Research on Determinants of Risk Management Policies in China

摘要：

Western risk management theory suggests that corporate risk management is due to tax convexity, financial distress costs, underinvenstment problem, and managerial risk aversion etc. This paper provides evidence on the determinants of corporate risk management policies through hedging. Data on hedging are obtained from 2007 annual reports for a sample of 1151 China non financial listed firms. Our evidence does show that hedging is related to reduce expected financial distress costs, reduce underinvestment problems and managerial risk aversion. Our results also indicate that firms hedging because of firm size. However, we find no evidence that firms hedging in response to tax convexity.

关键词： Determinants Financial Derivatives Hedge Risk Management

作者: Jia Weiying Chen Baofeng Zhang Jiansheng

作者单位: School of Business,Beijing Wuzi University;College of Economics & Management,China Agricultural Univ College of Economics & Management,China Agricultural University,100083,Beijing,China

会议类型: 国际会议

会议名称: 2009 6th International Conference on Service Systems and Service Management( 2009 第六届服务系统与服务管理国际会议)

会议地点: 厦门

会议语种:英文

页码: 483-488

在线出版日期: 2009-06-08（万方平台首次上网日期，不代表论文的发表时间）