Does Centralisation of FX Derivative Usage Impact Firm Value?
利用瑞典上市公司调查数据，研究发现外汇风险集中管理的企业比分散管理的企业享有约15%的衍生品溢价，而分散管理企业无此溢价。
Abstract Previous research has shown that firms identified as derivative users tend to be valued at a premium relative to non‐users. In this paper I develop the hypothesis that the ‘derivative premium’ is higher in firms with centralised FX exposure management, compared to a decentralised approach in which subsidiaries retain bank contacts and/or decision‐making authority. This study benefits from unique survey data on the FX management practices and derivative usage of Swedish listed firms. The data supports the centralisation‐hypothesis. Firms with a centralised approach have a statistically significant derivative premium of around 15%, whereas there is no premium for decentralised firms .