“一带一路”倡议下企业如何规避外汇风险--基于经营性对冲和金融性对冲的比较

How Can Enterprises Avoid Foreign Exchange Risks under the Belt And Road Initiative--Based on the Comparison of Operational Hedging and Financial Hedging

"一带一路"倡议下我国"走出去"的企业越来越多,企业国外业务占比日益增加,小币种汇率的不稳定性引致汇率波动风险不断攀升。本文基于2013-2017年264家参与"一带一路"建设的中国企业微观数据,实证检验了企业经营性对冲和金融性对冲策略的外汇风险对冲效果以及二者之间的关系。研究结果表明:经营性对冲和金融性对冲都能起到良好的对冲效果,经营性对冲的效果优于金融性对冲,二者之间是互补关系;东道国综合发展程度越高,企业采取经营性对冲策略的对冲效果越好,且制造业企业比非制造业企业更适合采用经营性对冲策略。

Thanks to the Belt And Road Initiative in China,there are an increasing number of Chinese enterprises investing overseas( " going-out" enterprises). Therefore,the foreign exchange rate risk becomes vital to these Chinese enterprises,given the growing proportion of foreign firms and the instability of exchange rates in small currencies.Based on the sample of 264 Chinese enterprises participating in the construction of "Belt And Road"during 2013-2017,this paper empirically investigated the hedging effect of operational hedging and financial hedging strategies on foreign exchange rate risk. The results show that both operational hedging and financial hedging strategies exhibit good hedging effects,but the effect of operational hedging is superior to that of financial hedging strategy. In addition,there is a complementary relationship between these two strategies. A further analysis shows that the higher the comprehensive development degree of the host country,the better the operational hedging effect;and that it is more suitable for the manufacturing enterprises to adopt the operational hedging strategy than for the non-manufacturing enterprises. This finding provides an useful insight for our"going-out"enterprises to choose the correct foreign exchange risk hedging strategy and therefore improve the effect of exchange rate risk management.