한국기업의 통화파생상품 사용과 기업가치

Key WordsThis study examines the impact of foreign currency derivatives on firm value in a sample of korean nonfinancial firms. We focus the analysis of this study on the subsample of firms that are exposed to exchange rate risk and we examine whether firms that have similar exposure differ in firm value, depending on whether they hedge or not. We expected that for firms that have higher exchange rate risk, users of currency derivatives have a higher value than nonusers. Using Tobin's Q as a proxy for firm value, we find that there is no evidence between firm value and the use of foreign currency derivatives. This results imply that the use of derivatives by korean firms is economically small in relation to their firm value. It can be potentially explained two aspects. First, korean firms use derivatives as one of their overall risk-management program that likely includes other means of hedging. Second, korean firms are not skilled in hedging through derivatives that can be from lack of recognition about risks management or imperfection of the accounting system about derivatives.