Empirical Study on Coping Behavior with Exchange Rate Risk of Agricultural Firms in China:from the Viewpoint of Firm Competitiveness
基于352家中国农业企业的调查数据，使用多元Logit模型从企业竞争力视角分析汇率风险应对行为，发现融资和技术能力强的企业更倾向经营策略，国际化程度高的企业更依赖金融策略，且存在区域差异。
This paper presents an analytical framework of coping behavior with exchange rate risk of foreign firms.Under this framework,using a survey of 352 agricultural firms in China,this paper examines coping behavior with exchange rate risk of agricultural firms employing multiple logit model from the viewpoint of firm competitiveness.It is found that firm's competitiveness is crucial to the selection of hedging strategy and the variables indicated competitiveness influence the selection in different directions and significance:The more strong ability of financing and technology is,the more agricultural firms tend to select operational strategy to cope with exchange risk.The higher the degree of internationalization is,the more the agricultural firms rely on financial strategy to hedging exchange risk.Meanwhile,the hedging behavior with exchange rate risk of agricultural firms presents obvious interregional difference.Finally,in terms of hedging exchange rate risk and enlarging exports of the Chinese foreign agricultural firm,some relevant policy suggestions are proposed.