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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/152730


    Title: 固定匯率報告對股價崩盤風險與外匯曝險之影響
    The Impact of Constant Currency Reporting on Stock Price Crash Risk and Foreign Exchange Exposure
    Authors: 羅兆辰
    Lo, Chao-Chen
    Contributors: 張元晨
    Chang, Yuan-Chen
    羅兆辰
    Lo, Chao-Chen
    Keywords: 固定匯率報告
    股價崩盤風險
    外匯曝險
    Constant currency reporting
    Crash risk
    Foreign exchange exposure
    Date: 2024
    Issue Date: 2024-08-05 13:44:02 (UTC+8)
    Abstract: 本研究探討美國上市公司排除匯率影響而以固定匯率基礎調整公司的獲利(以下簡稱固定匯率報告)是否會影響其股價崩盤風險與外匯曝險係數。文獻顯示固定匯率報告可以讓投資人更瞭解公司的營運表現，但也有文獻發現管理者會選擇性地利用固定匯率報告誤導投資人。過往較少文獻分析固定匯率報告與公司風險的相關性，因此本研究檢視固定匯率報告對於公司股價崩盤風險與外匯曝險係數的影響。
    實證結果發現固定匯率報告與外匯曝險無顯著相關性，而公司同時使用固定匯率報告與營運避險策略可以顯著降低主要貨幣指數的外匯曝險。固定匯率報告與崩盤風險呈現顯著負相關，顯示固定匯率報告的揭露可以提供有價值的資訊，讓投資人更能夠準確地預估公司股價，避免股價受到高估而導致後續崩盤。然而公司於美元升值或匯兌損失時揭露固定匯率報告，有較高的崩盤風險，因此匯率波動對於公司不利時，固定匯率報告的揭露較具有投機性。
    This study examines whether the adjustment of earnings based on constant currency basis (hereinafter referred to as constant currency reporting) affects stock price crash risk and foreign exchange exposure coefficients of U.S. listed firms. Prior literature shows that constant currency reporting makes investors better recognize the operational performance of firms. However, some studies indicate that managers would strategically disclose constant currency reporting to mislead investors. Little research analyzes the association between constant currency reporting and firm risk. Therefore, this study examines the impact of constant currency reporting on stock price crash risk and foreign exchange exposure coefficients.
    The association between constant currency reporting and foreign exchange exposure is not significant; however, firms adopting a combination of constant currency reporting and operational hedging strategies could significantly reduce exposure to Major Currency Index. The results also show a negative association between constant currency reporting and stock price crash risk, implying that the disclosure of constant currency reporting provides valuable information and allows investors to estimate stock price more accurately. Nevertheless, when facing US dollar appreciation or foreign exchange loss, U.S. firms tend to have higher crash risk after disclosing constant currency reporting, suggesting the disclosure is motivated by opportunism when exchange rate fluctuations are unfavorable to firms.
    Reference: 顧子宜（2023），影響美國公司以固定匯率評估財報的因素，國立政治大學財務管理學系碩士學位論文。
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    Description: 碩士
    國立政治大學
    財務管理學系
    111357030
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0111357030
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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