The Measurement and Determinants Analysis of Exchange Rate Exposure-Empirical evidence from Chinese Textile and Garment Industry

被引：0
|
作者：
Gu Yu [1 ]
Song Yang [1 ]
Shi Jinyan [1 ]
机构：
[1] Dalian Univ Technol, Sch Econ, Dalian 116024, Peoples R China
来源：
PROCEEDINGS OF THE 4TH (2012) INTERNATIONAL CONFERENCE ON FINANCIAL RISK AND CORPORATE FINANCE MANAGEMENT, VOLS I AND II | 2012年
关键词：
textile and garment industry; exchange rate exposure; three factor model; RATE RISK;
D O I：
暂无
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Based on the Fama-French three factor model, this paper measures the RMB exchange rate exposure of Chinese textile and garment listed companies. Further, this paper examines the determinants of RMB exchange rate exposure. The result shows that 25.6% textile and garment enterprises face significant exchange rate exposure. The paper concludes that the degree of exposure is negatively related to debt ratio and the book to market ratio, and positively related to profit margin and asset tangibility.
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页码：644 / 649
页数：6
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