臺灣博碩士論文加值系統

近年來，隨著國際經濟逐步趨向自由化與全球化，我國對外貿易與投資亦呈蓬勃的發展。台灣電子產業對國外市場仰賴程度遠大於國內市場且產值最大，逐漸成為台灣主要外銷的產業。另由於電子產品的生命週期短，產量及售價均深受國際市場情況影響，使電子產業的營業收入及成本費用受到匯率的影響頗大。故本研究探討電子產業匯率暴露情形，以及影響匯率暴露之因素確有其必要性。
本研究首先選擇83家台灣上市上櫃電子產業，利用1997年到2002年之月資料，就各電子產業之匯率暴露情形進行估計。其次利用估計出之匯率暴露係數進行第二階段之迴歸分析，以探討匯率暴露之影響因素。
實證結果顯示，電子產業營業收入之當期匯率暴露係數，達10%的顯著水準者約有18.07%，而考慮落後期之匯率暴露情形後，約有45.78%達10%的顯著水準。由此可知，台灣電子產業受前期匯率變動的影響較大。
在第二階段匯率暴露之影響因素實證分析中，結果顯示外銷導向的公司，因為匯率變動造成出口商品競爭力的改變而面臨較大的匯率暴露。當公司為了增加國際競爭力及減少生產成本等其他利益考量而增加對外投資時，公司亦會面對較大的匯率暴露。規模較大的公司，其所面對的匯率暴露則顯著較小，或與其擁有豐富的資源且享有經濟規模的優勢，較會積極採取避險措施有關。

Recently, based on the increasing of international trade in Taiwan, the result of companies’ operation could be influenced by their exports and imports. Therefore, exchange rate fluctuation could be an important element affecting firms’ value. Firms should manage their exchange rate risk to avoid their firms’ value exposed too much to the risk of exchange rate fluctuation. Since electronic industry is one of the major exporting industries in Taiwan, this study seeks to examine the foreign exchange rate exposure in Taiwanese electronic corporations.
In this thesis, we first estimate the lagged and contemporaneous relation between operating revenue and exchange rate changes from January 1997 to December 2002. Secondly, we estimate regression models to examine factors which may influence exchange rate exposure. The results of this research are as follows:
1. Some evidences show the effect of lagged exchange rate changes on operating revenue for some firms.
2. Taiwan electronic corporations with bigger size may have lower exchange rate exposure.
3. Firms with higher exporting ratio and foreign investment ratio tend to have higher exposure to exchange rate risk.

目 錄
頁次
第一章 緒論..…………………………………… 1
第一節 研究背景與動機...………………………………… 1
第二節 研究目的…………………………………………... 9
第三節 研究架構及流程...………………………………… 10
第二章 文獻探討……………………………….. 12
第一節 外匯暴露的定義…..……………………………… 12
第二節 外匯暴露對公司價值之影響..…………………… 22
第三節 匯率暴露程度的決定因素.……………………….. 34
第三章 研究方法……………………………….. 44
第一節 實證模型.………………………………………….. 44
第二節 資料來源.………………………………………….. 52
第三節 計量方法.………………………………………….. 59
第四章 實證分析與結果.………………………. 62
第一節 匯率變動對營業收入的影響.…………………….. 62
第二節 匯率暴露決定因素之實證結果………………....... 82
第五章 結論與建議.…………………………….. 87
第一節 結論與貢獻………………………………………... 87
第二節 研究限制與建議…………………………………... 90
參考文獻………………………………………….. 92

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