earticle

영어

Recent developments in the world economy raise concerns that exchange exposure by international trade under uncertainty can be a key factor influencing firm value and performance. Many literatures support the evidence that the benefits from exchange exposure can depend on such things as strategic fits. One firm can hedge exchange risk in several ways and there are also different results between a various type surrounding these hedge methods. The major legal forms of hedge are derivatives usage such as futures and options. In this paper, we examine the economic effect of derivatives usage which occupies an important part of corporate strategy to enhance credit rating and firm performance(ROA) together with the global financial crisis and various firm characteristics. To this end, we investigate the sample of manufacturers listed on the stock exchange from 2006 to 2013 and search the impact on enterprise value taking into account of the internal characteristics such as asset size, liabilities, export side, foreign exchange trade income, foreign equity weight, business group and financial crisis period. We classify sample firms into two groups depending upon exchange exposure level and derivatives trading income to determine which category is better to increase credit rating and firm value for the investors after the exchange exposure management. Also, we include financial crisis period and firm characteristics to see how these factors affect firm value changes. In this regard, our research suggests additional important evidence about the effect of exchange exposure on firm value with a case of an derivatives trading outcome in Emerging market. Foreign exchange risk in Korean financial market has good characteristics that are suitable to examine the value of the firms following financial derivatives usage strategy. The major empirical results of this study are summarized as follows, First, we find that ROA and credit ratings become worse if the exchange exposure were expanded, but it get better if exchange management implemented. Meanwhile, credit rating became better if the exchange exposure and exchange management will be combined both. Second, in the corporate characteristics, ROA and credit ratings become better if the stock share of foreigners or the rate of operating profit are higher and firms are belonging to business group. Third, as the analysis of derivatives regression shows, derivatives are more frequently used if before crisis or firms with large asset, higher of export and greater net exchange asset and net exchange margin. On the other hand, it were used lower if foreign ownership is high. Our results suggest that it is necessary to consider the fundamental characteristics of enterprise as well as the external economic environment to get a more efficient performance after derivatives usage following exchange exposure. These results are consistent with the view that the increase in the credit rating and firm performance due to derivatives usage is more pronounced as the derivatives trading method fits. Our results suggest that the appreciation of financial performance is attributable for the factors around exchange exposure management.

한국어

본 연구는 기업전략의 중요한 비중을 차지하고 있는 환노출 관리의 경제적 효과에 관해 파생상품 사용을 중심으로 여러 기업특성을 고려하여 조사하였다. 이를 위해 2006년부터 2013년까지 유가증권시장에 상장된 비금융업 표본을 대상으로 환노출에 대한 파생상품 사용이 기업성과 및 신용등급에 미친 영향을 조사하였다. 이와 함께 소유구조, 위험도, 기업집단 여부 등의 기업 고유의 특성 및 글로벌 금융위기와 같은 거시경제상황을 고려하여 살펴보았다. 주요 분석 결과는 다음과 같다. 첫째, 환노출의 크기는 신용등급과 기업성과(ROA)에 부정적으로 작용한 반면 환노출을 관리하기 위한 파생상품거래의 성과가 좋을수록 신용등급과 기업성과는 우수해진 것으로 조사되었다. 둘째, 수출비중, 외화순자산율 등 환노출이 클수록 파생상품을 많이 사용한 반면 외국인지분율, 외화순차익률이 높은 경우 파생상품을 적게 거래하는 것으로 나타났다. 셋째, 환노출과 함께 신용등급 및 기업성과에 영향을 미친 개별변수로서 외국인지분율, 영업이익률, 재벌 여부 등이 유의적인 관계를 보였다. 이와 같은 연구 결과는 환위험을 관리하기 위한 파생상품 사용이 효과적인 경우 기업가치 증진에 도움이 된다는 점을 시사한다. 또한 위험도, 소유구조 등 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 기준이 될 것이며, 부실한 환위험관리를 통해 유발되는 사회적 비용을 줄이는데 기여할 수 있다. 본 연구는 경영성과를 개선하기 위한 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안으로 환노출관리를 활용하려는 학계, 실무자 및 재무적 투자자에게 실무적인 자료로 유용할 것이며, 정책 입안자들에게도 좋은 참고자료가 될 것이다.