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1.
美国财险公司衍生工具应用的价值和业绩效应   总被引:1,自引:0,他引:1  
衍生金融工具价格并非标的金融资产价格的一元线性函数,因而使用衍生工具最终是否能够起到风险管理之目的虽倾向于正面但尚存争论。本文以美国财险上市公司为研究对象,研究衍生品使用对财险公司价值和业绩的直接效应。运用Panel data模型实证检验的结果表明,衍生工具运用之于财险公司价值及业绩影响性质不同。本文提出了中国衍生产品市场推出之后放开财脸企业的投资准入的建议。  相似文献   

2.
论文选取有色金属矿产行业以及能源交通运输行业229家上市公司作为样本,以上市公司是否使用衍生产品为解释变量,同时引用一系列控制变量,通过实证分析上市公司使用衍生产品是否会有效降低公司风险。实证过程涉及参数检验、非参数检验、相关性分析和回归分析,实证结果显示我国上市公司使用衍生产品会降低公司风险,这与西方主流的财务管理理论相一致而与我国学者以前的研究相反,由此推测我国上市公司运用衍生产品的能力逐渐娴熟。  相似文献   

3.
近年来,在市场竞争日趋激烈的影响下,制造业主板上市公司纷纷开始意识到提高企业价值的重要性。基于此,本文在概述资本共生关系及企业价值相关理论的基础上,以制造业主板上市公司为调查对象,依据"共生理论",探讨了在经济新常态背景下,资本共生关系与企业价值的相关性。同时,依据相关性研究的结果,提出了制造业主板上市公司提升企业价值的建议。希望通过本文的研究能够为制造业主板上市公司的发展提供参考,同时也为同类型的制造业公司发展提供借鉴。  相似文献   

4.
通过实证检验产品市场竞争对中国上市公司现金持有价值产生影响的不同作用机理,结果发现:产品市场竞争确实可以促进中国上市公司现金持有价值的提升,这种作用机理更多地来自产品市场竞争的掠夺效应而不是治理效应。进一步研究发现:掠夺效应和治理效应可以通过融资约束得到更好的区分,在融资约束公司中掠夺效应表现更为显著。揭示了中国上市公司产品市场竞争对公司现金持有价值的具体促进机制,并检验了融资约束在其中的影响。  相似文献   

5.
本文基于行为金融理论和高层梯队理论,选用2008-2013年我国A股上市公司数据作为研究样本,区分企业产权性质,实证检验了拥有不同特质的管理者对负债融资行为与企业价值的影响。研究结果显示:我国上市公司的负债融资可以降低企业代理成本,对企业价值有正面的治理效应;管理者为男性、教育水平越高、任期越短、有财务相关工作经历时,越容易出现过度自信,也更偏好使用负债融资,其中管理者性别、教育水平、工作经历更是可以显著提高负债融资对企业价值的提升作用。进一步区分产权性质后发现,和国有公司相比,非国有公司负债融资对企业价值的提升效果更好;非国有公司管理者教育水平、工作经历与负债融资的正相关更强,也更能显著提高负债融资对企业价值的提升作用。本研究不仅丰富了管理者特质和企业融资研究领域的文献和经验证据,而且也表明了在研究负债融资对企业价值的治理效应时,管理者特质和公司的产权性质是重要的考量因素。  相似文献   

6.
本文选择2010年沪深300指数2009年和2010年度报告为依据,首先采用logistic单因素和多因素回归的方法,检验与衍生金融工具使用相关的因素,进而采用线性回归方法,检验公司价值与衍生金融工具的使用是否相关.结果发现:公司规模与衍生金融工具的使用显著正相关,但是衍生金融工具的使用与Tobm' s Q的相关性并不显著.因此,我国企业使用衍生工具的动机,既不支持公司价值最大化理论也不支持经理层自利理论.  相似文献   

7.
基于中国上市公司2007~2013年财务数据,研究公司治理对管理者使用衍生金融工具的影响,并结合中国制度背景,深入分析和检验企业产权、政策监管对公司治理效应的影响。实证结果表明,公司治理对管理者使用衍生金融工具的动机存在重要影响,公司治理水平越高,管理者越倾向于利用衍生金融工具避免财务困境风险;相反,管理者越倾向于利用衍生金融工具规避薪酬风险。研究还发现,公司治理的作用机制会受到所有权性质的影响,国有控制属性会弱化公司治理效应,对衍生金融工具交易的政策监管差异是重要原因。  相似文献   

