코로나19 기간 중 한국 ICT제조기업의 환위험관리 연구

This study analyzes the foreign exchange risk management status and characteristics of Korean ICT manufacturing companies and non-financial firms during the COVID-19 pandemic. Despite the economic shock caused by COVID-19, the ICT industry has continued to grow. This study examined the foreign exchange risk management status and financial data of 370 ICT manufacturing companies listed on KOSPI, KOSDAQ, and KONEX through their business reports. The research found that most ICT manufacturing companies were aware of foreign exchange risk but faced limitations in systematic management, with significant exposure to USD, JPY, EUR, and CNY. Many companies managed foreign exchange risk through sensitivity analysis of 5% and 10% exchange rate fluctuations, but only 22.3% used derivatives for risk management. Derivative use was more common among KOSPI-listed companies, as they had better conditions for effectively managing derivative transactions compared to KOSDAQ and KONEX-listed companies. The analysis of foreign exchange exposure coefficients showed that most ICT manufacturing companies had negative exposure to exchange rate increases, indicating that exchange rate rises negatively affected firm value. Factors influencing foreign exchange exposure coefficients included company size, largest shareholder ownership ratio, and dividend propensity, with higher values of these factors leading to reduced foreign exchange exposure. However, the use of derivatives was not effective in reducing foreign exchange exposure and even increased it, similar to the global financial crisis period, indicating that the intended reduction in foreign exchange exposure through derivative use was not achieved during the COVID-19 crisis. These results for ICT manufacturing companies were also observed in non-financial firms and companies outside the ICT manufacturing sector, showing no distinct characteristics for ICT manufacturing companies in managing foreign exchange risk during the COVID-19 period. This study provides an in-depth analysis of the foreign exchange risk management practices of Korean ICT manufacturing companies during the COVID-19 crisis. Future research should compare foreign exchange risk management in normal business environments and analyze complex determinants of foreign exchange exposure across various currencies.