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

摘要： 本文基于我国A股上市公司2006-2019年的财务数据和股权再融资数据，检验了公司汇率风险暴露与股权再融资折价的关系。研究结果表明：（1）公司的汇率风险暴露将使公司承担更高的股权再融资折价，而且公司的信息不对称程度越高，其在相同的汇率风险暴露下承担的股权再融资折价也越高；（2）公司的汇率风险暴露会带来更大的股权再融资规模，这是公司通过“择时”发行来实现的。进一步的研究表明，公司的汇率风险暴露还将引发更加显著的负向累积平均超额收益率、更昂贵的发行费用和更高的预案失败概率；“融资融券”交易可以抑制汇率风险暴露带来的股权再融资折价；严重的大股东代理问题会增加汇率风险暴露带来的股权再融资折价。

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