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留学生作业;关于外汇风险与公司价值的关系研究

B3. Identify key factors and discuss how they are related to each other in a theoretical framework.

As to the studies on thttp://ukthesiss.comhe foreign exchange risk exposure of the firms, there are two main aspects. One is about whether the foreign exchange risk exposure of the firms is significant and analyzes the relationship of between the foreign exchange risk exposure and the value of the firms. The other one refers to the influencing factors of the foreign exchange risk exposure. This is an important area in foreign exchange risk management. The impact of the foreign exchange risk exposure on the firm value is mainly due to the changes of the foreign exchange rate. And the correlation degree between the firm value and the changes of the foreign exchange rate could be use to represent the foreign exchange risk exposure of the firms. If the correlation degree is high, the firms might have significant foreign exchange risk exposure and they should take some measure to control it. If the test is not significant, the change of the foreign exchange rate might have little effect on the firms. In order to know the situation of the foreign exchange risk exposure better, I plan to study the influencing factors of the foreign exchange risk exposure. And in this paper, I consider the firm size is a main factor, based on the thought of Solakoglu (2005). With this, the foreign exchange risk could be managed better.

B4.

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Explain what variables you would use to represent these factors, carefully explaining how you would measure them.

Based on the analysis on the relative literatures and the actual situation in China, I would take the cash flow method and use the operating income to represent the firm’s value. According to the choice of exchange rate, Bodnar and Gentry, as well as Jorion consider that nominal exchange rate has significant correlation. Moreover, the nominal exchange rate in China couldn’t reflect well the actual level of RMB exchange rate. And the peg policy makes the RMB/USD exchange rate reposeful for many years. So the study should use real exchange rate. I would choose 10 countries according to the export-import trade quantity and competition degree with Chinese textile firms, such as the U.S., Japan, France, India, Maxico, Korea, Pakistan and so on, to calculate the real exchange rate weighted by the trade quantity. In addition, I will choose the total asset as the variable to represent the size of the firms.



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