| In July 2005,the RMB exchange rate system reformed,China's exchange rate system is no longer staring at the dollar,but to "package" currency to adjust to the environment.On October 1,2016,the RMB currency joined the special drawing rights(SDR)currency basket as an international reserve currency.With the development of economic globalization,the trade between China and other countries is more deeply.Therefore,no matter in the commodity market or in the financial market,exchange rate fluctuations have an important impact on China's enterprises.Therefore,it's significant to study what impact exchange rate fluctuations have on the corporate value.Based on the above background,from two perspectives,this paper studies the correlation between exchange rate fluctuations and enterprise value: theoretical analysis and empirical analysis.This paper contains four parts: firstly,to sum up the previous research results;Secondly,to introduce classical theories about the exchange rate and the corporation value,and get to a conclusion;Thirdly,constructing an empirical model with Fama-French three-factor theory to study the correlation between exchange rate fluctuations and enterprise value,based on the data of 358 listed companies in Shanghai,from 2011 to 2015.The final result shows that the corporation value of each industry will be affected by the exchange rate fluctuations differently to some certain extent.Therefore,this article makes further analysis.The result finds that the larger the scale of enterprises,the higher the proportion of overseas sales,the weaker the liquidity of enterprises,the more obvious the foreign exchange risk will exposure.Finally,through the above empirical analysis,this paper gives some practical advice,such as focusing on improving the quality of personnel,improving market diversification,strengthening foreign exchange risk management,improving product competitiveness,moderately adjusting the capital structure,reforming the existing exchange rate policy and tax policy. |
PDF Full Text Request