外汇衍生品、汇率风险对冲与出口企业盈利能力——来自中国上市公司的经验证据  

Foreign Exchange Derivatives,Exchange Rate Hedging and Export Profitability:Evidence from Listed Companies in China

作　　者：张欣[1] 孙刚[2] 

机构地区：[1]辽宁对外经贸学院国际经济与贸易研究所,辽宁大连116052 [2]东北财经大学金融学院,辽宁大连116025

出　　处：《财经论丛》2015年第1期39-45,共7页Collected Essays on Finance and Economics

基　　金：国家社会科学基金重大项目(10zd&010);辽宁省教育厅科学研究项目(W2014286);辽宁对外经贸学院优秀人才支持计划资助项目(2012XJYQ04)

摘　　要：运用倾向得分匹配分析法,在控制样本选择性偏误的前提下研究外汇衍生品对出口企业盈利水平以及盈利稳定性的影响。结果表明,使用外汇衍生品可以提升企业的出口收入,但不能显著提升出口利润;使用外汇衍生品虽然能够在一定程度上降低企业盈利水平的波动性,但效果并不明显。因此,应推动国内外汇衍生品市场发展,完善风险监管机制,以提高外汇衍生品的使用效率。This paper investigates the effects of foreign exchange derivatives on export profitability of Chinese listed firms.We address the sample selection problem by employing the propensity score matching methodology. Results show that,foreign exchange derivatives are effective in improving the export revenue,but fail to promote the profit significantly. In terms of the stability,neither the fluctuation ratio of export revenue nor fluctuation ratio of export profit is significantly reduced. Therefore,we should promote the domestic foreign exchange derivatives markets and better the mechanism of risk supervision to improve the efficiency of foreign exchange derivatives.

关 键 词：外汇衍生品 风险对冲 盈利能力 倾向得分匹配 

分 类 号：F832.63[经济管理—金融学]