关键词: 外汇风险对冲,外汇衍生品,对冲程度,企业价值

Abstract: Foreign exchange hedging would result in the changes of corporate values, and such changes would present differences among different regions. Based on the data of 235 overseas construction enterprises from 2011 to 2015, this paper makes an empirical test and finds out that there is a positive correlation between foreign exchange derivatives and corporate values, while between the degree of foreign exchange risk hedging and the corporate value the correlation is not linear but U-shaped. Further analysis shows that the corporate inflection point in higher marketized regions will appear earlier than that in lower marketized regions. This conclusion can support the idea that enterprises should increase the use of foreign exchange derivatives as a financial instrument to a certain degree in the process of the exchange rate risk management. At the same time, they should speed up the development of the foreign exchange derivatives market and the reserve of talents in the lower marketized regions.

Key words: foreign exchange hedging; foreign currency derivatives; hedging level; corporate value