The Research On The Influences Of RMB Exchange Rate Fluctuations On The Value Of Enterprise

With the development of economic globalization,it is an inevitable trend that Chinese enterprises choose internationalization as their development strategy.In this situation,Chinese companies face serious threat to foreign exchange risk of unpredictable fluctuations.China is a manufacturing country and manufacturing industry plays a key role in the national economy.On the one hand,the manufacturing industry is a mainstay of the domestic economic growth.On the other hand,the manufacturing of the import and export trade has become the backbone of creating foreign exchange income in China.Therefore,how to manage the exchange rate exposure and avoid exchange rate risk losses becomesthe key for China's import and export enterprises to improve enterprise value.Thus,this dissertationanalyses the effect of exchange rate risk on value of China's listed companies,so to find out the various conduction factors.In this dissertation,it aims to through the theoretical research and empirical research,analysis the influence of the RMB exchange rate fluctuations on the enterprise value.This dissertation does the research of theoretical analysis of the relevant concepts of enterprise value and measurement methods,and then analysis the kinds of exchange rate and the impact on enterprise value approach,and the change of RMB exchange rate system in China on the basis of the predecessor's research literature.On empirical research,according to the situation of China's manufacturing industry facing the exchange rate risk and related problems,this dissertation puts forward hypothesis,and does the empirical analysis by manufacturing listed companies in Guangdong province as the research sample.After research,it finds that the enterprise values of listed companies in China's manufacturing industry are common and widely affected by exchange rate fluctuations.Exchange rate risk has a significant influence on the enterprise value and the vast majority of the industry in our country faces a significant foreign exchange risk exposure.Foreign exchange risk exposures of various industries enterprisearedifferent because of the characteristics of the industry.Thirdly,enterprise characteristic factors such as liquidity ratio,capital structure,enterprise scale,has a significant influence on foreign exchange risk exposure.The biggerenterprisescales are,the lowerforeign exchange risk exposure level is and the enterprise value is affected by foreign exchange risk exposure less significantly.The higher liquidity ratiois,the lowerforeign exchange risk exposure level is and the enterprise value is affected by foreign exchange risk exposure less significantly.The lowerlong-term debt ratiois,the lower foreign exchange risk exposure level is and the enterprise value is affected by foreign exchange risk exposure less significantly.