【作者】 郑建明； 郑莉莉；

【Author】 ZHENG Jianming,ZHENG Lili(University of International Business and Economics,100029)

【机构】 对外经济贸易大学；

【摘要】 本文使用2005-2010年我国上市公司使用外汇衍生品的数据,分析公司使用外汇衍生品行为的影响因素,从而对破产成本等假设进行验证。研究发现,财务状况、投资机会等指标是使用衍生品的影响因素,还分析了公司的股权结构、产权性质、市场化程度、政治关联度对使用衍生品的影响,使用连续变量的稳健性检验支持了本文的结论。本文拓展了外汇衍生品使用动机的研究,在规范上市公司衍生品信息披露和加强公司衍生品行为监管方面提出了相应的政策建议。更多还原

【Abstract】 This paper analyzes the factors which affect the hedging behavior using the listed firms from 2005 to 2010 and tests costs of financial distress theory and other existing theories.We find that the motives of using currency derivatives include that financial status indicators,investment opportunities indicators and so on,which is consistent with our assumptions.We also analyze the relationships of the proportions of managerial ownership,property rights,the market indexes,and political connection of firms with derivatives.The robustness test using continuous dependent variable supports our conclusions.Our research expands the motivations of foreign exchange,and makes corresponding recommendations on regulating derivatives information disclosure of listed companies and strengthening regulation of corporate derivatives behavior.更多还原