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    题名: 匯率避險、公司治理與盈餘資訊內涵關聯性之研究
    A study on the association among foreign exchange rate exposure hedging, corporate governance, and information content of earnings
    作者: 朱全斌
    Chu, Chuan-Pin
    贡献者: 蘇瓜藤
    許崇源
    Su, Robert K.
    Hsu, Chun-Yuan
    朱全斌
    Chu, Chuan-Pin
    关键词: 外匯暴露
    衍生性金融商品避險
    公司治理
    盈餘反應係數
    Foreign exchange rate exposure
    Hedging by derivatives
    Corporate governance
    Earnings response coefficient (ERC)
    日期: 2009
    上传时间: 2010-04-09 14:43:33 (UTC+8)
    摘要: 台灣對國際貿易市場依賴程度極高，總體經濟環境極易受到國際經濟變數的影響，其中尤以匯率的變動，係我國進出口貿易最直接並重要的影響因素之一。為了生產及銷售競爭之需要，我國企業積極對海外投資並設立海外子公司或據點以進行國際分工，企業的國際化更加重所面臨匯率波動所產生的外匯暴露。
    本研究基於我國企業面對的外匯暴露程度，探討影響我國企業外匯暴露及操作衍生性金融商品規避外匯暴露的公司治理因素，並針對外匯避險是否具有盈餘資訊內涵進行研討，具體而言，本研究將探討下列問題：
    一、操作衍生性金融商品規避外匯暴露與外匯暴露程度的關聯性；
    二、公司治理對操作衍生性金融商品規避外匯暴露的影響程度；
    三、操作衍生性金融商品規避外匯暴露是否具有資訊內涵。
    本研究的結果發現，操作衍生性金融商品係有助於規避外匯風險；而公司治理中的董事能力及董事會的獨立性則對我國企業在是否選擇操作衍生性金融商品避險時，有重大影響力。基於外匯暴露是我國企業普遍面臨的風險，上述結果應有助於我國企業在面對外匯風險時，決定是否採用衍生性金融商品規避外匯風險上，有一定的助益。本研究並發現企業操作衍生性金融商品避險是具有盈餘資訊內涵的，此對文獻中較少針對企業面對風險的避險決策是否對股票報酬有所影響的議題，可作為該領域研究方向及結果的補強。
    Due to an extremely high level of dependence on international trade, the macroeconomic environment in Taiwan is affected by international economic variables deeply. Particularly, the change of foreign exchange rates is one of the most direct and significant factors for the international trade of Taiwan. Further, the internationalization of local enterprises by actively expanding their investment internationally and setting up overseas subsidiaries makes these enterprises suffer more from the exposure of foreign exchange rate fluctuations.
    This study therefore investigates the following issues:
    1. The association between hedging foreign exchange rate fluctuation by derivatives and the foreign exchange rate exposure.
    2. The impact of corporate governance on the hedging decisions of the management.
    3. Is there any information content of the hedging against foreign exchange rate exposure?
    The results of this study show that: (1) The hedging against foreign exchange rate fluctuation by derivatives decreases the foreign exchange rate exposure; (2) Two of corporate governance factors namely finance expertise and independence of the board of directors have significant effects on the hedging decisions; and (3) Hedging against the foreign exchange rate fluctuation by derivatives provides information content of earnings.
    This study contributes to the practice and the academics in the following ways: (1) As an aid for the management to decide whether to hedge against foreign exchange rate fluctuation by derivatives when facing foreign exchange rate exposure; (2) As an extension of the literature on the association between hedging decisions and the stock returns.
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    描述: 博士
    國立政治大學
    會計研究所
    90353502
    98
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