The Determinants of Derivatives Hedging Degree and the Hedging Effect on Corporate Performance -Empirical Evidence from Chinese Shenzhen Stock Exchange

摘要：

　　This article collects the foreign exchange and interest rate derivatives transaction sample, defines hedging degree as the ratio of the derivatives nominal principal to the foreign currency and interest rate risk exposures.The empirical results indicate that hedging degree is positively related to the managerial stockholding, foreign sales proportion and cash balance; and negatively related to the ratio of fixed-asset to total asset, and the evidence shows that the hedging has no effect on the corporate performance.

关键词： Hedging scale Managerial stockholding Foreign currency and interest rate derivatives Foreign sales

作者: Liu Renfan

作者单位: School of Accountancy, Hangzhou Dianzi University, Hangzhou, P.R.China, 310018

会议类型: 国际会议

会议名称: The 5th Conference on Chinas Economic Operation Risk Management(2011`Shanghai)(第五届中国立信风险管理论坛)

会议地点: 上海

会议语种:英文

页码: 158-167

在线出版日期: 2011-11-04（万方平台首次上网日期，不代表论文的发表时间）