Ownership structure impact on exchange rate exposure under the RMB regime reform
This thesis investigates effects of exchange rate exposure upon stock returns of a large sample of Chinese firms when they are divided into SOEs and non-SOEs. I obtain the exposure estimates first and examine their determinants. By extending the current literature, I introduce the ownership structur...
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ndltd-ln.edu.hk-oai-commons.ln.edu.hk-econ_etd-10282019-11-02T15:17:04Z Ownership structure impact on exchange rate exposure under the RMB regime reform JIA, Luning This thesis investigates effects of exchange rate exposure upon stock returns of a large sample of Chinese firms when they are divided into SOEs and non-SOEs. I obtain the exposure estimates first and examine their determinants. By extending the current literature, I introduce the ownership structure into the framework and I compare different ownership impacts on the exposure before and after the Reform. My study shows that a SOE or non-SOE firm makes no difference in facing the exchange rate exposure before the Reform. If a firm is a SOE, the firm faces smaller exposure after the Reform. I further explore the asymmetric exposure from currency depreciation and appreciation in relation to ownership structure. I find that non-SOEs face higher exposure from appreciation than from depreciation before the Reform. But both SOEs and non-SOEs face lower exposure from appreciation than from depreciation after the Reform. 2016-10-31T07:00:00Z text application/pdf https://commons.ln.edu.hk/econ_etd/28 https://commons.ln.edu.hk/cgi/viewcontent.cgi?article=1028&context=econ_etd Theses & Dissertations en Digital Commons @ Lingnan University Economics |
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Economics JIA, Luning Ownership structure impact on exchange rate exposure under the RMB regime reform |
description |
This thesis investigates effects of exchange rate exposure upon stock returns of a large sample of Chinese firms when they are divided into SOEs and non-SOEs. I obtain the exposure estimates first and examine their determinants. By extending the current literature, I introduce the ownership structure into the framework and I compare different ownership impacts on the exposure before and after the Reform. My study shows that a SOE or non-SOE firm makes no difference in facing the exchange rate exposure before the Reform. If a firm is a SOE, the firm faces smaller exposure after the Reform. I further explore the asymmetric exposure from currency depreciation and appreciation in relation to ownership structure. I find that non-SOEs face higher exposure from appreciation than from depreciation before the Reform. But both SOEs and non-SOEs face lower exposure from appreciation than from depreciation after the Reform. |
author |
JIA, Luning |
author_facet |
JIA, Luning |
author_sort |
JIA, Luning |
title |
Ownership structure impact on exchange rate exposure under the RMB regime reform |
title_short |
Ownership structure impact on exchange rate exposure under the RMB regime reform |
title_full |
Ownership structure impact on exchange rate exposure under the RMB regime reform |
title_fullStr |
Ownership structure impact on exchange rate exposure under the RMB regime reform |
title_full_unstemmed |
Ownership structure impact on exchange rate exposure under the RMB regime reform |
title_sort |
ownership structure impact on exchange rate exposure under the rmb regime reform |
publisher |
Digital Commons @ Lingnan University |
publishDate |
2016 |
url |
https://commons.ln.edu.hk/econ_etd/28 https://commons.ln.edu.hk/cgi/viewcontent.cgi?article=1028&context=econ_etd |
work_keys_str_mv |
AT jialuning ownershipstructureimpactonexchangerateexposureunderthermbregimereform |
_version_ |
1719285788759293952 |