验证据  

The Impact of Financial Derivatives Usage on Export Performance:Empirical Evidence from 352 Agricultural Export Firms in China

作　　者：黄祖辉[1] 陈立辉[1] 

机构地区：[1]浙江大学中国农村发展研究院,杭州310029

出　　处：《农业经济问题》2010年第12期41-51,共11页Issues in Agricultural Economy

基　　金：国家自然科学基金项目"农业企业汇率风险反应行为与应对策略研究"(编号:70773096)的系列研究成果

摘　　要：利用352家中国涉外农业企业调查数据,本文试图考察影响企业使用金融衍生工具来规避汇率风险的决定因素以及衍生工具的使用对企业出口绩效的影响。研究发现,32.4%的样本企业使用金融衍生工具进行汇率风险管理,企业规模、风险偏好、出口市场数、出口比率和知识水平对中国农业企业使用金融衍生工具的概率有显著的正向影响,资产负债率和沉淀成本也与使用金融衍生工具的概率存在着正向关系,而研发投入对中国农业企业使用金融衍生工具存在显著的负向影响。农业企业在使用金融衍生工具规避汇率风险时出口绩效将得到显著提高,即使用者将获得比未使用者更高的出口收入。Using a survey of 352 agricultural firms in China,this paper attempts to examine：（1） the determinants of agricultural firm’s usage of financial derivatives to hedge exchange rate risk,and（2） the impact of derivatives on export performance.We find that 32.4 percent of sample firms managed exchange risk by means of financial derivatives.Empirical results indicate that firm size,risk preference,number of exports markets,ratio of foreign sales,and knowledge about derivatives have a significantly positive influence on usage of derivatives,while debt-to-assets ratio and sunk cost is positively related to usage as well.On the other hand,RD expenditure is significantly negative related to usage.In addition,it is found that usage of derivatives had a significant impact on export revenue among users,and users would get greater benefits from financial derivatives than non-users.

关 键 词：农产品出口企业 汇率风险 金融衍生工具 出口绩效 经验证据 

分 类 号：F752.62[经济管理—国际贸易] F762[经济管理—产业经济] F832.2F224