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| Title: | 匯率風險揭露、避險策略與公司價值之關聯性
Foreign Exchange Risk Disclosure, Hedging Strategies, and Their Impact on Firm Value |
| Authors: | 徐宇嫻
Hsu, Yu-Hsien |
| Contributors: | 張元晨
Chang, Yuan-Chen
徐宇嫻
Hsu, Yu-Hsien |
| Keywords: | 匯率風險資訊揭露
避險策略
固定匯率報告
公司價值
FX risk disclosure
Hedging strategy
Constant currency reports
Firm values |
| Date: | 2025 |
| Issue Date: | 2025-07-01 14:49:34 (UTC+8) |
| Abstract: | 本研究旨在探討美國企業面對匯率風險時，其於10-k財報中揭露的匯率風險資訊、固定匯率報告及避險策略之使用情形，同時我們進一步分析外匯風險揭露、固定匯率報告及避險策略之使用對美國企業價值之影響。實證結果發現外匯曝險對企業匯率風險之揭露有顯著的影響，外匯曝險也會誘發企業開始使用固定匯率報告，讓投資人了解控制匯率影響下的公司營運表現。同時，企業若於其財報中揭露匯率風險資訊、使用避險策略或公告固定匯率報告皆能顯著提升企業價值。然而，當企業同時揭露匯率風險資訊並採用避險策略時，因資訊揭露與避險策略之使用存在成本較高的問題，使得企業價值未能被提升，同時，我們也發現具高跨國經營程度之企業，其企業價值並不一定較高，顯示投資人更重視企業是否具備有效的風險管理行為，而非僅有海外營收比重。我們的研究證實匯率風險管理之重要性，亦發現企業採取匯率風險資訊揭露或避險策略有助於企業價值的增加，提供企業進行風險管理決策時重要的參考依據。
This study investigates how U.S. firms exposed to exchange rate risk employ foreign exchange (FX) risk disclosures, constant currency reporting, and hedging strategies in their 10-K filings. Additionally, we examine the impact of these practices on firm value. First, our findings indicate that FX exposure has a significant impact on FX risk disclosures. It can also drive firms to utilize constant currency reporting, enabling investors to better understand the company’s operating performance without currency fluctuations. Meanwhile, FX risk disclosures, the use of hedging strategies, and constant currency reporting are each significantly associated with higher firm value. However, when firms simultaneously disclose FX risk and implement hedging strategies, the potential costs related to disclosure and hedging may offset their combined benefits, resulting in no significant improvement in firm value. Furthermore, we find that a high proportion of international sales does not necessarily correspond to higher firm value. This suggests that investors may place greater emphasis on the effectiveness of a firm’s risk management practices rather than the extent of its international operations. Overall, our study provides empirical evidence that FX disclosure and hedging strategies play a critical role in enhancing firm value, particularly when managerial decisions regarding risk management are involved. |
| Reference: | 一、中文文獻
羅兆辰（2024），固定匯率報告對股價崩盤風險與外匯曝險之影響，國立政治大學財務管理學系碩士學位論文。
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。
二、英文文獻：
Adams, P., & Verdelhan, A. (2021). FX transaction and translation risk.
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三、 網站：
Deloitte財務長的挑戰：淺談企業匯率風險管理，https://www2.deloitte.com/tw/tc/pages/strategy-operations/articles/foreign-exchange-risk.html
Deloitte Constant currency presentation，https://dart.deloitte.com/USDART/home/accounting/sec/sec-reporting-interpretations-manual/roadmap-non-gaap-financial-measures/chapter-4-non-gaap-measures-that/4-13-constant-currency-presentations
Vena The pros and cons of constant currency reporting，https://www.venasolutions.com/blog/pros-and-cons-of-constant-currency-reporting
Abylon Understanding constant currency in management reporting，https://dart.deloitte.com/USDART/home/accounting/sec/sec-reporting-interpretations-manual/roadmap-non-gaap-financial-measures/chapter-4-non-gaap-measures-that/4-13-constant-currency-presentations
Gtreasury 5 challenges of year-over-year constant currency reporting，https://dart.deloitte.com/USDART/home/accounting/sec/sec-reporting-interpretations-manual/roadmap-non-gaap-financial-measures/chapter-4-non-gaap-measures-that/4-13-constant-currency-presentations |
| Description: | 碩士
國立政治大學
財務管理學系
112357004 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112357004 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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