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研究生:巫鈴惠
研究生(外文):Wu, Li-Huei
論文名稱:外匯風險管理之實證研究─以製造業為例
論文名稱(外文):The Management of Foreign Exchange Risk in Taiwan Based Firms : Expirical Investgation
指導教授:薛富井薛富井引用關係
指導教授(外文):Shiue, Fujing
學位類別:碩士
校院名稱:文化大學
系所名稱:國際企業管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:1994
畢業學年度:82
語文別:中文
論文頁數:65
中文關鍵詞:外匯製造業
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  本研究旨在分析台灣企業外匯風險管理實際作為及探討企業特性與外匯風險管理實務之關係。並且藉由國內、外相關文獻之整理與本研究之初級資料分析結果,冀以提供相關業界參考。本研究經資料後獲致下列幾項結果:
  1.企業在選擇換算及交易風險避險策略時,最常採行的避險策略為買賣遠期外匯及國外公司資產及負債的調整在選擇經濟風險避險策略時,企業則以選擇分散外銷市場及分散生產地點策略。
  2.企業強調外匯風險管理目的在於降低交易風險。
  3.企業從事外匯風險管理工作是最感到困難的因素是匯率預測工作。
  4.企業在外匯風險管理集中化程度方面主要是採集權方式即管理工作統籌由總公司負責。
  5.企業最偏好使用銀行貸款方式來籌集短、長期外匯資金。
  6.營業額別與交易風險避險策略之運用與選擇、使用短期及長期金融工具籌集資金種類之選擇有顯著性相關。
  7.所有權別與換算、交易及風險避險策略之運用與選擇、使用短期及長期金融工具籌集資金種類之選擇有顯著性相關。
  This paper examines forein exchange risk management practices and relationship between firm characteriscs and foreingn exchange risk management practices in Tai-wan-based firms. Based on the em-pirical study, this paper may provide a valuable reference for the related firms.
  To conduct research, the study specifies the meanings, purposes and criteria of foreige exchange risk management and constructed research hypotheses according to the literatures of this areas first. Then, the survey analysis is undertaken in two stages. Initially, descriptive analysis of a number of firm characteristics and management practice variables is carried out. Furthermore, the relationship between the various firm characteristics and foreign exchange risk mamagement practice variables is examined by chi-square and one-ANOVA test.
  The key conclusions that can be drawn from the research are as follows.
  一、The dimension of foreign exchange risk management of Taiwan-based firms.
    1.The respondents indicate that the purpose of the foreign excgange risk mamagement is to diminish the transaction risk. And most of the respondents also imply that the practicable of strategy must be evaluated first when selecting the hedge strategy.
    2.Mots of the companies tend to buy/ sell foreign exchange to avoid external risk. However, in internal risk hedge, the firms which are established in oversead as the stuategy of hedge. Moreover. the firms which are established in overseak the strategy of hedge. Moreover, the firms tend to disperse the foreign market and place of manufacture to shun economicrisk.
    3.On the attutude of hedge, the respondents do not take strategy of hedge for avioding the risk of translation and transaction exposure unless the expected losses are more than heding cost. But the res-pondents tend to take total hedge to evade economic risk. This research also inquiries the factors of difficul-ty of managing the foreign exchange, and a lot of respondents specify that predication of foreign is most dif-ficulty work on foreign management.
    4.According to the results, the frims tend to take the way of centralisation to mamage foreign exc-hange and use bank loak to raise short-term and long-term foreign exchange fund.
  二、The dimension of relationship betweem firms characteristics and foreign exchange risk management practice:
    1.The ownership of the firm have signifcant impact on the degree of centralisation the selection of of hedge strategy of translaion exposure, the selection the firm''s fund.
    2.The size of operating revenue has a significant impact on the practice of hedge strategy of transaction exposure, the selection of short/ long-term term financing tools raising the firm''s fund.
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