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환노출관리전략에 대한 연구: 한국의 수출기업을 중심으로
곽태운 ( Gwag Tae Un ),정창영 ( Jeong Chang Yeong ),신성휘 ( Sin Seong Hwi ),최세형 ( Choe Se Hyeong ) 한국국제통상학회 2003 국제통상연구 Vol.8 No.2
This study measures foreign exchange exposure of Korean exporting companies, and empirically estimates the determinants of level of foreign exchange exposure. By far the majority of the Korean exporting companies turned out to have short position in the U.S. dollar and in the Japanese yen, despite the fact that they derive significant portions of their revenues from foreign sources. The result implies that these companies` foreign currency revenues are implicitly hedged by foreign currency cash outflows arising from foreign sourcing of parts and raw materials, or from debts denominated in foreign currencies. Also implied in the result is that financial exposure as well as operating exposure must be addressed for an effective management of currency risks at a firm level. In this study, each firm`s foreign exchange exposures arising from financial factors are measured by the changes in the yearly foreign currency related accounting losses(or gains) in conjunction with the exchange rate fluctuations in the period 1997-98. When the currency exposures from the financial sources are included in the regression as explanatory variables, the variation in individual firms` overall exposures are better explained than by the proportion of export revenues only. The result supports our proposal that effective management of currency exposure requires a more comprehensive exposure measurement including financial factors as well as operational factors.