The Importance of Corporate Foreign Debt in Managing Exchange Rate Exposures in Non‐Financial Companies
实证研究丹麦非金融上市公司，发现外币债务是管理汇率风险的重要工具，其重要性受海外子公司、资产价值和债务比率影响，对开放经济体企业有参考价值。
Abstract This empirical study of the exchange rate exposure management of Danish non‐financial firms listed on the Copenhagen Stock Exchange shows that debt denominated in foreign currency (‘foreign debt’) is a very important alternative to the use of currency derivatives. The results show that the relative importance of foreign debt is positively related to (1) the extent of foreign subsidiaries, (2) the relative value of assets in place, and (3) the debt ratio. The pivotal role of time horizon is emphasised. These findings are important to firms in other countries with open economies.