The Empirical Research On The Foreign Exchange Exposure Of Chinese Enterprises

In the current research about our country enterprise foreign exchange risk exposure, Augmented Market Model occupies the mainstream position. However, in the ineffective market, the data about the enterprise revenue may be distorted, which leads to the estimation result error. At this time, the Cash Flow Method is the more effective method.Learning from foreign new method and combinating the fact about our country enterprise, the author put forward to the cash flow model to fit our country enterprise data characteristics. Selecting manufacturing enterprises as the research sample, the author use the cash flow method to calculate our country enterprise foreign exchange risk exposure level. In order to study the effect which the internal factors can make on foreign exchange risk exposure, selecting87enterprises as samples, make regression analysis between enterprise foreign exchange risk exposure and three aspects:the enterprise international participation, enterprise scale and enterprise financial management ability. Selecting the major currencies, make the empirical research on the enterprises of our country facing the risk of exchange rate. Combined with the economic results, the results are analyzed.The research discovers:in the situation of the RMB exchange rate fluctuations enlarges unceasingly, enterprise of our country manufacturing industry exists significant foreign exchange risk exposure, and under the direct quotation, impaired by RMB appreciation; different currencies exchange rate fluctuations has different impacts on business; the enterprises with different characteristics must bear different foreign exchange risk exposure. Those enterprises with international trades, are facing greater foreign exchange risk exposure; large scale enterprises are facing the smaller foreign exchange risk exposure; enterprise which have higher financial management ability will suffer greater foreign exchange risk exposure.