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研究生:陳宜蓉
研究生(外文):Yi-Rong Chen
論文名稱:台灣電子業外匯暴露與避險策略關係之探討
論文名稱(外文):Foreign Exchange Exposure and Hedging Strategies:Evidence from Taiwan Electronic Industry
指導教授:詹錦宏詹錦宏引用關係
學位類別:碩士
校院名稱:長庚大學
系所名稱: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:2007
畢業學年度:95
語文別:中文
論文頁數:73
中文關鍵詞:電子業外匯暴露營運避險策略財務避險策略Panel data model
外文關鍵詞:Electronic industryForeign exchange exposureOperational hedgingFinancial hedgingPanel data model
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  • 收藏至我的研究室書目清單書目收藏:1
隨著企業國際化的腳步,享受資源有效分配的利益外,國內各產業所面臨的經營風險有增無減,尤其營運活動與進出口關聯甚大的電子資訊業,更是無法避免匯率波動所帶來的威脅。因此本文以台灣88家上市櫃電子業公司為研究對象,探討公司的外匯暴露情況與其決定因子,尤其著重於公司避險策略的影響效果。最後,則探討避險策略之間的關係以及對公司價值的影響。研究方法上除利用最小平方法估計外,亦針對資料型態為包含橫斷面與時間序列之Panel Data,以Panel Data Model進行實證分析。
實證結果顯示,台灣電子業外匯暴露之顯著比例不高,且顯著為正外匯暴露之公司家數較多。而造成此現象之原因應為投資者資訊反應落後,而產生定價錯誤的結果。此外,公司規模、流動比率、負債比率、外銷比率、營運避險策略與財務避險策略皆為顯著影響外匯暴露程度的因子。最後,本研究亦發現公司之財務避險與營運避險互為替代策略,意即隨著營運避險策略使用程度的提高,其財務避險策略使用的程度則會降低。此外,這兩種避險策略都無法提升公司價值,原因可能是影響公司價值的因素眾多,故本文無法單從這兩個因子得到顯著的實證結果。
Accompanying the internationalization, corporations enjoy the benefit of effective resource allocation; nevertheless, the risk faced by local firms was not reduced but increased. Especially, the electronic industry, whose operations was highly related to import and export, cannot avoid the risk from exchange rate fluctuation.
This research analyzes the foreign exchange exposure and hedging strategies for electronic firms in Taiwan. There are three parts in this study. First, I examine the foreign exchange exposure of firms by using OLS method. Second, I investigate the major determinants of firms’ foreign exchange exposure by using Panel Data Model. Third, I also use Panel Data Model to examine the relationship between operational and financial hedging activities and the effects of operational and financial hedging on firm value. The results of this research are as follows.
First, the level of significance in picking out exchange exposure is as low as other studies. Besides, the number of firms with positive significant exposure is much larger than that with negative exposure which is opposite to the expectation. Then, the major determinants of firms’ foreign exchange exposure are firm size, current ratio, debt ratio, export sales, operational hedging strategy, and financial hedging strategy. But firms seem not able to reduce their exposure by using financial hedge. By contrast, operational hedge seem to be more efficient. Third, operational and financial hedging strategies are substitute;i.e., firms use less derivatives when they operate in more regions. Moreover, hedging strategies can’t enhance firm value.
第一章 緒論…………………………………………………………………1
第一節 研究背景…………………………………………………………1
第二節 研究動機與目的…………………………………………………3
第三節 論文章節概述與研究流程………………………………………6
第二章 文獻探討……………………………………………………………10
第一節 外匯暴露的定義與財務意涵……………………………………10
第二節 外匯暴露的衡量…………………………………………………14
第三節 外匯暴露的決定因子……………………………………………19
第四節 避險策略之間的使用關係以及對公司價值的影響……………28
第三章 實證模型與研究方法………………………………………………31
第一節 研究樣本與資料來源……………………………………………31
第二節 實證模型…………………………………………………………33
第三節 研究方法…………………………………………………………36
第四節 變數的定義和衡量方式…………………………………………41
第四章 實證結果與分析……………………………………………………44
第一節 基本資料分析……………………………………………………44
第二節 多元迴歸之實證分析……………………………………………51
第五章 結論與建議…………………………………………………………65
第一節 研究結論…………………………………………………………65
第二節 研究建議…………………………………………………………69
第三節 未來研究方向及建議……………………………………………69
參考文獻………………………………………………………………………71
ㄧ、中文文獻
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士論文,2006年。
〔3〕徐偉軒,「外匯衍生性金融商品使用與企業匯率風險暴露之研究」,國立中興大學財
務金融研究所碩士論文,2004年。
〔4〕塗盈媜,「資訊揭露程度與公司價值之探討-以台灣傳統產業為例」,國立政治大學
會計研究所碩士論文,2004年。

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三、網站
〔1〕財政部進出口貿易統計
http://www.mof.gov.tw/ct.asp?xItem=12759&CtNode=130&mp=1
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