基于企业套期理论的动因分析

An Analysis of Driving Forces Based on Corporate Hedging Theory

企业套期就是企业利用金融创新产品以及远期、期货、期权与互换等金融衍生工具以消除企业在经营中所面临的一系列与收入现金流相关的不确定性所采取的策略。本文对早期企业套期理论进行了回顾 ,并从不完全资本市场、非对称信息与管理激励、企业资本结构等几个方面阐述了企业套期如何增加企业价值 。

Corporate hedging is strategies that corporate adopt to remove all the uncertainty with the earning cash flow by using the financial innovation product and financial derivatives such as forward, future, option, swap. In this paper, the corporate hedging theroy is firstly reviewed, then expatiates how corporate hedging adds corporate value from incomplete market, asymmetries information, managerial incentive and corporate capital structure. Some opinion is presents about the application of corporate hedging theory in china.