Hedging Behaviour of Czech Exporting Firms
Hedging Behaviour of Czech Exporting Firms
复制标题
捷克出口公司的套期保值行为
DOI：
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
Branislav Saxa
中科院分区：
文献类型：
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作者：
V. Cadek;Helena Rottová;Branislav Saxa
捷克出口公司的套期保值行为进行了分析，使用问卷资料和采访银行。在接受调查的184家公司中，约有60%的公司对冲其外汇风险敞口，约88%的出口产品进行了对冲。大多数出口商使用自然套期保值，即平衡外汇收支以及外汇资产和负债。金融市场上的套期保值者更喜欢远期和零成本期权结构，因为他们不愿意支付期权溢价。金融工具的典型到期日为三个月至一年。超过一半的出口商持续对冲，而约60%的出口商积极对冲，利用汇率波动。例如，我们简单的对冲行为模型表明，在一个集团内进行交易可以减少对冲的必要性。
The hedging behaviour of Czech exporting firms is analysed using questionnaire information and interviews with banks. Approximately 60% of the 184 firms surveyed hedge their FX exposures, and about 88% of their exports are hedged. Most exporters use natural hedging, i.e. they balance incoming and outgoing payments in foreign currency as well as foreign currency assets and liabilities. Hedgers on financial markets prefer forwards and zero-cost option structures, as they are reluctant to pay option premiums. The typical maturity of financial instruments is three months to one year. More than one half of exporters hedge consistently, while around 60% hedge actively, taking advantage of currency moves. Our simple model of hedging behaviour for example suggests that trading within a group reduces the need for hedging.