Why Do Firms Raise Foreign Currency Denominated Debt? Evidence from Finland
研究企业发行外币债务的动机，发现对冲出口收入汇率风险是重要原因，但企业也会在借款货币利率相对较低时借入，表明存在投机动机。大型企业更易进入国际资本市场，更可能借入外币。
This study examines the determinants of the decision to raise currency debt. The results suggest that hedging figures importantly in the currency–of–denomination decision: firms in which exports constitute a significant fraction of net sales are more likely to raise currency debt. However, firms also tend to borrow in periods when the nominal interest rate for the loan currency, relative to other currencies, is lower than usual. This is consistent with the currency debt issue decision being affected by speculative motives. Large firms, with a wider access to the international capital markets, are more likely to borrow in foreign currencies than small firms.