지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
오류제보하기
This study aims to analyze the foreign asset leverage effect on Korean oil & gas companies’ foreign profits and to maintain the appropriate foreign asset volume for reducing exchange risk. For a long time, large Korean companies, including oil companies, overheld foreign currency liabilities. For this reason, most large companies have been burdened to hedge exchange risk and this excess limit holding deteriorated total profit and reduced foreign currency asset management efficiency.
Our paper proceeds in presenting a three-stage analysis considering diversified exchange risk factors through estimation on transformation of foreign transactions a/c including annual trends of foreign asset and industry specifics. We also supplement incomplete the estimation method through a practical hedging case investigation. Our research parts are differentiated on the analyzing four periods considering period-specifics
The FER value of the oil firms ranged from -0.3 to +2.3 over the entire period. The results of the FER Value are volatile and irregular; those results do not represent the industry standard comparative index. The Korean oil firms are over the credit limit without accurate prediction and finance high interest rate funds from foreign-owned banks on the basis on a biased relationship. Since the IMF crisis, liabilities of global firms have decreased. Above all, oil firms need to finance a minimum limit without opportunity losses on the demand forecast and prepare for uncertainty in the market. To reduce exchange risk from the over-the-limit position, we must consider factors that affect the corporate exchange risk on the entire business process, including the contract phase.
Our paper proceeds in presenting a three-stage analysis considering diversified exchange risk factors through estimation on transformation of foreign transactions a/c including annual trends of foreign asset and industry specifics. We also supplement incomplete the estimation method through a practical hedging case investigation. Our research parts are differentiated on the analyzing four periods considering period-specifics
The FER value of the oil firms ranged from -0.3 to +2.3 over the entire period. The results of the FER Value are volatile and irregular; those results do not represent the industry standard comparative index. The Korean oil firms are over the credit limit without accurate prediction and finance high interest rate funds from foreign-owned banks on the basis on a biased relationship. Since the IMF crisis, liabilities of global firms have decreased. Above all, oil firms need to finance a minimum limit without opportunity losses on the demand forecast and prepare for uncertainty in the market. To reduce exchange risk from the over-the-limit position, we must consider factors that affect the corporate exchange risk on the entire business process, including the contract phase.
목차
Abstract
Ⅰ. Introduction
Ⅱ. Literature Review
Ⅲ. Empirical Framework and Hypothesis
Ⅳ. Empirical Analysis Results
Ⅴ. Empirical Analysis Results
Ⅴ. Conclusion
References
참고문헌 (30)
참고문헌 신청
안경애 / 2017 / 환율변동성이 해상 및 항공 수출입화물에 미치는 영향 / 무역학회지 42(6):131~154
Augustine. A. I. / 2017 / Nigeria Oil & Gas External Exposure : the Crude Gains and Crude Pink of Crude Export Dependence Economy / The Business Management Review 8(4):396~407
Gardberg, M. / 2019 / Exchange Rate Sensitivity and the Composition of Net Foreign Assets / Research Institute of Industrial Economics(IFN)Seminar Presentation :1~35
Hoang, T. / 2019 / The Impact of Exchange Rate on Inflation and Economic Growth in Vietnam / Management Science Letters 10(5):1051~1060
Ito, T. / 2013 / Exchange Rate Risk Management of Export Firms : New Findings from a Questionnaire Survey :1~29
Augustine. A. I. / 2017 / Nigeria Oil & Gas External Exposure : the Crude Gains and Crude Pink of Crude Export Dependence Economy / The Business Management Review 8(4):396~407
Gardberg, M. / 2019 / Exchange Rate Sensitivity and the Composition of Net Foreign Assets / Research Institute of Industrial Economics(IFN)Seminar Presentation :1~35
Hoang, T. / 2019 / The Impact of Exchange Rate on Inflation and Economic Growth in Vietnam / Management Science Letters 10(5):1051~1060
Ito, T. / 2013 / Exchange Rate Risk Management of Export Firms : New Findings from a Questionnaire Survey :1~29
함께 읽어보면 좋을 논문
논문 유사도에 따라 DBpia 가 추천하는 논문입니다. 함께 보면 좋을 연관 논문을 확인해보세요!
-
Case Study of the Evolution of Exposure Risk Hedging Strategy Since the Asian Crisis: Korean Automobile Companies
무역연구
2020 .01
-
An Empirical Case Study of Hedging Strategy on Steel Manufacturing Firms’ Exchange Rate Risk
무역연구
2021 .01
-
The Impact of the Functional Currency System in Korea on the Value Relevance of Foreign Translation Adjustments
경영학연구
2020 .12
-
환율변동과 산업별 주가지수 수익률: 비대칭성을 고려한 산업별 환노출 추정
경영컨설팅연구
2017 .01
-
The Impact of Exchange Rate Fluctuations on Korean Firms and Its Policy Implications
[KIEP] World Economy Brief
2018 .11
-
국제원유가와 원-달러환율의 변동 분석
한국관세학회 학술대회
2015 .12
-
A Study on the Effective Risk Management of Hedge Funds
무역연구
2015 .01
-
환율과 유가 변화가 수출입에 미치는 비대칭적 영향
무역연구
2016 .01
-
The Effect of Business Risk on Capital Structure of Indian Corporate Firms: Business Groups vs. Stand-alone Firms
Global Economic Review
2015 .01
-
러시아 에너지 기업의 경영성과와 국제유가
동북아경제연구
2018 .01
-
Foreign Exchange Risk Control in the Context of Supply Chain Management
유통과학연구
2015 .01
-
Reexamining the Exchange Rate Exposure Puzzle by Classifying Exchange Rate Risks into Two Types
Global Economic Review
2016 .01
-
환위험이 주가급락위험에 미치는 영향
회계정보연구
2019 .01
-
글로벌 금융위기 전·후 외식기업의 자본구조 결정요인에 관한 연구
관광진흥연구
2021 .11
-
Differential Impact of Uncertainty on Exporting Decision in Risk-averse and Risk-taking Firms: Evidence from Korean Firms
Seoul Journal of Economics
2016 .01
-
The Analysis of the Expansion and Heteroscedasticity of Exchange Rate Fluctuation in China
Journal of China Studies
2015 .01
-
캐피탈사의 위험기반 자본규제 도입 효과 연구
신용카드리뷰
2024 .06
-
레버리지효과의 기업가치 관련성
한국창업학회지
2024 .02
-
레버리지효과의 기업가치 관련성
한국창업학회지
2024 .02
-
석유·정유 산업의 환위험관리: 한국의 석유·정유기업과 멕시코의 국영석유기업을 중심으로
대한경영학회지
2019 .06
이 논문의 저자 정보
최근 본 자료
댓글(0)
0
UCI(KEPA) : I410-ECN-0101-2021-324-001691540