The Foreign Exchange Exposure of Japanese Multinational Corporations
The Foreign Exchange Exposure of Japanese Multinational Corporations
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DOI：
10.1111/0022-1082.295575
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发表时间：
1998-04
影响因子：
8
通讯作者：
Jia He;Lilian Ng
中科院分区：
文献类型：
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作者：
Jia He;Lilian Ng
我们发现，在171家日本跨国公司的股票回报样本中，约有25%在1979年1月至1993年12月期间经历了经济上显著的正暴露效应。一家公司受汇率波动影响的程度可以用其出口比率水平和代表其对冲需求的变量来解释。高杠杆公司或流动性低的公司往往风险敞口较小。研究发现，公司规模越大，对外敞口越大。我们还发现，与非经连公司相比，经连公司的跨国公司面临的汇率风险更大。版权所有美国金融协会1998。
We find that about 25 percent of our sample of 171 Japanese multinationals' stock returns experienced economically significant positive exposure effects for the period January 1979 to December 1993. The extent to which a firm is exposed to exchange-rate fluctuations can be explained by the level of its export ratio and by variables that are proxies for its hedging needs. Highly leveraged firms, or firms with low liquidity, tend to have smaller exposures. Foreign exposure is found to increase with firm size. We also find that keiretsu multinationals are more exposed to exchange-rate risk than nonkeiretsu firms. Copyright The American Finance Association 1998.