天博.体育登录入口院罗航教授与王蕊博士合作撰写的论文“Foreign currency risk hedging and firm value in China”在SSCI期刊 Journal of Multinational Financial Management（JMFM）上发表，由Elsevier(爱思维尔)出版社出版。目前在JMFM论文下载排名(Most Downloaded)中名列第二。
论文摘要：
The objective of our study is to investigate the association between the use of foreign currency derivatives and corporate value among Chinese firms by examining listed firms’ quarterly data from 2000 to 2013. We find that Chinese firms that engage in hedging activities with derivatives to reduce their foreign exchange exposure tend to have higher corporate value. This finding is shown to be consistent through a series of robustness tests. We also find that the incidence of such effects is higher among firms with greater profitability and investment opportunities. The use of foreign currency derivatives exerts a more prominent impact on firm value when the exchange rate depreciates and when the economy is booming. However, the link between derivative use and firm value is weaker during crisis periods. Moreover, an industrial analysis demonstrates that the value-enhancing effect varies across industries.
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