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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/58802


    Title: 三星電子、宏達電和台積電的外匯曝險分析
    The foreign exchange rate exposure of Samsung Electronics、HTC and TSMC
    Authors: 周奕志
    Chou, Yi Chih
    Contributors: 林建秀
    Lin, Jian Shiou
    周奕志
    Chou, Yi Chih
    Keywords: 三星電子
    宏達電
    台積電
    營運避險
    財務避險
    Date: 2012
    Issue Date: 2013-07-11 16:53:59 (UTC+8)
    Abstract: 本研究的主要目的為探討三星電子、宏達電和台積電，除了可能因產品面、營運面的操作影響公司價值外，在面臨外匯波動的競爭環境時，是否有做好足夠的避險措施來抵銷外匯風險，採取的實證方法為，曝險彈性模型、現金流量迴歸模型和股價迴歸模型等，資料時間由2003年至2012年。
    從實證結果來看，三星電子在營運避險和財務避險的操作都相當合適，都能有效的降低外匯風險。而台灣的主要企業-宏達電和台積電均有相似的避險問題，融資現金流量過度的曝險，推測為外幣負債操作的不足，造成財務避險不足，無法有效降低外匯風險，這部分相較於主要競爭對手-三星電子而言是比較可惜的地方，必須盡快改善財務避險策略，以防止公司在外匯波動上承受匯兌損失。
    而在台幣是否該貶值以刺激出口的論點裡，可以發現不同時間點，公司對於台幣貶值的反應不同，時間點若是近十年來，則台幣貶值對於公司的幫助並不大，故不應該支持台幣貶值以刺激出口。但若把時間點分成金融海嘯前後，兩間公司對於台幣貶值的反應則有反轉的現象，在金融海嘯後，台幣貶值對於這兩間公司均是有利的結果，故由此應該支持台幣該大幅貶值以刺激出口。
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    Description: 碩士
    國立政治大學
    金融研究所
    100352020
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0100352020
    Data Type: thesis
    Appears in Collections:[Department of Money and Banking] Theses

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