“汇改”冲击下不同所有制企业的金融风险承担行为——基于上市公司外汇存款数据的实证分析

Financial Risk-Taking Behavior of Firms with Heterogeneous Ownership under Reform Shocks from Foreign Exchange Markets:An Empirical Analysis on the Foreign Exchange Deposits of Non-financial Listed Companies

基于"811汇改"前后上市公司外汇存款数据的动态变化,本文研究不同所有制企业在金融风险承担(Risk-Taking)方面的行为差异。一般而言,与企业主营业务无关的外汇存款变动可以在一定程度上表征企业的金融逐利行为。基于上市公司数据的面板回归结果显示:2015年"811汇改"前后,国有和非国有的A股上市公司外汇存款占银行存款的比重都显著增加,但非国企的增幅远大于国企,表明非国有上市公司在面临汇改冲击时更热衷于承担外汇风险进行金融套利。据此,本文认为应加强上市公司特别是非国有上市公司的金融风险意识,这既有利于提升企业经营水平,也有助于外汇市场平稳健康发展。

This paper analyzes the heterogeneity of financial risk-taking behavior for firms with different ownership through the foreign exchange deposits adjustment of listed companies facing the policy shock of the Foreign Exchange Market Reforms on August 11, 2015. It is argued that the shift of foreign exchange deposits as a share of total cash deposits, which are not related to firms’ daily business, may serve as a proxy indicating firms’ financial-risk taking behavior. The panel regression based on the data of listed companies in China shows that while both state-owned firms and non-state-owned firms increased their share of foreign exchange deposits among all cash deposits following the policy shock in August 2015, the rise of non-state-owned is much more substantial, which indicates that non-state-owned firms may be more willing to conduct financial risk-taking compared to state-owned firms. Based on those findings, this paper argues that it is necessary for listed companies, non-state-owned companies in particular, to be educated on their perception of financial risk-taking. This will lead firms to focus on their major business areas and help cultivate a stable and healthy foreign exchange market.