Investment irreversibility, policy uncertainty and hedging strategies

投资不可逆性、政策不确定性与对冲策略

• 批准号: DP170102804
• 负责人: Prof Li Yang
• 金额: $ 16.78万
• 依托单位: The University of New South Wales
• 依托单位国家: 澳大利亚
• 项目类别: Discovery Projects
• 财政年份: 2017
• 资助国家: 澳大利亚
• 起止时间: 2017-01-01 至 2022-12-31
• 项目状态: 已结题
• 来源: https://dataportal.arc.gov.au/RGS/Web/Grants/DP170102804
• 关键词: Investment; irreversibility; policy; uncertainty; hedging

This project aims to investigate how firms’ financial hedging and production decisions reduce shocks caused by potentially unstable regulatory policies, particularly when the investments are largely irreversible. Unstable regulatory policies induce shocks to the economy, but a joint hedging and production decision is more effective than using financial hedging alone to smooth shocks. Firms that anticipate regulatory change alter their responses to policies, potentially rendering those policies less effective. This project’s investigation of Australian mining and energy industries should provide understanding of firms’ hedging behaviour and could have implications for the design of policy.

该项目旨在调查企业的金融对冲和生产决策如何减少潜在不稳定的监管政策造成的冲击，特别是当投资基本上是不可逆转的时候。不稳定的监管政策会对经济造成冲击，但联合套期保值和生产决策比单独使用金融套期保值更有效地平滑冲击。预期监管变化的公司会改变对政策的反应，可能会降低这些政策的有效性。该项目对澳大利亚采矿和能源工业的调查应有助于了解公司的套期保值行为，并可能对政策的制定产生影响。