无外汇交易企业的汇率风险——基于不同行业的研究

Exchange Rate Risk of No-foreign Exchange Trade Corporations——Based on Different Industries

本文以中国A股市场中的89家能源、99家房地产和164家公用事业无外汇交易企业作为研究样本,运用双因素模型以及多因素模型进行分析并横向对比,对无外汇交易企业是否存在外汇风险以及风险与行业的关系进行研究。结果显示,所涉及三个行业中,汇率对无外汇交易企业的企业价值均有显著的影响。同时,我们假设汇率对股价的影响与政府干预程度负相关,发现分析结果与该假设一致。

The paper chosed 89, 99 and 164 listed companies respectively from energy industry, real-estate sector and newly developed industry in Chinese A stock market that have no foreign exchange trade as research samples. Analyzing with two factor model and muhifactor model and comparing horizontally, the authors did some research on whether no- foreign exchange trade corporations have foreign exchange risk or not and the relationship between risk and industry. The authors found out that the value of no-foreign exchange trade corporations in above-mentioned three indusries are significantly influenced by the changes of exchange rates. Meanwhile, the less governments interference is, the more significant foreign exchange rates impact is on the industry, which fits the assumption quite well.