汇率风险对我国涉外企业影响的实证研究

本文首先对我国涉外企业的汇率风险进行分析,将汇率风险分为经济风险、交易风险和会计风险,同时,在人民币升值背景下分析了汇改后我国涉外企业规避汇率风险的现状,从微观和宏观两个角度分析了涉外企业规避汇率风险的不足,指出企业内部缺乏完整的汇率风险规避系统和外部缺乏完善的市场宏观环境。利用Jorion给出的企业汇率风险的经典计量模型,收集了大量上市公司的数据,测量汇率风险对我国涉外企业股票收益率的影响程度,得出了随着汇率波动幅度的加大,我国涉外企业面临的汇率风险也日益增加的结论。

This paper first analyzes the risks of foreign exchange rate in our country＇s foreign-related enterprises,which can be classified into three types,i.e.the economic risk,trade risk and accounting risk.At the same time,under the background of the appreciation of the Renminbi Yuan,it also analyzes the current situation of which foreign-related enterprises in our country dodge the exchange rate risk after the foreign exchange reform and analyzes the deficiency of avoiding the exchange rate risk from both micro and macro perspectives.It points out that the enterprises lack complete exchange rate risk avoidance systems internally and perfect macro market environments externally.With Jorin＇s classical econometric mode of enterprises＇ exchange rate risk and based on a large collection of the listed company＇s data,it measures the degree to which exchange rate risk affects the stock yeild of our country＇s foreign-related enterprises,and concludes that the exchange rate risks gradually increases with the increasing fluctuations of foreign exchange rate.