中国农业企业汇率风险应对行为的实证研究——基于企业竞争力视角  

Empirical Study on Coping Behavior with Exchange Rate Risk of Agricultural Firms in China:from the Viewpoint of Firm Competitiveness

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,浙江杭州310029

出　　处：《金融研究》2011年第6期97-108,共12页Journal of Financial Research

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"(项目编号:70773096)

摘　　要：本文提出了一个涉外企业汇率风险应对行为的分析框架,并利用352家涉外农业企业调查数据与多元Logit模型,从企业竞争力视角实证检验中国农业企业汇率风险应对行为的影响因素。研究发现,企业竞争力对中国农业企业避险策略选择至关重要,且表征企业竞争力的诸多变量对汇率风险应对行为的影响各不相同:融资能力越强、在技术方面越有优势的农业企业越倾向于使用运营策略规避汇率风险,而国际化程度越高的农业企业越倾向于使用金融衍生工具管理汇率风险;同时,农业企业汇率风险应对行为存在较为明显的地区差异。在此基础上,本文提出中国涉外农业企业应对汇率风险、扩大出口的若干政策建议。This paper presents an analytical framework of coping-behavior with exchange rate risk of foreign firms. Under this framework, using a survey of 352 agricultural firms in China, this paper examines coping behavior with exchange rate risk of agricultural firms employing multiple logit model from the viewpoint of firm competitiveness. It is found that firm＇s competitiveness is crucial to the selection of hedging strategy and the variables indicated competitiveness influence the selection in different directions and significance： The more strong ability of financing and technology is, the more agricultural firms tend to select operational strategy to cope with exchange risk. The higher the degree of internationalization is, the more the agricultural firms rely on financial strategy to hedging exchange risk. Meanwhile, the hedging behavior with exchange rate risk of agricultural firms presents obvious interregional difference. Finally, in terms of hedging exchange rate risk and enlarging exports of the Chinese foreign agricultural firm, some relevant policy suggestions are proposed.

关 键 词：农业企业 汇率风险 避险策略 企业竞争力 多元LOGIT模型 

分 类 号：F324[经济管理—产业经济] F832.6F224