高管海外经历是否降低了企业汇率风险?

Can Managerial Overseas Experience Reduce Exchange Rate Risk?

本文以2008~2016年A股上市公司为研究对象,研究了高管海外经历在企业汇率风险管理上发挥的作用及其机理。经验证据显示,具有海外经历的高管能显著降低企业的汇率风险,其原因主要在于具有海外经历的高管能有效运用经营对冲和金融对冲,通过平滑企业盈余和改善公司治理水平来缓解汇率变化形成的冲击。进一步地,在改变高管海外经历的定义和汇率风险的测量方式、考虑多种内生性问题的影响之后,高管的海外经历与企业汇率风险之间的负相关关系依然显著。本文的研究对企业管理汇率风险、加强高管团队建设有一定的参考价值。

This paper investigates the effect of managerial overseas experience on exchange rate risk management and its inherent mechanism.Our empirical evidence demonstrates that managerial overseas experience can help China’s listed companies effectively reduce the exchange rate risk.Further tests reveal that operational hedging,financial hedging,earnings smoothing,and improving corporate governance are introduced to manage exchange rate risk.The results still hold with alternative measures of exchange rate risk and managerial overseas experience,and they are also robust after controlling for self-selection bias and using propensity score matching approach to address endogeneity concerns.The findings of this paper provide some implications on firms’management of exchange rate risk and the construction of executive team in emerging markets where external governance is relatively weak.