8.
本文以2005-2011年中国A股上市公司为样本,实证分析内部资本市场对企业现金持有量的影响,并在此基础上进一步研究集团多元化和国有控股是如何影响企业现金持有及其价值.研究结果显示:内部资本市场增加了上市公司的现金持有量,但却显著折损了公司价值,内部资本市场加剧了企业持有现金的代理动机;国有控股集团在一定程度上缓解了上市公司的融资约束,但却未能提升公司的价值;多元化经营的集团公司现金持有量也偏低,但并非出于其缓解融资约束的作用,且呈现出显著的现金持有“多元化折价效应”.  相似文献   

9.
上市公司利益相关者治理评价及实证研究   总被引:10,自引:2,他引:10  
有鉴于利益相关的相关问题已成为现行公司治理框架中不可或缺的一部分,本设置代理投票制度、累积投票制度、职工监事制度三个利益相关治理评价指标,考察中国上市公司利益相关参与公司治理和利益相关权益的保护状况。评价结果显示,我国上市公司利益相关治理水平很低,还处在建立健全的初步阶段,还不足以对企业业绩和企业价值产生显影响。我国上市公司亟侍建立和完善利益相关治理机制,以便充分重视和解决利益相关问题,提升整体公司治理绩效,最终达到提高公司业绩和价值的目的。  相似文献   

10.
以我国2006—2008年金融、保险板块上市公司为研究样本,对我国上市公司使用金融衍生品的避险动机,运用Logstic归进行了研究。结果发现,只有公司规模与金融衍生品需求正相关。表明了我国金融衍生产品市场还处于发展初期,使用金融衍生品的公司参与避险的数量不多,资产规模小的金融机构风险管理经验尤为缺乏。  相似文献   

11.
We utilize a sample of US acquiring firms that engaged in international M&As to document the effects of corporate derivatives use on post-M&A long-term performance. We find that derivatives users outperform nonusers. Furthermore, we find that acquirers with derivative policies that are more comprehensive and sophisticated outperform those with less comprehensive and sophisticated policies. They, in turn, outperform acquirers with no existing policies in place. Our results are consistent with the notion that the use of derivatives lowers information asymmetry related agency problems. Furthermore, our evidence indicates that derivatives use is an important corporate activity that has a profound effect on post-M&A performance.  相似文献   

12.
The ongoing growth in use of financial instruments together with the accompanying disclosing requirements debate has motivated this study to examine the role of internal corporate governance and accounting rule changes in firms’ derivatives using derisions. The empirical results reveal that firms with better internal corporate governance have higher demand on hedging-purpose derivatives usage in Taiwan. Moreover, the magnitude of hedging-purpose derivatives usage significantly decreases following the enforcement of SFAS No. 34. It is also found that firms with better internal corporate governance are moderate negatively associated with the non-hedging-purpose derivatives usage and the effect of SFAS No. 34 is statistically insignificant in this testing. This study implements several diagnostic checks and demonstrates the results are robust to various specifications.  相似文献   

13.
The fact that 92% of the world's 500 largest companies recently reported using derivatives suggests that corporate managers believe financial risk management can increase shareholder value. Surveys of finance academics indicate that they too believe that corporate risk management is, on the whole, a valueadding activity. This article provides an overview of almost 30 years of broadbased, stock‐market‐oriented academic studies that address one or more of the following questions:
  • ? Are interest rate, exchange rate, and commodity price risks reflected in stock price movements?
  • ? Is volatility in corporate earnings and cash flows related in a systematic way to corporate market values?
  • ? Is the corporate use of derivatives associated with reduced risk and higher market values?
The answer to the first question, at least in the case of financial institutions and interest rate risk, is a definite yes; all studies with this focus find that the stock returns of financial firms are clearly sensitive to interest rate changes. The stock returns of industrial companies exhibit no pronounced interest rate exposure (at least as a group), but industrial firms with significant cross‐border revenues and costs show considerable sensitivity to exchange rates (although such sensitivity actually appears to be reduced by the size and geographical diversity of the largest multinationals). What's more, the corporate use of derivatives to hedge interest rate and currency exposures appears to be associated with lower sensitivity of stock returns to interest rate and FX changes. But does the resulting reduction in price sensitivity affect value—and, if so, how? Consistent with a widely cited theory that risk management increases value by limiting the corporate “underinvestment problem,” a number of studies show a correlation between lower cash flow volatility and higher corporate investment and market values. The article also cites a small but growing group of studies that show a strong positive association between derivatives use and stock price performance (typically measured using price‐to‐book ratios). But perhaps the nearest the research comes to establishing causality are two studies—one of companies that hedge FX exposures and another of airlines' hedging of fuel costs—that show that, in industries where hedging with derivatives is common, companies that hedge outperform companies that don't.  相似文献   

