Research on Foreign Exchange Exposure of Enterprises in China: Taking Manufacturing Multinational Enterprises as an Example

This study measures the exposure of sample corporates to the three types of foreign exchange and then determines factors affecting foreign exchange exposure through the cross-sectional regression model. The study finds: Firstly, the proportion of samples with significant foreign exchange exposure is about 50.79%, while the EUR exposure accounts for the highest proportion at 23.91%, and the USD exposure possess the lowest proportion at 10.08%; Secondly, the average of absolute value of USD exposure is the largest, suggesting that USD exchange rate fluctuations has a greater impact on the corporate values, compared to the EUR and the JPY. Finally, the corporate\u27s scale is significantly positively correlated with the USD exposure, and the corporate\u27s leverage level is significantly positively correlated with the EUR exposure