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Indexed by:会议论文

Date of Publication:2012-01-01

Included Journals:CPCI-SSH

Page Number:644-649

Key Words:textile and garment industry; exchange rate exposure; three factor model

Abstract:Based on the Fama-French three factor model, this paper measures the RMB exchange rate exposure of Chinese textile and garment listed companies. Further, this paper examines the determinants of RMB exchange rate exposure. The result shows that 25.6% textile and garment enterprises face significant exchange rate exposure. The paper concludes that the degree of exposure is negatively related to debt ratio and the book to market ratio, and positively related to profit margin and asset tangibility.