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An examination of US dollar risk management by Canadian non-financial firms

机译：加拿大非金融公司对美元风险管理的审查

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Purpose - The purpose of this paper is to examine the impact of US dollar exchange rate risk on the value of Canadian non-financial firms. Design/methodology/approach - The sample, from the Compustat database, includes all non-financial Canadian firms with sales over $100 million. The study segregates firms into hedging and non-hedging groups and applies statistical techniques to test if hedging enhances value. Findings - The results demonstrate that Canadian firms that have higher levels of US$ sales tend to use derivatives more frequently through higher levels of US$ exposure. Firms that have both US sales and assets appear less likely to use hedging. Firms with an American subsidiary and use financial instruments to hedge have higher values. When operational hedging is used with financial hedging, it is a value enhancing activity increasing their market-to-book by 14 per cent and market value-to-sales by 40 per cent. Incremental impact of these two hedging strategies is to enhance value by 7 per cent. Research limitations/implications - The sample from Compustat captures large capitalization Canadian firms but ignores about 75 per cent of Canadian firms. There is a bias towards larger firms. Some hedging items are not disclosed on financial statements. A survey would enhance and complement these results. Practical implications - The paper finds that it is important for Canadian firms that have exports denominated in US dollars to hedge their exposure. The full value of hedging is reaped by using both operational and financial hedges. Originality/value - This study is the first that examines US dollar risk management by Canadian firms.
机译：目的-本文的目的是研究美元汇率风险对加拿大非金融公司价值的影响。设计/方法/方法-该示例来自Compustat数据库，包括所有销售额超过1亿加元的加拿大非金融公司。该研究将公司分为对冲组和非对冲组，并应用统计技术来检验对冲是否会增加价值。调查结果-结果表明，具有较高美元销售水平的加拿大公司往往会通过较高水平的美元风险来更频繁地使用衍生工具。同时拥有美国销售和资产的公司似乎不太可能使用套期保值。拥有美国子公司并使用金融工具进行对冲的公司具有更高的价值。如果将经营性套期与金融套期并用，这是一项增值活动，其账面市值增长14％，市场销售价值增长40％。这两种对冲策略的增量影响是将价值提高了7％。研究的局限性/意义-来自Compustat的样本涵盖了资本雄厚的加拿大公司，但忽略了约75％的加拿大公司。偏向大公司。某些对冲项目未在财务报表中披露。一项调查将增强和补充这些结果。实际意义-该论文发现，对于出口以美元计价的加拿大公司，对冲其敞口很重要。套期保值的全部价值是通过使用运营和财务对冲来实现的。原创性/价值-这项研究是第一个研究加拿大公司进行美元风险管理的研究。

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