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The Study of the Influence RMB Exchange Rate Fluctuation on the Value of Corporations

Author: ChangJian
Tutor: XiYanQun
School: Anhui University of
Course: Accounting
Keywords: RMB exchange reform Enterprise Value Foreign exchange risk
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 106
Quote: 0
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Abstract


Along with the rapid development of economic globalization, the international development strategy has been a trend of the development of China's enterprises, many international companies have also entered the Chinese market, the development of competition in the domestic and foreign markets with local enterprises in China. In this highly competitive environment, our country can no longer be pure profit to measure the corporate pros and cons of whether or not we should get rid of the traditional evaluation criteria, consider choosing a more comprehensive indicator of corporate value \competitiveness of enterprises, thereby helping Chinese enterprises towards a higher level of development. In recent years, our country is the gradual increase in the intensity of the reform of the financial system, the reform of the RMB exchange rate regime in July 2005 to establish a diversified, more flexible floating exchange rate system, breaking the long-standing single dollar peg exchange rate system, for Chinese enterprises is also a new challenge, how to respond to the frequent fluctuation of the RMB exchange rate in today's changing economic situation, continue to enhance their own value and international competitiveness, problems to be solved is a Chinese enterprise. Therefore, a detailed and in-depth analysis of the impact of exchange rate fluctuations on the enterprise value, help enterprises to strengthen the ability to avoid the risk of exchange rate fluctuations, and has a very important theoretical and practical significance for the acceleration of Chinese enterprises into the international market as soon as possible. This paper studies the RMB exchange rate fluctuations and enterprise value and relevance by analyzing the characteristics of the internal management of enterprise value to provide help. Regression analysis of historical data, a clear significant relationship between the RMB exchange rate fluctuations and enterprise value, as well as the internal characteristics (sales revenue abroad, overseas procurement costs, etc.) and corporate foreign exchange exposure significantly. As a result, China's enterprises should establish value management system to maximize the value of enterprise management objectives, enhance foreign exchange risk prevention awareness, take positive and effective measures for foreign exchange risk management, and understand the impact on the enterprise value of the RMB exchange rate fluctuations. For more international business enterprise more in need of foreign exchange risk management system to construct a reasonable grasp of the RMB exchange rate fluctuations, as far as possible to reduce the uncertainty in the course of business, to make themselves more competitive in the international market changing estimates.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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