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近年来,我国上市公司的金融性套期保值交易增长迅速。本文以国外公司套期保值动机理论作为分析框架,根据我国的市场环境和上市公司的财务特征构建解释变量,对上市公司金融性套期保值决策的动机进行实证检验和分析。研究表明,降低财务困境成本和债务代理成本是我国上市公司金融性套期保值决策的主要动机;此外,公司有现金分红需要、股权结构中有外资法人股或境外上市股时,公司越有动机进行金融性套期保值,并且套期保值具有规模经济效应。
In recent years, the financial hedging transactions of listed companies in our country have been growing rapidly. Based on the theory of the hedging motivation of foreign companies, this paper constructs explanatory variables according to the market environment of our country and the financial characteristics of the listed companies, and empirically tests and analyzes the motivation of listed companies’ financial hedging decisions. The research shows that reducing the cost of financial distress and debt agency cost are the main motives for the financial hedging decision of listed companies in our country. In addition, the Company is more motivated when the company has cash dividend needs and foreign legal person shares or overseas listed shares in the shareholding structure Financial hedging, and hedging with economies of scale.