中国上市企业套期保值对企业价值的影响

The Empirical Research of the Hedging about Value of China's Listed Enterprises

使用面板数据分析方法,根据市场参与者使用衍生工具的不同特点,以中国化工行业及银行业上市公司为样本,对中国上市企业套期保值行为对企业价值的影响进行了实证检验。结果表明,同一经济周期内,套期保值行为对企业价值的影响存在行业差异,化工企业使用衍生工具并没有提高企业价值,银行业的套期保值行为对银行权益资本有更多的价值提升,而对银行资产收益率没有显著影响。

This essay, by applying panel data analysis, empirically tested hedging＇s influence to company value with Chinese chemical industry and listed commercial banks as examples, which proved that in the same economy circle, derivatives used by chemical industry never increase the value of company. However, hedging in the bank industry will promote the equity capital of the banks while showing no evident effect to return on bank assets. The essay discusses the reasons of the existence of industry difference, and puts forward relevant policy suggestions.