高管的学术经历与企业汇率风险

Managerial Academic Experience and Exchange Rate Risk

经验证据揭示了高管的学术经历在企业汇率风险管理方面的作用及其机理。结果表明,具有学术经历的高管能有效降低企业汇率风险,因为具有学术经历的高管可以通过四种途径即经营对冲、使用外汇衍生品等金融对冲方式、借助盈余平滑手段和提升公司治理水平来应对汇率变化带来的冲击。在改变具有学术经历的高管的定义和汇率风险的测量方法,控制年度和公司的固定效应,使用倾向性得分配对样本,考虑自选择问题后,高管的学术经历与企业汇率风险的负相关关系依然稳健。研究结论对企业管理汇率风险、加强高管团队建设有重要启示作用。

This paper investigates the effect of managerial academic experience on exchange rate risk management and its inherent mechanism. Our empirical evidence demonstrates that managerial academic experience can help China ’ s listed companies effectively reduce the exchange rate risk. Further tests reveal that operational hedging,financial hedging as foreign exchange derivative products,earnings smoothing,and improving corporate governance are attributed to manage exchange rate risk. With alternative measures of exchange rate risk and changed definition of managerial academic experience,after controlling yearly and company’ s fixed effects,by propensity score matching approach,and considering self-selection bias,the results still hold effective. The findings of this paper provide some implications on firms’ management of exchange rate risk and the construction of executive team.