Research On Foreign Exchange Exposure Of Electronic Information Enterprises In The Yangtze River Economic Belt

The Yangtze River Economic Belt is a major national-level regional development strategy proposed by the Chinese government.In 2017,five ministries and commissions,including the Ministry of Industry and Information Technology,issued the "Guidelines for the Industrial Transfer of the Yangtze River Economic Belt",which focused on building and fostering a world-class industrial cluster in the electronic information industry.The electronic information industry is the core and basic industry of the high-tech industry and the basic industry for the development of artificial intelligence,5G,and defense military industries.However,the overall competitiveness of China’s electronic information industry is not strong.Many key chip manufacturing and core electronics manufacturing upstream industrial chain has a low degree of localization and high import dependence.At the same time,since August 2015,the fluctuation rate of the RMB exchange rate has further expanded.In this context,conducting in-depth research on the foreign exchange risk exposure of electronic information companies in the Yangtze River Economic Belt is critical to improving the ability of foreign exchange risk prevention and control and enhancing global industry status.Based on a systematic review and summary of foreign and domestic research on foreign exchange risk exposure,this article first elaborates the concept of foreign exchange risk exposure,analyzes the mechanism of foreign exchange risk caused by exchange rate fluctuations,and introduces two main methods of measuring foreign exchange risk exposure;Second,analyze the development status of the electronic information industry in the Yangtze River Economic Belt;Third,47 electronic information companies in the Yangtze River Economic Belt were selected as samples,and the research period was from January 2012 to March 2019,and 7 sub-ranges were divided.The exchange rate of RMB against the US dollar,the euro,and the Japanese yen were used to add lag Empirical analysis based on Fama-French(2015)five factors and P.Jorion(1990)capital market model;Fourth,put forward 16 hypothetical factors,and use Logit model to analyze the main influencing factors affecting foreign exchange risk exposure;Finally,policy recommendations are made based on the results of this study.The research results show that the characteristics of foreign exchange risk exposure of electronic information companies in the Yangtze River Economic Belt are universal,periodical,lagging,and exchange rate differences;The main factors affecting foreign exchange risk exposure are the degree of international operation of the company,the core competitiveness of R&D and innovation,the level of financial leverage and liquidity,the characteristics of equity and derivatives.Based on the results of empirical analysis,this article puts forward corresponding policy recommendations for enterprises and governments.