本研究提出與分析3項台灣上市企業的財務行為： (1)採用不同國際化策略之企業使用衍生性金融商品的動機，(2)衍生性金融商品之使用與企業權益報酬之影響，(3)企業國際化策略與衍生性金融商品使用間之關係。研究特色為將企業國際化的策略分為生產國際化與籌資國際化，並將上市公司分為三個群組：生產國際化企業、籌資國際化企業與無國際化企業。過去相關研究多僅分析所有公司的使用衍生性商品的「平均」狀況，本研究則擬進一步分析公司在進行國際多角化策略時，其避險行為與避險效果的特性。
本研究實證結果發現：第一、國際化企業使用衍生性金融商品的家數比例與金額均較無國際化企業為高，尤其是籌資國際化企業，使用比例近6成，為生產國際化企業的2倍以上，亦更為無國際化企業的6倍以上；第二、分析採用不同國際化策略之企業使用衍生性金融商品決定因素：成長性投資機會、避險之替代方案、風險暴露與公司規模等因素，對生產國際化企業具有非常顯著的影響。籌資國際化企業則僅考慮風險暴露因素，至於無國際化企業，各項因素均不顯著。第三、企業在使用衍生性金融商品時，由於使用後並無法降低企業權益報酬風險，並且權益報酬有正向影響，表示企業使用衍生性金融商品時帶有投機意味。第四、分析台灣企業的多角化策略，子公司多設於英屬維京群島，反映台灣國際化企業並未作到「充分的」多角化，即台灣企業在國際化程度上，絕大部分均是高度國際化深度以及低度國際化廣度，無法達到降低與本國經濟情勢互動的風險降低效果，其所面臨的外匯風險暴露不減反增，故在衍生性金融商品使用上亦呈現不減反增的現象。本研究焦點，基於近年來企業國際化(尤其是企業籌資國際化)趨勢，與衍生性金融商品的市場規模與日遽增，更導引本文結果的重要性。

This study establishes and examines three types of financial behaviors of Taiwan enterprises including (1) the motivations of using derivatives among the corporations adopting different types of internationalized strategies, (2) the influence on the return on equity via using derivatives, (3) the relationship between the global diversification strategies and the use of financial derivatives.
In contrast with the most prior studies analyze the average behavior of the whole enterprises. The features of this study are dividing the Taiwan enterprises into three categories including international operating firms, international financing firms, and pure domestic firms, as well as analyze and compare the determinants and impacts for using derivatives among the corporations adopting different types of internationalized strategies.
The empirical results of this study are consistent with the following notions. First, the ratio and the amount of using derivatives in internationalizes firms are significant greater than those of pure domestic firms. Moreover, the utility rate of derivatives in international financing firms is 60%, and the rate is two times of international operating firms and six times of pure domestic firms. Second, analyzing the determinants for using derivatives among the various types of firms, the factors including growth options, substitutes for derivatives, risk exposure and company size are very significant in international operating firms. In contrast, international financing firms only consider risk exposure problem, and all factors in pure domestic firms are insignificant. Third, using derivatives can’t lower the risk of equity and have positive effect on the return on equity. It means that corporations will take the speculation factor into consideration when using derivatives. Fourth, most corporations in Taiwan set up their subsidiaries in British Virgin Islands, these features reflect that most internationalized firms in Taiwan don’t achieve sufficient global diversifications. Corporations in Taiwan are with greater depth and lower breadth, therefore are more exposed to foreign exchange risk. These features can also provide potential explanations for the high utility ratio of derivatives in internationalized firms.

