Does foreign exchange hedging affect corporate export resilience? Evidence from the Chinese export enterprises

Using 2012–2024 data on Chinese A-share-listed export firms, this study examines the association between foreign exchange hedging and dynamic corporate export resilience. We find a robust positive relationship: foreign exchange hedging is significantly associated with stronger export resilience. The mechanism tests identify two channels: enhanced supply chain stability and deeper firm internationalization. This positive association is more pronounced for state-owned enterprises and firms with a higher level of fintech development. A key finding is that agency conflicts induce a shift in motivation from hedging to speculation, thereby weakening this positive relationship. This study identifies the conditions under which hedging motives shift and extends foreign exchange hedging research to dynamic resilience.