本文選題：人民幣匯率 + 上市公司��； 參考：《西南財經(jīng)大學(xué)》2014年碩士論文

【摘要】：經(jīng)濟(jì)環(huán)境的不穩(wěn)定也致使國與國之間的貨幣比價處于不穩(wěn)定的狀態(tài),國與國之間的貿(mào)易往來也因匯率不穩(wěn)定而面臨巨大沖擊。出口一直是我國經(jīng)濟(jì)增長的重要推動力,自2009年以來人民幣匯率一直面臨升值的壓力,在這種不穩(wěn)定的外匯市場環(huán)境下,中國資本市場上眾多跨國企業(yè)經(jīng)營面臨巨大挑戰(zhàn)。在巨大的利潤壓力下企業(yè)的市場價值表現(xiàn)也起伏不定。 本文以我國資本市場上以進(jìn)出口為主營業(yè)務(wù)的上市跨國公司作為研究對象,通過對企業(yè)市場價值進(jìn)行分析,構(gòu)建企業(yè)市場價值模型,將企業(yè)價值與投資成本C(I),資本成本W(wǎng)AC,稅后的投資收益率W之間建立相關(guān)關(guān)系。最后提出企業(yè)價值與匯率之間的相關(guān)關(guān)系,以及不同類型的跨國企業(yè)的不同影響分析。通過對企業(yè)價值VAC與匯率模型可以看出對于以出口業(yè)務(wù)為主的跨國公司企業(yè)經(jīng)濟(jì)增加值與匯率之間在直接標(biāo)價法下呈現(xiàn)正向關(guān)系。而對于以進(jìn)口為主的跨國企業(yè)經(jīng)濟(jì)增加值與匯率在直接標(biāo)價法下存在一個臨界值,當(dāng)匯率大于一個限定值時,企業(yè)的經(jīng)濟(jì)增加值與匯率呈反向關(guān)系,當(dāng)匯率水平小于這個臨界值時企業(yè)的經(jīng)濟(jì)增加值與匯率之間呈現(xiàn)正向關(guān)系。 將企業(yè)經(jīng)營直接與匯率掛鉤能夠更加具體的體現(xiàn)匯率對企業(yè)價值的實際影響。在實證部分把不同行業(yè)的代表企業(yè)進(jìn)行短期與中期分析能夠更加直觀的反應(yīng)匯率的具體影響,同時也是給我國企業(yè)規(guī)避匯率風(fēng)險的應(yīng)對之策。
[Abstract]:The instability of economic environment also causes the exchange rate between countries to be in an unstable state, and the trade between countries also faces a huge impact due to the instability of the exchange rate. Export has been an important driving force for China's economic growth. Since 2009, the RMB exchange rate has been facing the pressure of appreciation. In this unstable foreign exchange market environment, many multinational enterprises in China's capital market face enormous challenges. Under the huge profit pressure, the market value performance of the enterprise also fluctuates. This paper takes the listed multinational corporations whose main business is import and export in the capital market of our country as the research object, through the analysis of the market value of the enterprises, constructs the model of the market value of the enterprises. The correlation relationship between enterprise value and investment cost, capital cost WACand after-tax investment rate W is established. Finally, the relationship between enterprise value and exchange rate is put forward, and the different effects of different types of multinational enterprises are analyzed. Through the model of enterprise value VAC and exchange rate, we can see that there is a positive relationship between the economic value added and exchange rate of multinational corporations which mainly export business under the direct pricing method. However, there is a critical value between economic added value and exchange rate for multinational enterprises which mainly import. When the exchange rate is greater than a limited value, the economic added value of the enterprise is inversely related to the exchange rate. When the exchange rate level is less than this critical value, there is a positive relationship between the economic value added and the exchange rate. Directly linking the business operation with the exchange rate can more concretely reflect the actual impact of the exchange rate on the enterprise value. In the empirical part, the short-term and medium-term analysis of representative enterprises in different industries can more intuitively reflect the specific impact of exchange rate, and it is also the countermeasures to avoid exchange rate risk for Chinese enterprises.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F276.7;F832.6

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