논문 상세정보

미국의 국제투자 및 수출 기업의 환노출과 파생상품 결정요인
Foreign Exchange Exposure and Hedging Determinant of U.S. International Investment and Export Firms

학술지명	무역학회지 (ISSN : 1226-2765)
발행정보	2006-11-30 / Vol.31 No.5 / pp. 111 ~ 134
발행처/학회	한국무역학회
주저자	이재득 (부산대학교)
색인어	환노출, 환위험, 외환파생상품, Foreign Exchange Exposure, Exchange Risk, Financial Derivative, Hedging

부초록(다른언어)
This study empirically analyzed how American firms hedge the foreign exchange risks and how much they use the financial derivatives to hedge the foreign exchange exposures and risks when they export and invest overseas. I found the major results of em ...

This study empirically analyzed how American firms hedge the foreign exchange risks and how much they use the financial derivatives to hedge the foreign exchange exposures and risks when they export and invest overseas. I found the major results of empirical analysis as follows: Firstly, American firms use the financial derivatives more when they have higher ROA and R&D, and larger sales. Secondly, American firms do not use more financial derivatives when they export more. But, the export is an important factor when firms decide to use the financial derivatives to hedge as well as sales, ROA and R&D. Thirdly, the operating income and the capital expenditure seem to have the negative effects on using the financial derivetives.