中国天生国际化企业外汇衍生工具的使用对业绩影响的实证分析  

On Empirical Analysis of Impact of Foreign Exchange Derivatives on Performance of Chinese Born-global Firms

作　　者：梁清[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《西南师范大学学报（自然科学版）》2016年第11期135-141,共7页Journal of Southwest China Normal University(Natural Science Edition)

摘　　要：该文基于112家中国天生国际化企业的数据,实证分析了外汇衍生工具的使用对于天生国际化企业业绩的影响,结果发现目前天生国际化企业中很少使用外汇衍生工具,实证显示外汇衍生工具的使用与企业总资产收益率的波动性呈显著负相关,但是销售净利率的变动与外汇衍生工具的使用之间并无显著关系.研究结果表明,目前外汇衍生工具的使用效果还不够理想,政府、金融机构及企业应多角色共同努力,完善我国外汇风险管理体系建设.Based the data on 112 Chinese born-global f i rms , this paper empirically explores how the use of foreign exchange derivatives fo r born-global firms influences the corporate performance. The empirical re-sults show that the use of foreign exchange derivatives is correlated significantly and negatively w ith the volatility of return on assets. However, there is no significant relationship between changes in net p ro f it margin and the use of foreign exchange derivatives. The findings i l lu s trate that the use effect of foreign ex-change derivative instruments currently remains not ideal. Governments,financial inst itut io ns and enter-prises should work together to improve the construction of the foreign exchange r is k management system.

关 键 词：天生国际化企业 外汇风险 外汇衍生工具 

分 类 号：F740.45[经济管理—国际贸易]