수출기업의 환헤징이 환노출과 기업가치에 미치는 영향분석

• 영문명: A study on the Effect of Foreign Exchange Hedging on the Foreign Exposure and the Value of Exporting Company
• 발행기관: 한국무역연구원
• 저자명: 김정욱(Jung-Wook Kim) 안동규(Dong-Gyu Ahn)
• 간행물 정보: 『무역연구』제10권 제3호, 301~319쪽, 전체 18쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.06.30

영문 초록

The purpose of this paper is to analyze the impact of the currency exposure on the firm value through the financial hedging and operational hedging and to examine the characteristics of companies using the currency derivatives. In this paper, we used OLS model, OLS model including the control variables, and the fixed-effect panel model. Particularly, the result of finding a proper model of this panel data through the Hausman test shows that the fixed effect model can fit the best results. We obtain the following results from this study. First, we did not find the significant effect of the financial hedging on the currency exposure. The relationship between financial hedging and the firm value is presented in the negative direction unlike the hypothesis of this study. Second, we find that the relationship between operational hedging and currency exposure is positive. That is, the greater the number of country of overseas subsidiaries, the greater the currency exposure of company, which is the opposite to hypothesis of this study. Third, when we analyzed financial hedging and operational hedging simultaneously with respect to currency exposure, financial hedging did not represent the result insignificantly and operational hedging did represent positive relationship.

목차

Abstract

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ.연구방법론

Ⅳ. 실증분석

Ⅴ. 결론

참고문헌

키워드

currency exposure firm value financial hedging operational hedging fixed-effect panel model