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.
引用
收藏
页码：644 / 649
页数：6
相关论文
共 50 条
  • [11] On resolving exchange rate exposure puzzle: evidence from Chinese stock market
    Tai, Chu-Sheng
    [J]. MANAGERIAL FINANCE, 2022, 48 (01) : 1 - 26
  • [12] Exchange rate exposure of Latin American firms: Empirical evidence
    Santillan-Salgado, Roberto J.
    Antonio Nunez-Mora, Jose
    Aggarwal, Raj
    Jacob Escobar-Saldivar, Luis
    [J]. JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT, 2019, 51 : 80 - 97
  • [13] Why export competitiveness differs within Indian textile industry? Determinants and empirical evidence
    Dhiman, Rahul
    Kumar, Vinod
    Rana, Sudhir
    [J]. REVIEW OF INTERNATIONAL BUSINESS AND STRATEGY, 2020, 30 (03) : 375 - 397
  • [14] Digitalization and environmental performance: An empirical analysis of Chinese textile and apparel industry
    Yang, Yang
    Yang, Xiaoshan
    Xiao, Zheng
    Liu, Zhi
    [J]. JOURNAL OF CLEANER PRODUCTION, 2023, 382
  • [15] Exchange Rate Movements and Exporter Profitability: Empirical Evidence from Chinese Manufacturing Sectors
    Liang, Zhonghua
    Yu, Miaojie
    [J]. CHINA ECONOMIC JOURNAL, 2014, 7 (02) : 214 - 220
  • [16] Exchange Rate Volatility, Financial Constraints, and Trade: Empirical Evidence from Chinese Firms
    Hericourt, Jerome
    Poncet, Sandra
    [J]. WORLD BANK ECONOMIC REVIEW, 2015, 29 (03): : 550 - 578
  • [17] Foreign Currency Derivatives and Exchange Rate Exposure: Empirical Evidence from Taiwanese Corporations
    Yang, Sheng-Yung
    Doong, Shuh-Chyi
    Kuo, Hsien-Chang
    Hsu, Wei-Hsuan
    [J]. NTU MANAGEMENT REVIEW, 2009, 20 (01): : 157 - 188
  • [18] EXCHANGE-RATE EXPOSURE AND INDUSTRY CHARACTERISTICS - EVIDENCE FROM CANADA, JAPAN, AND THE USA
    BODNAR, GM
    GENTRY, WM
    [J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 1993, 12 (01) : 29 - 45
  • [19] International evidence on the determinants of foreign exchange rate exposure of multinational corporations
    Robert W Faff
    Andrew Marshall
    [J]. Journal of International Business Studies, 2005, 36 : 539 - 558
  • [20] Exchange rate exposure: Evidence from China
    Li, Guangzhong
    Wang, Ziyue
    Zhao, Yu
    [J]. REVIEW OF INTERNATIONAL ECONOMICS, 2019, 27 (04) : 1148 - 1171
12345