外汇衍生品的使用与上市公司融资效率的提升——基于财务风险“中介效应”的分析

The Usage of Foreign Exchange Derivatives and the Enhancement of Listed Firms' Financing Efficiency——An Analysis based on Financial Risk's Intermediary Effect

本文以中国A股上市公司2007-2014年数据为样本,以自建的中国企业"外汇风险对冲交易数据库"为基础,基于财务风险的"中介效应"视角分析外汇衍生品使用与企业融资效率之间的关系。研究发现:就全样本而言,外汇衍生品的使用给中国上市公司带来了约8.1%融资效率的提升,公司财务风险下降约20.7%,并且使财务风险在外汇衍生品的使用与融资效率之间产生了"中介效应";国有上市公司外汇衍生品的使用对融资效率的提升作用显著高于民营上市公司;完全竞争型公司使用外汇衍生品能显著提高其融资效率,但是低垄断型和高垄断型公司外汇衍生品的使用效果不显著;东部公司外汇衍生品的使用对融资效率产生了"正效应",中部公司则产生了"负效应",西部公司"无效应"。

Taking Chinese A-share listed enterprises data from 2007 to 2014 as samples,and on the basis of the Chinese Listed Companies＇ foreign exchange risk hedging Database which is built by us,this paper analyzes the relationship between the usage of foreign exchange derivatives and financing efficiency from the perspective of financial risk＇s intermediary effect.This paper finds that：on the whole samples,the usage of foreign exchange derivatives can enhance firms＇ financing efficiency by 8.1% and reduce firms＇ financial risk by 20.7%,and makes financial risk play a significant intermediary role in the usage of foreign exchange derivatives and firms＇ financing efficiency; the use of foreign exchange derivatives can improve financing efficiency more for state-owned listed firms than for private listed firms; the usage of foreign exchange derivatives by perfectly competitive firms can significantly improve their financing efficiency,but the result is not significant for low and high monopoly firms; the usage of foreign exchange derivatives has positive effects on financing efficiency for the eastern firms,but produces negative effects on central firms,and has no effects on western firms.