| 金融衍生品使用与企业价值、风险:来自中国有色金属类上市公司的经验证据 |
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| 引用本文： | 赵旭. 金融衍生品使用与企业价值、风险:来自中国有色金属类上市公司的经验证据[J]. 经济管理, 2011, 0(1) |
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| 作者姓名： | 赵旭 |
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| 作者单位： | 上海对外贸易学院金融管理学院; |
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| 基金项目： | 上海市教委重点学科金融学建设项目(J512-01) |
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| 摘 要： | 本文基于企业使用金融衍生品的发展趋势,以中国有色金属类上市公司为样本,对上市公司使用金融衍生品是否有利于提升公司价值;使用金融衍生品究竟增加了企业的风险还是降低了企业的风险?企业价值和企业风险关系如何?对这些问题进行了实证检验。结果发现,公司使用金融衍生品提升了公司价值,但未必能提升经营业绩;合理运用金融衍生品在某种程度上能够降低公司的内生性风险,有利于企业价值提升,而系统性风险与企业价值之间不具有因果关系。本文研究结论对中国上市公司合理使用金融衍生品进行风险管理提供了有益的借鉴。
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| 关 键 词： | 金融衍生品使用 企业价值 风险 有色金属类上市公司 |
Derivative Usage and Firm Value,Risk:Evidence from Chinese Nonferrous Meatals Listed Companies |
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| ZHAO Xu. Derivative Usage and Firm Value,Risk:Evidence from Chinese Nonferrous Meatals Listed Companies[J]. Economic Management, 2011, 0(1) |
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| Authors: | ZHAO Xu |
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| Affiliation: | ZHAO Xu(School of Financial Management,Shanghai Institute of Foreign Trade,Shanghai,201620,China) |
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| Abstract: | Based on the development trends of financial derivative usage for corporate,taking nonferrous meatals listed companies in China as our samples,we have made an empirical study for the following two questions:Does hedging with derivatives of Chinese listed companies materially increase firm value? Whether financial derivatives usage reduces firm risk or increases firm risk? How is the relationship between firm value and firm risk? In our study,we have discovered that derivative activities do increase the firm... |
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| Keywords: | derivative usage firm value risk nonferrous meatals listed companies |
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