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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Mariya Korzun
Analysis of Exposure of Russian Public Non-Financial Companies to Foreign Exchange Rate Movements
Economics
(Bachelor’s programme)
2018
In the context of significant devaluation of the ruble in recent years for non-financial companies in Russia improving the efficiency of companies becomes very important nowadays. The main tool for this is the elimination of currency risks. It is important to assess the exposure of companies to currency risk factors and the analysis of the relevant determinants.

In this paper, the exposure to foreign exchange risk of Russian public non-financial companies is analyzed and recommendations for eliminating risks are developed.

To achieve this goal, existing researches on the identification of determinants of exchange rate exposure were analyzed. A comparative analysis of models for assessing the exposure of companies to foreign exchange risk was carried out. Determinants of exposure to currency risk were defined. An empirical analysis of the selected data on 128 Russian public non-financial companies with a market capitalization of more than 1 billion rubles in two stages has been carried out. At the first stage, coefficients of exchange rate exposure were obtained on the basis of the regression model. At the second stage, the dependence of exposure to currency risks on various risk factors was investigated. The testing of models and their determinants has been carried out. As a result, the relationship between the profitability of shares of non-financial companies with currency risks and a number of other factors was revealed. Recommendations for eliminating currency risks have been developed.

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