投资不足与风险管理：基于对美国石油企业的研究

Underinvestment and Risk Management: A Study of U.S. Oil and Gas Producers

投资不足是美国石油生产企业套期保值政策的重点问题之一。公司套期保值政策受公司成长机会的积极影响,其中成长机会由几个不同的变量来衡量。对于那些有很大成长机会但是只有少量现金类储备的公司,他们会进行更多的套期保值。该文的研究结果部分支持了套期保值政策的制定是由避免投资不足问题发生而驱使的。

This paper analyzes the underinvestment problem as a determination of U.S. oil producers＇ hedging policy. The evidence has been found that there is a positive relationship between a company＇s hedging policy and its growth opportunities which are measured by several alternative variables. For a company with enhanced investment opportunities but with relatively low cash reserves, its hedge amount may be greater. Although some of the variables in the paper can not support the argument that underinvestment is a determination of hedging support the idea that hedging may partly be driven by the need to avoid potential