目 錄
第一章 研究動機與背景…………………………………………………………..……1
（一）國際與國內衍生性金融商品市場規模與日遽增…………………………..…1
（二）企業國際化的趨勢－企業籌資國際化………………………………………..3
（三）企業國際化與衍生性金融商品操作…………………………………………4
第二章 文獻探討………………………………………………………………………8
（一）衍生性金融商品與避險之定義………………………………………………8
（二）企業避險決策相關文獻與實證結果…………………………………………..9
第三章 研究假說建立…………………………………………………………………22
（一）研究期間與樣本選取標準……………………………………………..……22
（二）研究假說………………………………………………………………………23
第四章 實證模型設定與實證…………………………………………………………28
（一）基本資料分析…………………………………………………………………28
（二）企業使用衍生性金融商品之動機…………………………………………..32
（三）衍生性金融商品使用對於權益報酬之影響………………………………..37
（四）國際化策略與衍生性金融商品使用………………………………………..40
第五章 結論與建議……………………………………………………………………47
（一）研究結論……………………………………………………………………....47
（二）研究建議………………………………………………………..…………….48
參考文獻…………………………………………………………………...…...………..50
附錄…………..………………………………………………………………………..…54
表目錄
表1 全球重要衍生性金融商品契約金額……………………………………..………..1
表2 國內重要衍生性金融商品成長概況………………………………………..…….2
表3 國內企業自海內、外資本市場籌資概況表………………………..……………...4
表4 企業避險行為的決定因子之相關文獻………………………………..………...15
表5 採用衍生性金融商品決定因素及衡量指標……………………………..….…..25
表6 採用不同國際化策略之企業使用衍生性商品相關特徵的分析與比較……….25
表7 採用不同國際化策略之企業使用衍生性金融商品的家數比例與金額…….....28
表8 採用不同國際化策略之企業股價日報酬標準差的相關統計量….…….…….30
表9 生產國際化之企業國際多角化分析…………………………………..……..….31
表10 籌資國際化之企業國際多角化分析……………..……………………..……...31
表11 採用不同國際化策略之企業使用衍生性商品之決定因素比較……..…….....35
表12 衍生性金融商品的使用對企業權益報酬風險與報酬平均值的影響……...…39
表13 國際化策略分析…………………….…………..…...………………………….41
表14國際化廣度擴及8國以上的企業特性……..………..…...……………………….46
圖目錄
圖1 國際化深度……………………………..……………………………………...…..43
圖2 國際化廣度……………………………..……………………………………...…..44
圖3 台灣企業國際化深度家數……………..………………………………………….44
圖4 台灣企業國際化廣度家數……………..……………..…………………………...45
圖5 籌資國際化………………………………..…………

參考文獻
一、中文部分
1. 余素芬，「臺灣地區新金融產品發展之實證研究」國立中山大學財務管理研究所碩士論文，民國81年。
2. 鍾文亮，「企業避險因素與價值之實證分析」國立中山大學財務管理研究所碩士論文，民國84年。
3. 吳菲斐，「國內企業從事衍生性金融商品交易之研究」國立中央大學企業管理研究所碩士論文，民國85年。
4. 陳淑盈，「上市公司運用衍生性金融商品避險之研究」國立中興大學企業管理研究所碩士論文，民國87年。
5. 黃薏萍，「上市公司使用衍生性金融商品避險動機與行為之研究」國立成功大學國際企業研究所碩士論文，民國88年。
6. 盧婉甄，「台灣電子業使用衍生性金融商品避險之研究」國立臺灣大學會計學研究所碩士論文，民國89年。
7. 鄧裴文，「國內電子業使用衍生性金融商品之動機」私立輔仁大學管理學研究所碩士論文，民國90年。
二、英文部分
1. Allen, Linda and Christos Pantzalis (1996). “Valuation of the Operating Flexibility of Multinational Corporations,” Journal of International Business Studies, 27, 633-653.
2. Barclay, M. and C. W. Smith, Jr. (1995).“ The Maturity Structure of Corporate Debt,” Journal of Finance, 50, 609-631.
3. Berkman, H. and M. E. Bradbury (1996)“ Empirical Evidence on the Corporate Use of Derivatives,” Financial Management ,25, 5-13.
4. Block, S. B. and T. j. Gallagher (1986).“ The Use of Interest Rate Futures and Options by Corporate Financial Managers,” Financial Management, 15, 73-78.
5. Bodnar, G.M., G.S. Hayt, R.C. Marston, C.W. Smithson (1995). “ The Wharton Survey of derivatives usage by U.S. non-financial firms,” Financial Management, 24, 104-114.
6. Buckley, Peter J. and Mark C. Casson (1998). “ Models of the multinational enterprise,” Journal of International Business Studies , 29, 21-44.
