财务杠杆变动对股票收益的影响:基于汇率波动的研究

Q3 Engineering

International Journal of Information and Management Sciences Pub Date : 2015-06-01 DOI:10.6186/IJIMS.2015.26.2.2

Chin-Shan Wu, Mingchih Lee, C. Chiu

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引用次数: 1

摘要

本文旨在探讨资本结构对股票收益和资产收益的变化，并进一步引入汇率风险的干扰因素。根据不同的波动水平来分析这两个因素的相关变化。实证结果有显著的发现:两者之间存在正相关关系。究其原因，可以从交易企业的意愿、公司的经营需求和收益预期心理三个方面来推断。因此，本研究建议投资者纳入汇率波动指标，而政府应及时开放企业交易，企业应进行全面的汇率和利率对冲。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Effects of Financial Leverage Changes on Stock Returns: A Study of Exchange Rate Volatility

This essay aims to discuss the changes of capital structure toward stock returns and return on assets, with a further introduction of interference factors of exchange rate risks. The correlational changes of both factors would be analyzed in terms of different fluctuation levels. The empirical results show significant discoveries: both the factors have positive correlations. Reasons can be deduced from the willingness of trading firms, the company operational requirements, and the psychology of return expectation. Thus, this study suggests the investors to include exchange rate fluctuation index, while the government shall timely open up to corporate transactions and the corporate should carry out overall exchange rate and interest rate hedging.

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来源期刊

International Journal of Information and Management Sciences Engineering-Industrial and Manufacturing Engineering

CiteScore

0.90

自引率

0.00%

发文量

期刊介绍： - Information Management - Management Sciences - Operation Research - Decision Theory - System Theory - Statistics - Business Administration - Finance - Numerical computations - Statistical simulations - Decision support system - Expert system - Knowledge-based systems - Artificial intelligence