文献类型：期刊文献

中文题名：外币债务融资与企业外汇风险水平

英文题名：Foreign-Denominated Debt Financing and Corporate Foreign Currency Risk

作者：原盼盼[1];郭飞[2]

第一作者：原盼盼

机构：[1]河南财经政法大学会计学院,河南郑州450000;[2]中南财经政法大学会计学院,湖北武汉430073

第一机构：河南财经政法大学会计学院

年份：2020

期号：6

起止页码：63-79

中文期刊名：现代财经：天津财经大学学报

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI2019_2020】；

语种：中文

中文关键词：外币债务融资;外汇风险水平;企业特征;内外部治理;高管背景特征

外文关键词：foreign-denominated debt financing;foreign currency risk;enterprise characteristics;internal and external governance;executive background characteristics

摘要：外汇风险是各方关注的焦点。日益增长的外币债务融资对企业外汇风险产生怎样的影响,关系到金融服务实体经济功能的有效发挥,是一个亟需检验的实证问题。为此,本文利用2010-2017年A股上市公司数据,系统考察了外币债务融资对企业外汇风险水平的影响。研究结果表明,外币债务融资降低了企业外汇风险水平,发挥了外汇风险管理作用。进一步研究发现,对于较大规模企业,出口型企业,内外部治理较完善企业,高管年龄较长、学历较高,金融财务背景较好企业,外币债务融资对企业外汇风险的降低作用更显著。本文为企业优化债务币种结构,降低外汇风险提供理论支撑与经验证据。
Foreign currency risk is the focus of attention.How the increasing foreign-denominated debt financing affects the foreign currency risk of enterprises is related to the effective exertion of the real economic function of financial services,which is an empirical problem that needs to be tested urgently.Based on the data of A-share listed companies from 2010 to 2017,this paper systematically investigates the impact of foreign-denominated debt financing on enterprises’ foreign currency risk level.The results show that foreign-denominated debt financing reduces the level of foreign currency risk of enterprises,and plays an effective role in foreign currency risk management.Further research shows that the effect of foreign denominated debt financing on the reduction of enterprises’ foreign currency risk is more significant for large-scale enterprises,export-oriented enterprises,enterprises with better internal,external governance and enterprises with older senior executives,higher education and better financial background.This paper provides theoretical support and empirical evidence for enterprises to optimize debt currency structure and reduce foreign currency risk.