汇兑损益对上市公司利润影响的理论和实证分析

Theoretical and Empirical Analysis on Influence of Losses and Gains of Foreige Exchange on Listed Companies

从2005年7月21日汇改后,人民币汇率的波动远大于汇改之前,由此给企业形成的汇兑损益将会更加不稳定。在此背景下,本文通过研究上市公司重点行业近几年汇兑损益的变化,并就汇兑损益对企业财务费用和利润影响进行了实证分析,得出汇兑损益和企业利润存在正相关关系,在此基础上,提出了企业控制外汇风险、减少汇兑损失的相关措施。

From July 21, 2005 the Exchange rate reform, RMB exchange rate fluctuations bigger than before. The resulting exchange gains and losses to the enterprises will become more unstable. Under this background, this paper lists companies of key industries in recent years by studying the changes in exchange gains and losses. And exchange gains and losses on the financial impact of an empirical analysis of enterprise＇s financial costs and net profits. There is a positive correlation between the net profit and exchange gains and losses. On this basis, this paper proposes to control foreign exchange risks and gives some measures to reduce exchange rate losses.