臺灣博碩士論文加值系統

回顧過去企業使用衍生性金融商品避險的相關文獻，較少學者將企業的國際化程度與其避險動機連結從事進一步的探討，因此本研究目的即在彙整企業國際化與衍生性金融商品操作之相關文獻，找出企業國際化程度與衍生金融商品使用間的關係。
本研究以高科技公司避險情形為研究對象，選定年底財務報表附註揭露的資料為研究基礎進行資料蒐集與分析。再以Cragg model (1971) 與階層迴歸進行統計分析，以瞭解公司營運與財務特性及國際化程度，對於衍生性金融使用行為與使用避險規模是否有顯著影響。
本研究結論除有助於了解國內上市上櫃高科技產業使用衍生性商品避險的概況及使用動機，也發現國際化程度與企業使用衍生性金融商品避險行為的直接與間接關係。同時本研究由於法令實施時間之故，研究期間結束於財務會計準則第34號、36號公報正式實施前，未來公報正式施行後，可做為比較公報實施前與後結果評估的參考之用，也可提供政府主管機關在監理企業使用衍生性金融商品情形以及制定相關法規政策的參考指標。

In the literature review, we find that less emphasis has been put on the link between the degree of internationalization and the motivation of hedging. The objective of this research lies on intensive study of the degree of internationalization, the usage of derivatives and their relationships.
The paper selects Taiwan’s hi-tech industry as the research object, using information from annual financial statements as data base. Based on the Cragg (1971) model and hierarchical regression method, we check whether financial, operational characteristics and the degree of internationalization have significant effects on the hedge activities or not.
The research findings of this paper not only contribute to the understanding of hedge behavior in Taiwan’s hi-tech industry, but also identify the relationship, direct or indirect, between the degree of internationalization and hedge activities. Because the time period of this project starts before the implementation of SFAS NO.34 and NO.36, it serves as a benchmark for future studies of the effects of these two SFAS documents on hedge activities. It also improves the effectiveness in government monitoring firms’ hedging behavior and regulatory policies decision-making.

Table of Contents
誌謝i
摘要 iii
Abstract iv
List of Figures v
List of Tables vi
Table of Contents vii
Chapter I Introduction 1
1.1 Research Background and Motivation 1
1.2 Problem Statements and Research Objectives 4
1.3 Contents of Research 5
Chapter II Literature Review 6
2.1 Overview of the Derivative Market 6
2.2 Definitions of Risk and Hedge 8
2.3 Derivatives 10
2.4 The Determinants of Hedging 14
2.5 Internationalization of Enterprise and Operation of Financial Derivatives 19
Chapter III Research Methodology 25
3.1 Research Framework 25
3.2 Derivation of Hypotheses 26
3.3 Variable Definitions and Measurement 30
3.4 Sample and Data Collection 34
3.5 Analytical Methods 34
Chapter IV Empirical Results 36
4.1 Basic Statistical Analysis 36
4.2 Different Characteristics between Derivatives Users and Non-users 38
4.3 The Determinants of Firms Using Derivatives and the Scale of Usage 39
4.4 The Moderated Effect of the Degree of Internationalization 42
4.5 The Determinants of Firms Hedging Different Risk Type and Adopting Different Instruments 46
Chapter V Conclusions and Recommendation 52
5.1 Conclusions 52
5.2 Research Limitation 54
5.3 Recommendation for Future Research 55
References 56
Appendix I Overview of Taiwan Derivatives Markets 62
Appendix II Partial Financial Statement of TSMC 67
Appendix III MNCs Hedge Strategy 68

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