Hedging with derivatives to increase firm value

被引：0

作者：

Ji, Pengfei ^{[1
]}

Wei, Lei ^{[2
]}

机构：

[1] Univ Sydney, Sch Business, Sydney, NSW 2006, Australia

[2] Shanghai Univ Polit Sci & Law, Sch Criminal Justice, Shanghai 201602, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 55卷

关键词：

Firm value; Derivatives; Risk management; Hedging;

D O I：

10.1016/j.frl.2023.103981

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In uncertain financial environments, firms apply derivatives to hedge on risks such as commodity, interest, and currency usage. Based on non-financial listed companies from 2013 to 2022, this paper applies regression analysis and score matching method to examine the relationship between firm value and application of derivatives. It found that hedging increases the value of firms. We further use PSM and alternative variables to conduct robustness analysis and find out results are robust.

引用

页数：5

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