套期保值与企业价值的文献回顾

Hedging and firm value:A literature review

论文对套期保值与企业价值的理论和实证研究文献作了系统的回顾,全面地归纳和总结了企业套期保值的动因,套期保值同企业价值的关系以及企业利用衍生工具进行套期保值的各种机制。大部分的实证结果表明,套期保值在不同程度上提高了企业的价值。论文的贡献在于对已有的研究方法进行了稳健性分析,并提出进一步的研究方向,包括扩展研究企业套期保值的工具和套期保值的程度;不同套期保值机制及其组合;对实证模型的变量及其关系做进一步的研究和分析;以及将套期保值的成本和损益作为实证模型中的控制变量,以使模型更完整。

This paper presented a comprehensive review of the extensive existing empirical literature that documenting overall mixed empirical support for rationales of hedging with derivatives at the firm level It gave a systematic review and summary of the motive of hedging, the relationship between hedging and firm value, and the mechanisms of using derivatives to hedging. Moreover, most of dissertation shows that hedging is positively related to firm value. The innovation of this paper is to conduct on a sound analysis, and proposes further research directions, including the mechanisms and extent of hedging, the portfolio of hedging, further research of variables in empirical model and their relationship, as well as incorporating the costs and profits and losses of hedging into model as control variables.