Currency derivatives for hedging: New evidence on determinants, firm risk, and performance
利用韩国企业数据，研究发现出口多、外币债务多、汇率风险高的企业更常用货币衍生品套期保值；但使用越多并不降低风险，反而提升企业价值，而高风险企业使用则降低风险但损害价值。
Employing firm‐level data for Korean firms, we find that firms with more export, more foreign currency debt, and higher exchange rate exposures are likely to use more currency derivatives for hedging. 2SLS regressions reveal that as more currency derivatives use does not lead to lower firm risk, such transactions, especially sell transactions, bring in higher firm values. Further, currency derivatives use by firms with high exposures is associated with lower firm risk but lower firm values as well. These findings suggest that currency derivatives work in hedging risk and protecting values for firms with low and manageable exposures.