套期保值动机研究综述

MM定理告诉人们,在一个完美的市场中,企业是没有必要进行套期保值的。然而现实市场是很不完美的,因此,企业的套期保值就不是无关紧要的。企业套期保值动机的研究告诉人们,套期保值并不总是源于价值最大化。基于企业价值最大化的套期保值行为将提升企业的市场价值,而基于管理者利益最大化的套期保值行为将降低企业的市场价值。有鉴于此,对于企业的套期保值动机,投资者及其他相关利益者理应明辨。

Research Review on the Motives of Hedging

The Theory of Modigliani-Miller(MM) tells us that hedging is not necessary for firms in a perfect market.However,the markets in real life are not perfect ones which makes hedging very important for different firms.The research of the motives of hedging tells us that hedging does not always stem from maximization of value.Firms with the hedging behavior of the maximization of enterprise value can promote its market value,while firms with the hedging behavior of the maximization of managers' interests will do the other side.Therefore,investors and other relative beneficiaries should pay attention to the motives of hedging of firms.