| 商品期货套期保值对企业价值的影响 |
| |
| 引用本文： | 罗孝玲,马世昌,杨怀东. 商品期货套期保值对企业价值的影响[J]. 商业研究, 2011, 0(7): 1-8 |
| |
| 作者姓名： | 罗孝玲 马世昌 杨怀东 |
| |
| 作者单位： | 中南大学商学院,长沙,410083 |
| |
| 摘 要： | 以1999-2010年我国有色金属生产及加工行业的59家上市公司为样本,本文研究了商品期货套期保值对企业价值造成的影响。通过分析套保对稳定企业价值的影响,证明期货套保有助于降低价格风险对企业股价的影响,即有助于稳定企业价值;通过分析套保对提升企业价值的影响,证明国内企业参与期货套保并不能显著提高所有公司的托宾Q值,但是大规模企业由于发挥规模效应,相比较小规模参与者而言较易于提升公司价值;进一步研究表明公司规模和财务状况是影响企业是否参与套保的关键因素。
|
| 关 键 词： | 套期保值 企业价值 商品期货 股价波动 Q比率 |
Impact of Hedging by Commodity Futures on Firm Value |
| |
| LUO Xiao-ling,MA Shi-chang,YANG Huai-dong. Impact of Hedging by Commodity Futures on Firm Value[J]. Commercial Research, 2011, 0(7): 1-8 |
| |
| Authors: | LUO Xiao-ling MA Shi-chang YANG Huai-dong |
| |
| Affiliation: | LUO Xiao-ling,MA Shi-chang,YANG Huai-dong(Business School of Central South University,Changsha 410083,China) |
| |
| Abstract: | This article analyzes the influence of hedging on firm value in China by using the statistics of 59 listed companies of nonferrous metal industry from 1999 to 2010.This article studies the impact of hedging over the stock price fluctuation.The result shows that hedging can reduce the fluctuation of share price over futures price.Furthermore,the mainbody of article is to study the impact of the hedging on firm value directly.The result is that companies in China participating in hedging can not increase all ... |
| |
| Keywords: | hedging firm value commodity futures stock fluctuation Q ratio |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
|
