The Foreign Exchange Exposure of Japanese Multinational Corporations
研究发现约25%的日本跨国公司股票回报受汇率波动显著影响，出口比率、杠杆率、流动性和企业规模可解释暴露程度，且企业集团成员暴露更大。
We find that about 25 percent of our sample of 171 Japanese multinationals' stock returns experienced economically significant positive exposure effects for the period January 1979 to December 1993. The extent to which a firm is exposed to exchange‐rate fluctuations can be explained by the level of its export ratio and by variables that are proxies for its hedging needs. Highly leveraged firms, or firms with low liquidity, tend to have smaller exposures. Foreign exposure is found to increase with firm size. We also find that keiretsu multinationals are more exposed to exchange‐rate risk than nonkeiretsu firms.