CAJ | 학술논문

汇率变动引起的汇率风险一方面会使国际经营企业未来现金流量发生变化，另一方面通过影响公司财务报表数值而引起股价变动，进而影响投资者在资本市场的股票收益。当前人民币升值已成为国际经济和社会舆论的焦点，研究汇率波动时从事国际经营企业在汇率频繁变动的市场环境下加强现金流管理、提高企业绩效以及减少投资者股票收益变动有重要意义。基于此，文章以2006-2011年从事国际经营的纺织行业上市公司为样本，实证研究汇率变动产生的汇率风险时股票收益和现金流的影响，结果表明：汇率变动对投资者股票收益有显著负影响，而对现金流的影响更为蚤鲁，
회솔변동인기적회솔풍험일방면회사국제경영기업미래현금류량발생변화，령일방면통과영향공사재무보표수치이인기고개변동，진이영향투자자재자본시장적고표수익。당전인민폐승치이성위국제경제화사회여론적초점，연구회솔파동시종사국제경영기업재회솔빈번변동적시장배경하가강현금류관리、제고기업적효이급감소투자자고표수익변동유중요의의。기우차，문장이2006-2011년종사국제경영적방직행업상시공사위양본，실증연구회솔변동산생적회솔풍험시고표수익화현금류적영향，결과표명：회솔변동대투자자고표수익유현저부영향，이대현금류적영향경위조로，
On one hand, the exchange rate risk caused by exchange rate movement will change future cash flows of interna- tional enterprises, on the other hand, it will influence numerical value of financial statement and stock price, thus ＂affecting stock returns of investors in capital market. Nowadays, appreciation of the RMB has become the focus of the international eco- nomic and public opinion. So it is clear that the study of exchange fluctuations has important significance for cash flows and stock returns of international enterprises, it is helpful to strengthen cash flow management in frequently exchange rate fluctuat- ing environment, improve business performance and reduce stock returns variation. Based on above, this paper selects pub- lic company of textile industry from 2006 to 2011 which are engaged in international business as samples, studies the influence of stock returns and cash flow from exchange rate risk. The empirical results show that compared with stock returns, the exchange rate has a more significant effect on cash flow.