외환파생상품과 외화표시부채의 사용이 기업가치에 미치는 영향 : 중국 자동차 부품제조기업을 대상으로
Effects of Foreign Exchange Derivatives and Foreign Currency Denominated Debt on Corporate Values : Focusing Chinese Auto Parts Manufacturers
- Resource Type
- Article
Text
- Authors
- 유정; 김태중; Liu, Zheng; Kim, Tae-joong
- Source
- 국제경영리뷰, 03/31/2021, Vol. 25, Issue 1, p. 199-214
- Subject
- 외환파생상품
외화표시부채
환헤지
기업가치
Foreign exchange derivatives
Foreign currency-denominated liabilities
Foreign exchange hedges
Corporate value
- Language
- 한국어(KOR)
- ISSN
- 1598-4869
Based on the theory of exchange risk management and corporate value, this paper demonstrates the impact of the use of foreign exchange derivatives and foreign currency-denominated liabilities of Chinese auto parts manufacturers on corporate value. Specifically, the impact of the use of foreign exchange derivatives and foreign currency-denominated liabilities on corporate value through multiple regression analyses and the hedge effect of foreign exchange derivatives and foreign currency-denominated liabilities were examined. The results of the study found that the use of either foreign exchange derivatives or foreign currency-denominated liabilities reduces the exchange risk of the entity and has a positive effect on the entity's value. It also found that the value of companies using foreign exchange derivatives and foreign currency-denominated liabilities at the same time could have a more positive effect. Finally, the results were confirmed that the use of foreign exchange derivatives had a greater effect on the value of the entity by reducing exchange risk than foreign currency-denominated liabilities. This means that auto parts manufacturers exposed to foreign exchange risk due to import of intermediate parts and export of final products abroad should manage exchange risk by using foreign exchange derivatives and foreign currency-denominated liabilities differently.