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Understanding Brazilian companies' foreign exchange exposure

机译：了解巴西公司的外汇风险

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The paper analyzes the exchange rate exposure of a sample of non-financial Brazilian companies from 1999 to 2009. The results confirm the importance of using nonlinear models to address companies' exchange rate exposure. The results indicate that when compared to the linear model commonly used in literature, the nonlinear model leads to an increase in the number of firms exposed to exchange rate fluctuations, which allows a more accurate analysis of the impact of exchange rate fluctuations on the value of firms. In addition, the paper shows that exporters and companies that hold foreign currency denominated debt are more likely to be exposed to exchange rate fluctuations and that the nonlinearity of companies' foreign exchange exposure is associated with the use of foreign currency derivatives.
机译：本文分析了1999年至2009年间巴西非金融公司样本的汇率敞口。结果证实了使用非线性模型来解决公司的汇率敞口的重要性。结果表明，与文献中常用的线性模型相比，非线性模型会导致受到汇率波动影响的公司数量增加，从而可以更准确地分析汇率波动对货币价值的影响。公司。此外，本文表明，持有外币计价债务的出口商和公司更容易受到汇率波动的影响，并且公司外汇风险的非线性与外币衍生工具的使用有关。

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