The Research On Risks Of Exchange Rate Fluctuations To China’s Household Appliances Export Enterprises

The impact of exchange rate fluctuation on enterprise value is defined as "foreign exchange risk exposure".Under the normalization of RMB exchange rate bilateral fluctuation,do household appliance export enterprises have foreign exchange risk exposure? What are the influential factors? How to carry out effective foreign exchange risk management for home appliance enterprises? Basing on the reality of multiple market-oriented reform of RMB exchange rate system,combining with the previous research results and the characteristics of home appliance export enterprises,this paper focuses on the measurement of foreign exchange risk exposure of domestic appliance export enterprises and the influential factors of foreign exchange risk exposure.Based on the public data of listed companies from 2014 to 2019,this paper uses the exchange rate under indirect pricing method,and conducts empirical analysis through Python language processing data.Firstly,according to the characteristics of China’s capital market,this paper selects Fama French market expansion model and liquidity premium market expansion model to measure the foreign exchange risk exposure of 30 typical listed home appliances export enterprises.The measurement results show that most of the sample enterprises have significant negative foreign exchange risk exposure problem,that is,most enterprises benefits form the depreciation of RMB,while most enterprises suffer from the appreciation of RMB.Secondly,six influential factors related to financial performance indicators and foreign exchange risk management measures were screened out by random forest algorithm to further study the influencing factors of foreign exchange risk exposure of home appliance export enterprises.According to the further regression results,among the six influential factors,the operating gross profit rate is removed from the model due to multicollinearity;and there is significantly negative correlation between the proportion of overseas revenue,the growth rate of scale,the operational hedge and foreign exchange exposure risk,which is,the greater proportion of overseas revenue,the higher scale of growth rate,the wider use of operational hedge bring enterprises greater negative foreign exchange risk exposure;the higher the R & D investment and the faster the inventory turnover,the easier the enterprise can resist from the foreign exchange risk.Generally speaking,the determinants of foreign exchange risk exposure of home appliance export enterprises include the proportion of overseas revenue,operational hedge and R & D investment.According to the characteristics of home appliance export enterprises,this paper analyzes the direction and degree differences of home appliances export enterprises affected by exchange rate changes from different angles,and further analyzes the impact of important financial performance indicators and foreign exchange risk management means on foreign exchange risk exposure,and finally puts forward some suggestions on foreign exchange risk management,which has certain practical significance.