Risk Management and Capital Expenditure

[[abstract]]本研究透過實證檢驗在有無融資限制或有無高財務危機風險情況下，公司有無避險及避險的程度是否可以(1)增加公司的投資，以及(2)降低公司投資對現金流量的敏感度。本文使用2009年到2011年的S&P非金融業為公司樣本，發現對財務健全且沒有融資限制的公司而言，相對於沒有避險的公司，有避險及較高的避險程度不僅能夠降低投資對現金流量的敏感度，亦會透其他管道增加投資；但在高財務危機或融資限制的公司而言，避險活動僅能透過降低投資對於現金流量的敏感度來降低投資不足的問題。[[abstract]]Adopting non-financial S&P 1500 firms over the period 2009 to 2011, this paper examines whether hedging or the extent of hedging can increase a firm’s investments and reduce a firm’s sensitivity of investment to cash flows. Moreover, we further discuss whether this effect of hedging will be different if a firm is financially distressed or meets financial constraints. Our results indicate that, for healthy firms without financial constraints, hedging can promote capital expenditure not only through lowering the sensitivity of investment to cash flow but also through other channels. However, for firms with high financially distressed risk or financial constraints, hedging improve their underinvestment only through lowering the sensitivity of investment to cash flows.[[note]]碩