外汇风险敞口、股权集中度与财务风险——基于出口上市公司的实证研究
Foreign Exchange Risk Exposure，Ownership Concentration，and Financial Risk ——An Empirical Analysis of Listed Export Companies

选取沪深A股2010—2015年出口上市公司为研究对象，实证分析外汇风险敞口、股权结构对财务风险的影响。研究结果发现：（1）外汇风险敞口越大财务风险越高，股权集中度越高财务风险越低，股权制衡度越高财务风险越低；（2）相对国有公司，民营公司外汇风险敞口对财务风险的影响更为显著，股权制衡度抑制财务风险；（3）进一步研究发现，当公司财务风险处于安全区时，外汇风险敞口越大财务风险越高，股权制衡度越高财务风险越低；当公司财务风险处于灰色区和破产区时，外汇风险敞口越大财务风险越低。
This paper selected annual panel data from listed export companies within (between) 2010-2015 of the Shanghai and Shenzhen A Shares Markets as the research objects，conducting an empirical analysis of the impact of foreign exchange risk exposure and ownership structure on financial risk.Results included the following: (1) the greater the exposure to foreign exchange risk，the higher the financial risk；the higher the equity concentration，the lower the financial risk；the higher the degree of the degree of the balance of shares，the lower the financial risk;(2) comparing to state owned enterprises (SOE)，the impact of private enterprise foreign exchange exposure on financial risk is more significant，and the degree of the balance of shares curb the financial risk；(3) further research also found that when the company financial risk in security area，the greater the exposure to foreign exchange risk，the higher the financial risk，and the higher the equity concentration，the lower the financial risk；while the company financial risk in a gray and bankruptcy areas，the greater the exposure to foreign exchange risk，the higher the financial risk.