摘要
以1999-2010年我国有色金属生产及加工行业的59家上市公司为样本,本文研究了商品期货套期保值对企业价值造成的影响。通过分析套保对稳定企业价值的影响,证明期货套保有助于降低价格风险对企业股价的影响,即有助于稳定企业价值;通过分析套保对提升企业价值的影响,证明国内企业参与期货套保并不能显著提高所有公司的托宾Q值,但是大规模企业由于发挥规模效应,相比较小规模参与者而言较易于提升公司价值;进一步研究表明公司规模和财务状况是影响企业是否参与套保的关键因素。
This article analyzes the influence of hedging on firm value in China by using the statistics of 59 listed companies of nonferrous metal industry from 1999 to 2010.This article studies the impact of hedging over the stock price fluctuation.The result shows that hedging can reduce the fluctuation of share price over futures price.Furthermore,the mainbody of article is to study the impact of the hedging on firm value directly.The result is that companies in China participating in hedging can not increase all Tobin Q of firm obviously,but the large companies is helpful to firm value since the existing of the scale effect in participation.Moreover,size and cost of financial distress are the most important factors for hedging decision.
出处
《商业研究》
CSSCI
北大核心
2011年第7期1-8,共8页
Commercial Research
