跨国公司管理汇率不确定性的金融套期保值和业务灵活性

IF 5.7 2区 管理学 Q1 BUSINESS
Jan Hendrik Fisch, Harald Puhr
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引用次数: 1

摘要

比较金融对冲和操作灵活性作为管理汇率不确定性工具的优势的文献给出了不一致的结果。这项研究从两个方面解决了这种不一致。首先,阐明了财务套期保值与操作灵活性的影响是不对称的。金融对冲有助于跨国公司减少汇率不确定性对公司价值的负面影响,而经营灵活性则使跨国公司能够增强汇率不确定性对公司价值的积极影响。其次,研究表明,这些影响与跨国公司的子公司网络有关。根据子公司网络中的汇率相关性是正相关还是负相关,财务套期保值或经营灵活性中的任何一种都比另一种更有效。对美国制造业公司样本的回归分析支持了这一预测。跨国公司的子公司网络面临汇率波动,这是一个很大的不确定性来源。跨国公司可以利用财务对冲和操作灵活性来管理这种不确定性。然而,关于跨国公司是否可以同等程度地使用这两种工具,文献并没有定论。本研究表明,金融对冲使跨国公司能够限制汇率不确定性对其股票市场估值的负面影响。相比之下,经营灵活性使跨国公司有机会利用汇率的不确定性,从而提高公司价值。此外,研究还提出,财务套期保值的有效性和经营灵活性取决于跨国公司的子公司网络配置。基于这些发现,跨国公司可以确定管理汇率不确定性的有效工具。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financial hedging and operational flexibility as instruments to manage exchange-rate uncertainty in multinational corporations

Research Summary

Literature that compares the advantages of financial hedging and operational flexibility as instruments to manage exchange-rate uncertainty presents inconsistent results. This study addresses such inconsistencies in two ways. First, it clarifies that the effects of financial hedging and operational flexibility are asymmetric. Financial hedging helps an MNC to reduce a negative effect of exchange-rate uncertainty on firm value, whereas operational flexibility allows an MNC to enhance a positive effect of exchange-rate uncertainty on firm value. Second, the study demonstrates that these effects are contextual to the MNC's subsidiary network. Depending on whether exchange-rate correlation in the subsidiary network is positive or negative, either financial hedging or operational flexibility is more effective than the other. Regressions on a sample of U.S. manufacturing firms support the predictions.

Managerial Summary

Multinational corporations face exchange-rate fluctuations in their subsidiary networks as a source of substantial uncertainty. MNCs can manage this uncertainty using financial hedging and operational flexibility. However, the literature is inconclusive on whether MNCs can use both instruments in equal measure. This study clarifies that financial hedging allows MNCs to limit negative consequences of exchange-rate uncertainty on their stock-market valuations. Operational flexibility, by contrast, gives MNCs the opportunity to exploit exchange-rate uncertainty and thereby to enhance their firm value. In addition, the study proposes that the effectiveness of financial hedging and operational flexibility depends on the individual MNC's subsidiary network configuration. Based on these findings, MNCs can identify the effective instrument for managing exchange-rate uncertainty.

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来源期刊
CiteScore
14.20
自引率
11.80%
发文量
46
期刊介绍: The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.
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