기업의 위안화 파생상품 사용에 대한 연구

Abstract

This study examines that derivatives play moderating role between globalizaion and firm value period from 2011 to 2020. As Korean companies have a high level of globalizaion, exchange risk management of Korean companies is more essential. It .has a direct impact on corporate value. In order to examine whether the use of derivatives is efficient, we predicted that the use of currency derivatives as a means of risk management will contribute to an increase in corporate value. We also predicted the nonlinearity of the level of globalizaion. Results show that globalizaion has a non-linear relationship (U-shaped) with respect to the corporate value, and the appropriate use of currency derivatives strengthens the positive relationship between globalizaion and firm value. It proved that the use of currency derivatives play a moderating role between globalization and firm value.