The Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countries

Jana Šimáková; Nikola Rusková

doi:10.2478/cer-2019-0026

Autor

Jana Šimáková Silesian University in Opava, School of Business Administration in Karviná, Department of Finance and Accounting, Karviná Czech Republic
Nikola Rusková Silesian University in Opava, School of Business Administration in Karviná Department of Finance and Accounting, Karviná, Czech Republic

DOI:

https://doi.org/10.2478/cer-2019-0026

Słowa kluczowe:

kurs walutowy, wartość firmy, ekspozycja na ryzyko walutowe, model Joriona, przemysł chemiczny

Abstrakt

Celem artykułu jest ocena wpływu kursów walut na ceny akcji spółek z branży chemicznej notowanych na giełdach w krajach Grupy Wyszehradzkiej. Analiza empiryczna obejmowała okres od września 2003 r. do czerwca 2016 r. W oparciu o dane miesięczne pochcodzące z firm z branży petrochemicznej i farmaceutycznej dokonano analizy wpływu kursu wymiany na ceny akcji za pomocą modelu Joriona. W przeciwieństwie do wybranych spółek petrochemicznych, firmy farmaceutyczne nie stosowały żadnych instrumentów zabezpieczających w badanym okresie. Wpływ kursu walutowego na cenę akcji został udowodniony tylko w przypadku firm z branży farmaceutycznej. Sugeruje to, że ryzyko kursowe można wyeliminować za pomocą instrumentów zabezpieczających.

Pobrania

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