我国上市公司金融性套期保值决策的动机研究

Analysis on the Motives of Financial Hedging of Chinese A-Share Listed Company

近年来,我国上市公司的金融性套期保值交易增长迅速。本文以国外公司套期保值动机理论作为分析框架,根据我国的市场环境和上市公司的财务特征构建解释变量,对上市公司金融性套期保值决策的动机进行实证检验和分析。研究表明,降低财务困境成本和债务代理成本是我国上市公司金融性套期保值决策的主要动机;此外,公司有现金分红需要、股权结构中有外资法人股或境外上市股时,公司越有动机进行金融性套期保值,并且套期保值具有规模经济效应。

Despite the use of derivatives for corporate hedging in China has been growing fast, the relevant domestic research is still in the primary stage, for example there is no systematic research on the feasibility of corporate hedging theory and empirical research in China. This paper analyzed the corporate hedging theory and made an empirical research on the determinants of hedging strategies with China A - share listed companies after constructing the variables under the analysis of unique characteristics of Chinese business environment. This paperdiscovers that the main motives of our listed companies＇ financial hedging decision- making are reducing financial distress costs and agency costs of debt. In addition, a company has the need of cash dividend. A company with foreign legal person stocks or foreign listing stocks, has greater motives to financial hedging, which has the effect of economy of scale.