The Value Effects of Derivatives Hedging in China: An Empirical Research on the Listed Enterprises in the Yangtze River Delta Region
Using Tobins Q as a proxy for firm value, the paper examines the relation of the use of derivatives hedging and the firm value based on the listed enterprises in the Yangtze River Delta region. We find the positive significantly relationship between the use of derivatives hedging and the firm value. The firm value of the listed enterprises which use derivatives for hedging purpose are much higher than those of non-hedgers, and the hedging premium is on average 7.1％. Meanwhile, the higher the hedging intensity and the ratio of the hedging profit and the net assets, the higher the firm value, the hedging premium is on average 7.2％ and 23.1％ respectively.
Derivatives Hedging Value of firm
CHEN Yin CUI Yifan
School of Finance and Accounting, Zhejiang Gongshang University, P.R.China, 310018
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
1313-1322
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）