위험헤지 활동을 수행하는 기업특성 및 기업가치

The purpose of this study is to examine the relation between the risk hedging activities by the implementation of the derivatives products and the corporate value by the statistical analysis of the key financial data of the major companies listed on the Korea Stock Exchange Market. The study sampled manufacturing companies out of KOSPI companies during the period of 2001-2009. First, the study analyzed the fact the hedging activities were increased due to a drastic change of global monetary market caused by the subprime mortgage debacle in 2007 and has reviewed whether the global financial crisis had influenced the risk management of the companies by using derivatives products. Second, the study analyzed a hedging impact of derivatives products on corporate value under the methodology of the multiple regression analysis and realized their crucial factors to be decided to implement the derivatives products, and also the study found an economical reason and value. The study may have the following implications. First of all, active involvement of risk hedging became an essential factor for the survival of the companies because uncertainty of the business environment is rising under rapid change of global economic environment. In addition, the investors and the creditors should look into the factors if the company is involving actively the risk hedging activities when they make a decision for credit or investment.