外汇衍生品是否提升了出口企业的盈利能力——来自中国上市公司的经验证据

Is Foreign Exchange Derivatives Effective in Improving Profitability of Export Firms? Evidence from Listed Companies in China

运用倾向得分匹配分析法,在控制样本选择性偏误的前提下,研究外汇衍生品对出口企业盈利能力的影响。结果表明,使用外汇衍生品可以提升企业的出口收入,但是对出口利润的提升作用不显著;国有企业运用外汇衍生品的效果并不理想,无论是出口收入还是出口利润均未得到显著提升。因此,应推动国内外汇衍生品市场发展以降低交易成本,进一步完善外部监管和内部控制制度,通过降低代理成本提高国有企业衍生品业务管理水平。

This paper investigates effects of foreign exchange derivatives on export profitability of Chi- nese listed firms. Sample selection problem is addressed by employing the propensity score matching meth- odology. Results show that foreign exchange derivatives are effective in improving export revenue, but fail to promote the profit significantly. As for state -owned firms, neither export revenue nor export profit are significantly improved. Therefore, the domestic foreign exchange derivatives markets should be promoted to reduce transaction costs, the external supervision and internal control system should be improved, and the management on the derivatives business in state - owned firms should be improved by reducing the agent cost.