Foreign Exchange Risk Exposure Study Of The Energy Industry In China Listed Companies

After China’s accession to the WTO, Chinese enterprises face increasingly complexeconomic environment. Since July2005our country implemented the RMB exchange ratesystem reform. A managed floating exchange rate system replace peg to the dollar for abasket of currencies managed floating exchange rate system. It is practical and conforms toour country the actual needs of economic development under the market economic system forour country economy.It is also a double-edged sword. In favor of RMB to the internationalcommunity as well as to our country enterprise direct exposure to the troubled internationalenvironment, but also inherit the country level of risk. Of course, more trade channel alsobrought opportunity to the enterprise, its influence has obvious uncertainty, and difficult topredict. In the face of the exchange rate fluctuations, the enterprise how to recognize andavoid exchange rate risk, obtains the expected return, has a strong practical significance.At first, this paper summarizes the related literature at home and abroad, and on thisbasis summarizes the evolution of foreign exchange risk exposure measurement theory andthe definition of the foreign exchange risk exposure, classification and measurement methodsand so on, then to research for this article of China’s energy industry status quo and itsposition in the general description. After energy company internal ability to resist riskindicators and before the foreign exchange risk exposure coefficient model for empiricalanalysis, understand the different indicators for the company in the area of resist risk ability,in order to energy industry listed companies in our country’s foreign exchange risk exposureto provide effective Suggestions. To influence corporate foreign exchange risk exposurefactors, this paper found the foreign sales ratio, liquidity ratio, book value ratio and firm sizeon the foreign exchange market risk exposure have a significant impact, at the same time, wefound that the bigger companies, exports accounted for the proportion of total sales is smaller,the higher the asset turnover, the energy industry listed companies in our country foreignexchange risk exposure level is lower. At last, it puts forward the countermeasures.