摘 要：在全球经济一体化背景下，跨国企业面临的汇率波动风险日益加剧，对其财务绩效产生深远影响。本研究旨在探讨跨国企业在汇率风险管理策略与财务绩效之间的关系，并通过实证分析揭示其内在机制。研究选取2015年至2022年间中国A股市场中具有代表性的跨国企业为样本，采用面板数据模型进行定量分析。结果表明，有效的汇率风险管理策略能够显著提升企业的财务绩效，其中套期保值工具的使用和多元化经营策略发挥了关键作用。此外，研究发现企业规模和行业特性对这一关系存在调节效应。本研究的创新点在于将汇率风险管理策略细化为金融工具和非金融工具两类，并结合企业内部特征进行综合分析，从而为跨国企业提供更具针对性的实践指导。研究结论不仅丰富了汇率风险管理领域的理论框架，也为相关企业优化风险管理策略提供了重要参考。
关键词：汇率风险管理策略；财务绩效；套期保值
Abstract：In the context of global economic integration, multinational enterprises are increasingly exposed to exchange rate volatility risks, which have profound implications for their financial performance. This study investigates the relationship between exchange rate risk management strategies and financial performance of multinational enterprises, uncovering the underlying mechanisms through empirical analysis. A sample of representative multinational enterprises listed on China's A-share market from 2015 to 2022 was selected, and a panel data model was employed for quantitative analysis. The results indicate that effective exchange rate risk management strategies significantly enhance financial performance, with the use of hedging instruments and diversification strategies playing crucial roles. Moreover, the study finds that firm size and industry characteristics moderate this relationship. The novelty of this research lies in its categorization of exchange rate risk management strategies into financial and non-financial instruments, combined with an integrated analysis of internal firm characteristics, thereby providing more targeted practical guidance for multinational enterprises. The conclusions not only enrich the theoretical fr amework of exchange rate risk management but also offer valuable references for relevant enterprises to optimize their risk management strategies.
Keywords: Exchange Rate Risk Management Strategy；Financial Performance；Hedging
目 录
引言 1
一、汇率风险管理的理论基础 1
(一)汇率风险的基本概念 1
(二)汇率风险管理的理论框架 2
(三)理论对财务绩效的影响机制 2
二、跨国企业汇率风险管理策略分析 3
(一)主要汇率风险管理工具 3
(二)不同策略的选择与应用 3
(三)策略实施中的关键因素 3
三、财务绩效评价体系构建 4
(一)财务绩效的核心指标选择 4
(二)评价体系的设计原则 4
(三)绩效评估的实际操作方法 5
四、汇率风险管理与财务绩效的关系研究 5
(一)关系研究的实证模型构建 5
(二)数据分析与结果解读 6
(三)研究发现与理论贡献 6
结论 7
参考文献 8
致谢 8
关键词：汇率风险管理策略；财务绩效；套期保值
Abstract：In the context of global economic integration, multinational enterprises are increasingly exposed to exchange rate volatility risks, which have profound implications for their financial performance. This study investigates the relationship between exchange rate risk management strategies and financial performance of multinational enterprises, uncovering the underlying mechanisms through empirical analysis. A sample of representative multinational enterprises listed on China's A-share market from 2015 to 2022 was selected, and a panel data model was employed for quantitative analysis. The results indicate that effective exchange rate risk management strategies significantly enhance financial performance, with the use of hedging instruments and diversification strategies playing crucial roles. Moreover, the study finds that firm size and industry characteristics moderate this relationship. The novelty of this research lies in its categorization of exchange rate risk management strategies into financial and non-financial instruments, combined with an integrated analysis of internal firm characteristics, thereby providing more targeted practical guidance for multinational enterprises. The conclusions not only enrich the theoretical fr amework of exchange rate risk management but also offer valuable references for relevant enterprises to optimize their risk management strategies.
Keywords: Exchange Rate Risk Management Strategy；Financial Performance；Hedging
目 录
引言 1
一、汇率风险管理的理论基础 1
(一)汇率风险的基本概念 1
(二)汇率风险管理的理论框架 2
(三)理论对财务绩效的影响机制 2
二、跨国企业汇率风险管理策略分析 3
(一)主要汇率风险管理工具 3
(二)不同策略的选择与应用 3
(三)策略实施中的关键因素 3
三、财务绩效评价体系构建 4
(一)财务绩效的核心指标选择 4
(二)评价体系的设计原则 4
(三)绩效评估的实际操作方法 5
四、汇率风险管理与财务绩效的关系研究 5
(一)关系研究的实证模型构建 5
(二)数据分析与结果解读 6
(三)研究发现与理论贡献 6
结论 7
参考文献 8
致谢 8
