Empirical Study On The Impact Of RMB Exchange Rate Fluctuation On The Market Value Management Effect Of Foreign Trade Listed Companies

With the deepening of China's exchange rate system reform and capital market reform,the exchange rate policy has gradually become marketized,and the rapid development of the capital market has promoted the management concept of listed companies.The market value management of domestic listed companies has gradually become theoretical and institutionalized,but there are still problems in market value management behavior,which hinders the healthy development of China's capital market.As a major activity subject of China's open economy,foreign trade listed companies,how to deal with the impact of RMB exchange rate fluctuations,and scientific market value management are important corporate management issues faced by foreign trade listed companies,and also the core content of this dissertation.By collating relevant literatures,this dissertation finds that domestic market value management research focuses on micro-influence factors and ignores the influence of macro-risk factors.This dissertation uses this as a starting point to study the impact of RMB exchange rate fluctuation on the market value management effect of foreign-invested listed companies.First of all,from the macro and micro perspectives,from the perspective of foreign trade channels,capital flow channels and psychological expectations,the dissertation analyzes the impact of RMB exchange rate fluctuations on the market value management effect of foreign trade listed companies.Next,a regression model is established,and empirical analysis is performed using methods such as benchmark regression,comparative analysis,and heterogeneity analysis.Through empirical analysis,it is found that the RMB exchange rate is a macro risk factor to be considered in the market value management of foreign trade listed companies.The appreciation of the renminbi is conducive to the better market value management of foreign-invested listed companies,but it does not blindly appreciate;the fluctuation of the RMB exchange rate is not conducive to the market value management of foreign-invested listed companies.Second,through a period of time study,it is found that the period of exchange rate fluctuation is more unfavorable for foreign trade listed companies to carry out good market value management than during the period of stable appreciation of the RMB.Finally,through the heterogeneity analysis,it is found that the RMB exchange rate has a significant impact on the value creation and value realization stage of market value management,but it has the most significant impact on the value realization stage.According to the empirical results,we provide specific policy recommendations for better market value management for foreign trade listed companies from the government and enterprise levels.