Critical Finance Review 2018, Vol 7-1

货币风险对美国跨国公司的影响：关于货币危机的回报和跨境投资的新证据

作者：Kathryn Dewenter（University of Washington）,

Catherine Schrand（University of Pennsylvania）,

Clare Wang（Northwestern University）

摘要：本文为汇率风险的评估提供了依据。我们分析了23个国家从固定汇率制度转向浮动汇率制度后，美国跨国公司的汇率风险是否增加以及跨境投资决策的变化。为了确定影响，我们使用双重差分，利用固定汇率制度下与美元挂钩的货币的风险变化大于非美元挂钩货币的风险变化。我们得出的结论是，货币风险的净敞口对美国跨国公司具有重要意义。然而，除了货币风险以外的其他因素，如战略考虑，对公司的跨境投资决策具有非常高的重要性。

The impact of currency risk on US MNCs: New evidence from returns and cross-border investment around currency crises

Kathryn Dewenter（University of Washington）, Catherine Schrand（University of Pennsylvania）, Clare Wang（Northwestern University）

ABSTRACT

This paper provides evidence on the valuation implications of currency risk. We analyze whether increases in currency risk for US MNCs following shifts from fixed to floating currency regimes in 23 countries led to increases in currency exposure and changes in cross-border investment decisions. To identify the effects, we use a difference-in-differences design that exploits the larger change in risk for currencies tied to the dollar during the fixed regime than for non-dollar-linked currencies. We conclude that the net exposure to currency risk is significant for US MNCs. However, factors other than currency risk such as strategic considerations are of first-order importance for firms' cross-border investment decision

原文链接：

https://www.nowpublishers.com/article/Details/CFR-0044

翻译：董宇佳