수출기업의 재무헤징(Financial Hedging)과 기업가치의 관계 및 특성에 관한 연구

An Empirical Study on the Effect of Financial Hedging on the Value of The Exporting Company including its Characteristics

This study attempts to analyze the effect of the financial hedging on the value of the corporation, which are non-banking KSE-listed companies and have been export sales during 5 years. This research deals with the panel data for five years of the 315 exporting companies. The research methodology is to use the Fixed Effect Model of the Panel Study with the Hausman Test as well as the Panel Logit Regression Model. The dependent variable is a Tobin’s Q measuring the corporate value. According to the empirical result, the financial hedging is negatively related with the value of the exporting companies. This research also finds that the more companies export, the more incentives the companies have through using the financial hedging. This phenomena can be explained by the fact that the worldwide financial risk and economic depression since 2008 decrease the exporter’s usage of the financial hedging.