7. Dolde, W. (1993).“ The Trajectory of Corporate Financial Risk Management,” Journal of Applied Corporate Finance, 6, 33-41.
8. Fok C. W., C. Carroll and M. C. Chiou (1997).“ Determinants of Corporate Hedging and Derivatives: A Revisit,” Journal of Economics and Business, 49, 569-585.
9. Froot, K.A., D.S. Scharfstein, and J.C. Stein(1993).“ Risk Management: Coordinating Corporate Investment and Financing Policies,” Journal of Finance, 48, 1629-1658.
10. Gaver, J. J. and K. M. Gaver(1993).“ Additional Evidence on the Association between the Investment Opportunity Set and Corporate Financing, Dividends, and Compensation Policies,” Journal of Accounting and Economics, 16, 125-160.
11. Geczy, C., Minton, B.A., Schrand, C.(1997).“ Why Firms Use Currency Derivatives,” Journal of Finance, 52, 1323-1354.
12. Guay, W.(1999).“ The Impact Of Derivatives On Firm Risk,” Journal of Accounting and Economics, 26, 319-351.
13. Hentschel, L. and S.P. Kothari(2001).“ Are Corporations Reducing or Taking Risks with Derivatives?” Journal of Financial and Quantitative Analysis, 36, 93-118.
14. Jesen, M. C. and W.H. Meckling(1976).“ Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure,” Journal of Financial Economics, 3, 305-360.
15. Kogut, Bruce(1983).“ Foreign direct investment as a sequential process,” in C.P.Kindleberger and D. Audresch, editors, The Multinational Corporation in the 1980’s, Cambridge, Mass.: MIT Press.
16. Kogut, Bruce, and Nalin Kulatilaka(1995).“ Operating flexibility, global manufacturing, and the option value of a multinational network,” Management Science, 40, 123-39.
17. Lessard, Donald R.(1990).“ Global Competition and Corporate Finance in the 1990s.” Journal of Applied Corporate Finance, 3, 59-72.
18. Logue, E. E.(1995).“ When Theory Fails: Globalization as a Response to the (Hostile) Market for Foreign Exchange.” Journal of Applied Corporate Finance, 8, 39-48.
19. Mian, S.L.(1996).“ Evidence on Corporate Hedging Policy,” Journal of Financial and Quantitative Analysis, 31, 419-439.
20. Modigliani, F. and M. H. Miller(1958).“ The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review, 48,261-297.
21. Myers, D. and C. W. Smith, Jr.(1982).“ Corporate Insurance and the Underinvestment Problem,” Journal of Risk and Insurance, 54,45-54.
22. Myers, S.(1977).“ Determinants of Corporate Hedging,” Journal of Financial Economics, 5, 147-175.
23. Nance, D.R., C.W. Smith, and C.W. Smithson(1993).“ On the Determinants of Corporate Hedging,” Journal of Finance, 48, 267-284.
24. Pantzalis, Christos., Betty J.Simkins. and Paul Laux.(1999).“ Operational Hedges and the Foreign Exchange Exposure of US Multinational Corporations,” Financial Management Association Annual Meeting.
25. Schwartz, R. J. and C. W. Smith, Jr. (Eds.)(1993).“ Advanced Strategies in Financial Risk Management,” New York: New York Institute of Finance.
26. Smith, C. W., Jr. and R. Stulz(1985).The Determinants of Firms'' Hedging Policies.” Journal of Financial and Quantitative Analysis, 20, 391-405.
27. Smith, C. W. and J. B. Warner(1979).“ On Financial Contracting: An Analysis of Bond Contracts” Journal of Financial Economics, 7, 117-161.
28. Smith, C. W., Jr. and R. L. Watts(1992).“ The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies.” Journal of Financial Economics, 32, 263-292.
29. Stulz, R.(1984).“ Optimal Hedging Policies.” Journal of Financial and Quantitative Analysis, 19, 127-140.
30. Stulz, Rene(1990)“ Managerial Discretion and Optimal Financing Policies.” Journal of Financial Economics, 26, 3-28.
31. Tufano, P.(1996)“ Who Manage Risk? An Empirical Examination of Risk Management Practices In the gold mining industry.” Journal of Finance, 51, 1097-1137.