金融对冲、经营对冲与价值创造

Financial Hedging, Operational Hedging and Value Creation

以2006-2012年A股上市公司为样本,检验了金融对冲与经营对冲的策略选择、对冲效果、关系及价值创造效应。研究发现:对冲策略的选择取决于预算约束、使用成本和对冲效益,当融资约束较轻时,风险越高,企业更可能采取经营对冲,反之采取金融对冲;相比金融对冲,经营对冲可多带来约10%-20%的风险下降,且更为持久;金融对冲与经营对冲呈现互补关系,同时采用可带来约5%-10%的价值溢价;良好的公司治理能够作为金融对冲或经营对冲的短期替代机制。

Using the A-share listed companies during 2006-2012 as sample, we test the tactics selection, hedging result, relationship and value creation between financial hedging and operational hedging. The results show that, the selection of risk hedging tactics depends on budget constraints, use-costs and hedging benefits, when financial constraints in a low degree, the higher the risk of prior period, the more likely the company to adopt operational hedging, otherwise, the company will use financial hedging. Compared with financial hedging,operational hedging could bring about 10%-20% risk declination and the effects last more durable. A complementary relationship exist between financial hedging and operational hedging, using the both simultaneously will bring about 5%-10% value premium. Good corporate governance could be used as an alternative mechanisms of financial hedging or operational hedging in the short term.