臺灣博碩士論文加值系統

全球化的經貿交易已成趨勢，過去倚賴進出口創造經濟奇蹟的台灣企業，面對自由浮動匯率制度下的外匯風險管理已成為企業所必須重視的管理議題。代理問題是企業經營模式中經營權與管理權分離的潛在問題，當企業經營者與擁有者產生利益衝突時，企業所有權人可透過強迫更換經理人維護自身利益。本論文旨在探討公司強迫更換經理人對企業外匯曝險決策的影響。以2000年至2010年間的台灣上市公司作為研究樣本，研究結果顯示公司強迫更換經理人後，公司的外匯曝險程度變化顯著降低，亦即繼任經理人的外匯相關決策會使得兌換損益降低。另外，本論文也發現，強迫更換經理人後，公司避險策略會發生改變，且有趨避風險的傾向；因此公司外匯曝險程度的降低，應與繼任經理人避險決策的調整有關。

Globalization of economy has almost become a trend. Under the free-floating exchange rate system, Taiwan’s firms should attach importance to foreign exchange risk management. Agency problem is a potential problem between the separation of firm’s CEO and shareholders. When agency problem happened, shareholders can replace CEO by forced to protect their rights and interests.
The study period of this study is from 2000 to 2010. This study used regression analysis to examine the impact of forced CEO turnover on exchange rate exposure decision. Empirical evidence is presented that could reduce the exchange rate exposure after forced CEO turnover. In other words, successor’s foreign exchange decision can decline foreign exchange profit and loss. This study used t-test to examine the change of hedge decision after forced CEO turnover. There is a significant difference hedge decision after the forced CEO turnover. The reason of declining exchange rate exposure is successor’s foreign exchange decision has changed.

目錄
摘要 I
ABSTRACT II
誌謝 III
目錄 IV
圖次 VI
表次 VII
第壹章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 5
第三節 研究流程與架構 7
第貳章 文獻回顧 9
第一節 代理問題與經理人更換議題 9
第二節 外匯曝險定義與避險決策 15
第參章 研究設計 21
第一節 經理人更換之定義 21
第二節 各變數定義與衡量方式 25
第三節 樣本選取與資料來源 33
第四節 研究模型 45
第肆章 實證結果與分析 47
第一節 敘述性統計量與變數相關係數分析 47
第二節 實證結果分析 66
第三節 避險策略t檢定實證分析 79
第四節 穩健性檢驗 83
第伍章 結論與建議 99
參考文獻 102
附錄 109

圖次
圖1 進出口佔當期GDP比例之折線圖 4
圖2 研究流程圖 8
圖3 強迫更換累積次數公司家數分布圖 36
圖4 更換經理人年度分布狀況折線圖 40
圖5 各產業進行避險策略之折線圖 44
圖6 營運避險決策（OH_D）變化圓餅圖 80
圖7 營運避險決策（OH_S）變化圓餅圖 81
圖8 營運避險決策（OH_C）變化圓餅圖 81
圖9 財務避險決策（FH_D）變化圓餅圖 82

表次
表1 進出口佔當期GDP比例之統計表 3
表2 代理問題的形式 10
表3 代理問題的解決機制 11
表4 變數定義彙總表 32
表5 樣本產業分布狀況1 37
表6 樣本產業分布狀況2 38
表7 更換經理人年度分布狀況 39
表8 各產業營運避險分布狀況 42
表9 各產業財務避險分布狀況 43
表10 曾發生經理人更換公司之敘述性統計量 55
表11 曾發生經理人強迫更換公司之敘述性統計量 56
表12 曾發生經理人自願更換公司之敘述性統計量 57
表13 未曾發生經理人更換公司之敘述性統計量 58
表14 全樣本敘述性統計量 59
表15 更換經理人與未更換經理人樣本平均數相等t檢定 62
表16 強迫更換經理人與自願更換經理人樣本平均數相等t檢定 63
表17 Pearson相關係數矩陣 65
表18 曾發生經理人更換公司之迴歸實證結果 69
表19 曾發生經理人強迫更換公司之迴歸實證結果 72
表20 曾發生經理人自願更換公司之迴歸實證結果 73
表21 曾發生經理人更換與未曾發生經理人更換公司之迴歸實證結果 76
表22 曾發生經理人強迫更換與未曾發生經理人更換公司之迴歸實證結果 77
表23 曾發生經理人自願更換與未曾發生經理人更換公司之迴歸實證結果 78
表24 公司避險決策變化統計次數表 80

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