暨南经院学术系列活动金融学系列Seminar第84期：张策（中国社会科学院）

主题：Does Policy Uncertainty Affect Firms’ Exchange Rate Exposure? Evidence from China

主讲人：张策 中国社会科学院金融研究所

主持人：林智韬 太阳城集团

时间：2023年3月23日（周四）10：00

地点：太阳城集团石牌校区tyc1286太阳成集团大楼（中惠楼）102室

摘要

Analyzing data from 3,616 Chinese listed firms, we find a strong positive relationship between policy uncertainty and firms’ exchange rate exposure. This result remains robust after controlling for macroeconomic conditions and addressing endogeneity issues. Notably, policy uncertainty’s impact is significantly stronger for firms with a higher degree of international involvement and for poorly-governed firms. Interestingly, firms use financial hedging more intensively and reduce their operational hedging in high-uncertainty periods. Our results suggest that policy uncertainty exacerbates the impact of currency movements on firms’ financial performance, as firms become increasingly involved in international operations. Consequently, firms should strengthen their corporate governance and make effective use of hedging tools.

主讲人简介

张策，中国社会科学院金融研究所助理研究员。主要研究领域是国际金融、金融市场和风险管理。在《Journal of Comparative Economics》《Journal of Contemporary China》《China Economic Review》《经济理论与经济管理》等国内外期刊发表文章十余篇，一篇文章被《新华文摘》全文转载，主持一项国家自然科学基金青年科学基金项目。