14.
The financial theory (Modigliani & Miller, 1958) rises that risk management was not an issue for companies because shareholders could make their own hedging management through portfolio diversification; however, further studies conflict with that statement and show that corporate financial hedging improves performance and increases the value thereof (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Allayannis & Ofek, 1998). Efficient management of market risks, which is based on the use of financial derivatives, demands strategic and efficient managers in hedging that adds value to the firm, especially in against shocks and imbalances from a macroeconomic and financial nature. Empirical evidence analyzes the performance of the Q-Tobin as an indicator of the effect of hedging strategies of exchange rate associated to the market value. This paper aims to find evidence in Colombia on the effect of using derivatives in the market value of the firm. Its added value lies in the analysis made by economic sectors, identified by CIIU codes and grouped into 5 sectors (Agricultural, Commercial, Industrial or Manufacturing, Services and Construction). The methodology includes several models estimating regression panel data, using a Pooled regression with estimators of fixed and random effects by maximum likelihood estimator. In general, it was found a premium due to hedging, statistically and financially significant, for companies exposed to exchange rate risks that use derivatives by an average of 6.3% on the market value. Moreover, mixed results were found regarding the analyzed variables in the model.  相似文献   

15.
以我国 A 股非金融类上市公司为样本,就商业信用变动对公司价值的影响进行分析,并以投资效率损失作为融资约束程度分类标准,对融资约束程度不同公司的商业信用变动的边际价值进行对比分析。研究发现:商业信用有利于提高公司价值;融资约束公司的商业信用变动的边际价值小于非融资约束公司;对于融资约束类公司,商业信用变动的边际价值会随着商业信用存量的增加而增加;而对于非融资约束类公司,商业信用变动的边际价值会随着商业信用存量的增加而减小。  相似文献   

16.
Credit derivatives are the latest in a series of innovations that have had a significant impact on credit markets. Using a micro data set of individual corporate loans, this paper explores whether use of credit derivatives is associated with an increase in bank credit supply. We find only limited evidence that greater use of credit derivatives is associated with greater supply of bank credit. The strongest effect is for large term loans—newly negotiated loan extensions to large corporate borrowers, with a largely negative impact on (previously negotiated) commitment lending. Even for large term borrowers, increases in the volume of credit are offset by higher spreads. These findings suggest that the benefits of the growth of credit derivatives may be narrow, accruing mainly to large firms that are likely to be “named credits” in these transactions. Finally, use of credit derivatives appears to be complementary to other forms of hedging by banks, though the banks most active in hedging appear to charge more for additional amounts of credit.  相似文献   

17.
The paper evaluates the effect of corporate risk management activities on firm value, using a sample of large UK non-financial firms. Following recent changes in financial reporting standards, we are able to collect detailed information on risk management activities from audited financial reports. This enables us to gain a better understanding of risk management practices and to investigate value implications of different types of hedging. Overall 86.88% of the firms in the sample use derivatives to manage at least one type of price risk. The hedging premium is statistically and economically significant for foreign currency derivative users, while we provide weak evidence that interest rate hedging increases firm value. The extent of hedging and the hedging horizon have an impact on the hedging premium, whereas operational risk management activities do not significantly influence the market value of the firm.  相似文献   

18.
In this paper we use UK data to present strong empirical evidence that explains the mixed results in previous studies with respect to the effect of financial distress on the demand for corporate hedging. We build on recent studies that have identified a strong link between foreign currency (FC) debt use and leverage. Given this relationship, we show that using leverage variables as proxies for financial distress and the failure to distinguish between FC debt users and non‐users causes misleading inference. More specifically, when we partition our sample of FC hedgers into firms that use and do not use foreign debt, we show that leverage variables are significantly related to the FC hedging decision for firms that use FC debt either in isolation or in combination with FC derivatives but not for firms that only use FC derivatives. This suggests that FC debt users are influencing these results. However, we also find that other financial distress cost proxies with no obvious link to FC debt use are significant determinants in the corporate demand for FC hedging, including derivatives use.  相似文献   

19.
朱孟楠  徐云娇 《金融研究》2022,510(12):36-54
本文基于2001—2019年上市公司年报中关于外汇衍生品的使用信息,研究发现,使用外汇衍生品的上市公司相比未使用的公司发起并购的概率更低,但并购的市场和经营绩效有所提高。主要原因在于,中国上市公司进行并购通常以企业自有资金进行现金支付,外汇衍生品的使用大幅降低了公司出于预防性动机而持有的现金,从而降低了公司发起并购的概率。此外,进行汇率风险对冲可避免公司因持有大量自由现金流而发生的过度投资行为,从而提高了公司的投资效率。总体而言,使用外汇衍生品进行汇率风险对冲可使上市公司更注重并购质量而非并购数量,从而实现“少而精”的投资策略。本文研究对进一步厘清企业使用外汇衍生品的相关影响提供了一定参考。  相似文献   

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