跨国企业汇率风险控制的新途径——盈余管理

A New Way to Control the Foreign Rate Risk of Multinational Corporations:Earnings Management

文章以我国764家有外汇交易的上市公司为研究对象,探寻新的汇率风险管理方法,以帮助企业进一步加强汇率风险管理。并以2008-2012年期间的数据为样本,研究盈余管理对企业的汇率风险的影响。发现盈余管理可以将由汇率波动引起的公司业绩波动变的平滑,消除了业绩的波动给公司带来的风险。同时盈余管理与传统的汇率风险管理方法之间是互补关系,若公司在使用了金融对冲和经营对冲之后仍然有汇率风险敞口,则可继续使用盈余管理来平滑汇率波动引起的业绩波动,使得公司业绩平稳,风险敞口降低。本文将现有的汇率风险管理方式由金融对冲和经营对冲两种扩展为含有盈余管理的三种。

As the pace of exchange rate reform continues,the exchange rate volatility is increasing and the direction of volatility is also increasingly difficult to predict,leading to huge exchange rate risk.However,although the corporation already use the financial hedge and operational hedge,there is still a large exchange rate risk exposure.Therefore,this paper used 764 listed companies with foreign exchange transactions as sample to explore new way to control the exchange rate risk.Using data from 2008 to 2012,we found that earnings management can smooth the fluctuation of the company's performance caused by exchange rate fluctuation and eliminate the risk brought by the fluctuation of performance.At the same time,there is a complementary relationship between earnings management and traditional exchange rate risk management.If the company still has exchange rate exposure after using financial hedge and operating hedge,it can continue to use earnings management to smooth the fluctuation caused by exchange rate fluctuations,stable performance and lower risk exposure.The conclusion of this paper enriches the exchange rate risk management method in theory,and expands the existing exchange rate risk management from financial hedging and operating hedging to three kinds of earnings management.In practice,the conclusions of this paper help enterprises to find a new exchange rate risk management methods to effectively mitigate the exchange rate risk.