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파생상품 사용이 중국 상장은행 실적에 미치는 영향

Title
파생상품 사용이 중국 상장은행 실적에 미치는 영향
Author
스지에
Alternative Author(s)
Shi Jie
Advisor(s)
유진
Issue Date
2017-08
Publisher
한양대학교
Degree
Master
Abstract
Since 1973, the collapse of the Bretton Woods system has led to an increasing fluctuation in the exchange rate between the currency of western developed countries and the US dollar. In the 1980s, US abolished the fixed interest rates of Regulation Q that brought the liberalization of interest rates and the emergence of the interest rate risk. Under this background, financial derivatives with hedging function and low transaction cost have developed rapidly. With the marketization of interest rate, the reform of exchange rate formation mechanism and the development of bond spot market in China, the risks faced by commercial banks and other financial institutions are constantly increasing, and the demand for risk management tools is growing day by day. However, financial derivatives can be a double-edged sword. After the collapse of financial giants such as Merrill Lynch and Lehman Brothers, the subprime mortgage crisis in the United States had spread to the whole world, and the study on financial derivatives had become a hot topic in academia. This study empirically analyzes whether the use of financial derivatives in listed commercial banks improves or damages their operating performance by risk management. This study utilizes a sample of 16 listed commercial banks in China during 2011–2016, obtaining information from their financial reports. The study finds that the use of financial derivatives plays a role in influencing the performance of China’s listed commercial banks. The foreign exchange derivatives business has a negative effect on commercial banks’operating performance. Furthermore, the use of interest rate derivatives has a positive effect on the operating performance of commercial banks.
URI
http://hdl.handle.net/20.500.11754/33183http://hanyang.dcollection.net/common/orgView/200000431689
Appears in Collections:
GRADUATE SCHOOL[S](대학원) > ECONOMICS & FINANCE(경제금융학과) > Theses (Ph.D.)
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