臺灣博碩士論文加值系統

摘要
台灣電子產業係以出口為主，透過匯兌損益風險控管可能影響盈虧，進而可能影響企業價值。本研究透過2013年至2017年台灣上市櫃電子產業為研究樣本，來檢視企業基於匯兌損益之考量下，與企業價值之關聯性。實證結果發現企業避險行為與企業價值具正向關係，但企業匯兌損益與企業之財務避險金額與企業價值間之關係並不顯著。因此，本研究進一步探討為避免蒙受匯兌損益考量下，其對於企業價值之關聯，結果發現避險金額對於企業價值的關係會隨企業考量匯兌損益程度而增強，同樣地，當避險金額愈大，可增強企業為避免受匯兌損益的避險行為，進而提升企業價值。

關鍵詞：匯兌損益、企業價值、價值攸關性、財務避險

Abstract
The Taiwan's electronic industry is mainly an export-oriented sector in which its foreign exchange risk could play an important role on its profit/loss, and further affect the firm value of companies in the industry. In this study, the Taiwanese electronic industry is selected as a research sample based on data from 2013 to 2017 and this paper aims to explore the relationship between foreign exchange risks and the firm value. The empirical results indicate that financial hedging is positively related to firm value. However, foreign exchange gain or loss and the foreign hedging amount are not significantly related to the firm value. Therefore, this study further examine whether the consideration of foreign exchange loss relates to the firm value. The result indicates a firm in the higher level of exchange rate risk has an increase possibility of taking an action of financial hedging as well as larger foreign hedging amount. Both of above factors could enhance the firm's financial hedging behavior to increase the firm value.

Key words: foreign exchange, firm value, value relevance, financial hedging

目錄
摘要 I
Abstract II
謝辭 III
目錄 IV
圖目錄 V
表目錄 VI
第一章 緒論 1
第一節 研究背景與目的 1
第二節 論文結構及研究流程 4
第二章 文獻探討 6
第一節 影響財務避險的決定因素 6
第二節 匯兌損益及避險之相關文獻 11
第三章 研究方法 13
第一節 研究假說 13
第二節 實證模型 15
第三節 變數定義 16
第四節 研究期間與樣本 19
第四章 實證結果與分析 20
第一節 敘述性統計分析 20
第二節 實證結果分析 25
第五章 結論與建議 32
參考文獻 34
中文文獻 34

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