“一带一路”跨国企业的风险对冲评价:基于337份海外投资企业调查数据的SEM模型分析

Risk Hedging Evaluation of Multinational Corporations along the Belt and Road: Framework,Indicators and Effects

"一带一路"建设的实施加快了中国企业海外投资步伐,但外汇风险也逐步增大。如何评价中国企业的外汇风险对冲效果?围绕这一核心问题,文章搭建了跨国企业风险对冲效果的整体评估框架,并设计了包括5大维度、20个核心指标的一套指标体系。以此为基础,设计问卷调查了"一带一路"沿线国家的337家中国跨国企业,使用结构方程模型(SEM)评估了企业的外汇风险对冲效果。结果表明:总体上,中国企业的外汇风险对冲取得了良好效果,提高了企业价值;就具体维度而言,风控机制的作用最大,公司财务水平的作用居第二位,公司治理和产业竞争能力的作用最小。为测量各维度内部构成要素的具体影响,文章还对五大维度作了单因子结构效度分析,并对每个问项的作用进行了较为细致的挖掘。

The implementation of " The Belt and Road Initiative" has accelerated the pace of Chinese multinational firms' cross-border investment; however the foreign exchange risks are also gradually increasing. How to evaluate the foreign exchange hedging effect of Chinese enterprises? Around this core issue,this paper sets up a risk assessment framework for MNCs' risk hedging and designs an index system,including 5 dimensions and 20 core indicators. Based on this,this paper designs a survey of 337 Chinese multinationals along the " Belt and Road",using structural equation modeling( SEM) to evaluate the hedging effect of foreign exchange risk. The results show that: Overall,the hedging of foreign exchange risks of Chinese enterprises has achieved good results and raised the value of enterprises. In terms of specific dimensions,the risk control mechanism has the greatest hedging effect on firms,followed by the company' s financial level. The corporate governance and industrial competition play a minimal role. In order to measure the concrete influence of the internal components of each dimension,the five dimensions were also analyzed for the validity of the single factor structure,and the effect of each question was more carefully excavated.