全球智库信息集成服务系统(G2TT): Exchange Rate Exposure and Risk Management: The case of Japanese Exporting Firms

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21040
来源ID	Working Paper 21040
	Exchange Rate Exposure and Risk Management: The case of Japanese Exporting Firms
	Takatoshi Ito; Satoshi Koibuchi; Kiyotaka Sato; Junko Shimizu
发表日期	2015-03-23
出版年	2015
语种	英语
摘要	This paper investigates the relationship between the Japanese firms’ exposure to the exchange rate risk and risk management, such as choice of invoicing currency, and financial and operational hedge. The firm’s exposure to the exchange rate risk is estimated by co-movements of the stock prices and exchange rates, following Dominguez (1998) and others. Data on risk management measures—financial and operational hedging, the choice of invoice currency and the price revision strategy (pass-through)—were collected from a questionnaire survey covering all Tokyo Stock Exchange listed firms in 2009. Results show the followings: First, firms with greater dependency on sales in foreign markets have greater foreign exchange exposure. Second, the higher the US dollar invoicing share, the greater is the foreign exchange exposure. But, risk is reduced by both financial and operational hedging. Third, yen invoicing reduces foreign exchange exposure. These findings indicate that Japanese firms use the combination of risk management tools to mitigate the degree of the exchange rate risk.
主题	International Economics ; International Finance ; Financial Economics ; Financial Markets ; Corporate Finance
URL	https://www.nber.org/papers/w21040
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/578711
推荐引用方式 GB/T 7714	Takatoshi Ito,Satoshi Koibuchi,Kiyotaka Sato,et al. Exchange Rate Exposure and Risk Management: The case of Japanese Exporting Firms. 2015.