汇率风险是如何传递给非跨国公司的?--基于企业竞争的视角  

How Dose Exchange Rate Risk Passed to Non-multinational Companies?Based on The Perspective of Enterprise Competition

作　　者：徐展 张瑞君[2] Xu Zhan;Zhang Ruijun

机构地区：[1]首都经济贸易大学会计学院,100070 [2]中国人民大学商学院,100872

出　　处：《会计研究》2018年第11期43-49,共7页Accounting Research

基　　金：国家自然科学基金“集团管控模式与内部资本市场运作”(71372162)的资助.

摘　　要：本文以我国海外收入为0的非跨国公司为研究对象,使用这些公司2010-2016年的数据,采用中介效应模型证明了竞争是非跨国公司汇率风险的传导机制。进一步分析发现,不同的情境下竞争机制的作用效力不同。首先,这种机制效应因人民币所处时期不同而不同。在人民币贬值期产生正向影响,在人民币升值期影响不显著。其次,这种机制效应因公司特征不同而不同。它对非跨国公司发挥显著的机制作用,对跨国公司的影响则随着海外收入占比的上升而逐步减弱。最后,这种机制效应因行业特征的不同而不同。它在跨国公司与非跨国公司竞争激烈的行业发挥显著作用,而在非跨国公司处于垄断的行业作用不明显。In this paper,we use the non-multinational companies which overseas income is 0 as our samples. After applying the intermediary effect model,we found that competition is the key mechanism of exchange rate risk of non-multinational companies. Further analysis shows that the effect of competition mechanism is distinct under different situations. First,the effect of this mechanism varies from time to time. It has positive effect in the period of RMB depreciation,but not significant in the period of RMB appreciation. Second,the effect of this mechanism varies from company to company. It plays a more significant role in non-multinational companies than multinational companies. Third,the effect of this mechanism varies with industry characteristics. It becomes significant in the industry where the competition between non-multinational companies and multinational companies is intense,while it does not significant in monopolized industry.

关 键 词：汇率风险 竞争传递机制 非跨国公司 

分 类 号：F832.6[经济管理—金融学] F279.2