关键词: 汇率风险暴露, 股权再融资折价, 信息不对称, 发行规模, 择时

Abstract: This paper examines the relationship between corporate exchange rate risk exposure and equity refinancing discounts in Ashare listed companies from 2006 to 2019 Key findings include：（1） There is a positive correlation between increased exchange rate risk exposure and higher equity refinancing discounts Elevated information asymmetry exacerbates this relationship （2） Corporate exchange rate risk exposure is associated with a larger scale of strategically timed equity refinancing Further analysis reveals a connection between a companys exchange rate risk exposure and more significant negative cumulative abnormal returns，elevated issuance costs，and an increased likelihood of plan failure Margin trading and short selling transactions mitigate equity refinancing discounts from exchange rate risk，while severe principalagent problems with major shareholders amplify such discounts

Key words: exchange rate exposure, equity refinancing discount, information asymmetry, issuance size, timing