Does RMB exchange rate regime reform decrease corporate risk-taking? Evidence from China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-09-13 DOI:10.1016/j.frl.2024.106111

引用次数: 0

Abstract

This paper investigates the impact of the RMB exchange rate regime reform on corporate risk-taking, utilizing Chinese non-financial firm-level data from 2000 to 2022. The results show that the RMB exchange rate regime reform helps decrease corporate risk-taking by decreasing the RMB exchange rate expectations uncertainty, enhancing capital allocation efficiency, and stabilizing the investor structure. These results remain robust to changing variable measurements and estimation methods, removing policy shocks and endogeneity concerns. Our findings highlight the significance of currency liberalization in stabilizing corporate risk attitudes and promoting the improvement of market efficiency.

查看原文本刊更多论文

人民币汇率制度改革会降低企业的风险承担吗？来自中国的证据

本文利用 2000 年至 2022 年中国非金融企业层面的数据，研究了人民币汇率制度改革对企业风险承担的影响。结果表明，人民币汇率制度改革通过降低人民币汇率预期的不确定性、提高资本配置效率和稳定投资者结构，有助于减少企业的风险承担。这些结果在改变变量测量和估计方法、剔除政策冲击和内生性问题后仍然是稳健的。我们的研究结果凸显了货币自由化在稳定企业风险态度和促进市场效率提高方面的重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance