The Impact Of Exchange Rate Hedging Products On The Export Of Chinese Enterprises

In recent years,with the deepening of the reform of the RMB exchange rate system,the RMB has gradually changed the past unilateral appreciation trend and began to show bilateral fluctuations,and the frequency and range of fluctuations have increased significantly,which has affected the development of export trade of Chinese enterprises to a certain extent.In order to analyze the impact of exchange rate hedging products on the export of Chinese enterprises and provide reference for the export of enterprises.This paper selects the listed enterprises carrying out export trade in China as the research object,and empirically studies the impact of exchange rate hedging products on the export of Chinese enterprises from the micro level.Firstly,this paper introduces the research background and significance of this paper,summarizes the literature on the measurement of exchange rate fluctuations,the impact of exchange rate fluctuations on enterprise exports and the impact of exchange rate hedging products on enterprise exports at home and abroad.This paper measures the exchange rate level and exchange rate fluctuation from the micro level of enterprises,and analyzes the characteristics of RMB exchange rate fluctuation from the macro and micro levels.This paper summarizes the development status of China’s exchange rate hedging products and the export development status of China’s enterprises.This paper focuses on the theoretical analysis of the impact of exchange rate fluctuations on the export of Chinese enterprises and the impact of exchange rate hedging products on the export of Chinese enterprises,and puts forward the research hypothesis of this paper.Export scale and export intensity are selected as the explanatory variables,exchange rate level,exchange rate fluctuation,exchange rate hedging product transaction and exchange rate hedging product complexity are selected as the explanatory variables,and other control variables are selected to construct the measurement model of this paper.Then 624 listed enterprises carrying out export trade are selected as the research object to carry out empirical research.Through multiple linear regression analysis,the impact of exchange rate hedging products on the export of Chinese enterprises is quantitatively analyzed,and the research hypothesis is tested.Through the analysis of the empirical research results,we get the conclusions of this paper:first,the appreciation of RMB has a significant negative impact on the export of Chinese enterprises;Second,exchange rate fluctuations have a significant negative impact on China’s enterprise exports,and the degree of impact is lower than RMB appreciation;Third,exchange rate hedging products can alleviate the negative impact of RMB appreciation and exchange rate fluctuations on the export of Chinese enterprises;Fourth,for foreign-funded enterprises,the exchange rate level,exchange rate fluctuations and exchange rate hedging product transactions have no significant impact on their exports.Finally,based on the research understanding,this paper puts forward reasonable policy suggestions.