The Measurement and Determinants Analysis of Exchange Rate Exposure —Empirical evidence from Chinese Textile and Garment Industry

摘要：

Based on the Fama-French three factor model, this paper measures the RMB exchange rate exposure of Chinese textile and garment listed companies. Further, this paper examines the determinants of RMB exchange rate exposure. The result shows that 25.6％ textile and garment enterprises face significant exchange rate exposure. The paper concludes that the degree of exposure is negatively related to debt ratio and the book to market ratio, and positively related to profit margin and asset tangibility.

关键词： textile and garment industry exchange rate exposure three factor model

作者: GU Yu SONG Yang SHI Jinyan

作者单位: School of Economics, Dalian University of Technology, Dalian, China, 116024

会议类型: 国际会议

会议名称: The 4th (2012) International Conference on Financial Risk and Corporate Finance Management(第四届(2012)金融风险与公司金融国际研讨会 FRCFM)

会议地点: 大连

会议语种:英文

页码: 644-649

在线出版日期: 2012-07-07（万方平台首次上网日期，不代表论文的发表时间）