政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/77185
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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/77185


    Title: 台灣上市公司使用衍生性金融工具避險因素與避險對公司績效影響之研究
    Research on the factors of hedging from financial derivatives and its impacts on business performance of listed companies in Taiwan
    Authors: 魏宏錡
    Wei, Hung Chi
    Contributors: 林士貴
    廖四郎
    Lin, Shih Kuei
    Liao, Szu Laug
    魏宏錡
    Wei, Hung Chi
    Keywords: 上市公司
    避險
    公司價值
    Listed company
    Hedge
    Value of company
    Date: 2015
    Issue Date: 2015-08-03 13:22:16 (UTC+8)
    Abstract: 本文研究期間為民國 94 年至民國102 年共9 年的時間，以台灣全部的上市公司為研究對象，扣除資料不全者，共有569 間公司。本論文使用Loistic regression之研究方法，找出台灣上市公司是否避險的因素，以及避險對公司績效的影響，並以OLS 最小平方法估計避險的因素與避險對公司績效的影響。企業國際化已經是目前經濟狀態不可避免的趨勢，尤其進出口頻繁的產業，更是面臨匯率波動風險所帶來的威脅。因此，企業頻繁的使用衍生性金融工具來執行避險策略。實證結果顯示各個產業有著不同的決定性因素來影響企業執行決策，其中化學業、金融業、光電業、造紙業與塑膠業存在統計上顯著的結果。另外公司若執行避險策略，對於公司價值有正面的影響，台幣貶值、董監事持股比率、權益資金之比重以及營收成長率對於公司的價值也都存在正面與顯著的關係，而實質利率的上升則對公司的價值有不利的影響。
    Reference: [1] 林美花; 黃祥宇. 衍生性金融商品數量性資訊揭露與外匯風險暴露之關聯性研究.會計評論, 2006, 43: 63-93.
    [2] 洪裕勝; 沈宜蒨. 上市電子科技公司運用匯率衍生性金融商品之研究.產業金融季刊, 2001, 110: 63-81.
    [3] 馬黛. 公司使用金融工具避險的決定因素.財務金融學刊, 1998, 2: 49-63.
    [4] 黃寶玉; 倪衍森; 吳姿蓉. 台灣電子行業避險與公司價值之探討.
    [5] 盧婉甄. 臺灣電子業使用衍生性金融商品避險之硏究. 2001. PhD Thesis.National Taiwan University Graduate Institue of Accounting.
    [6] ALLAYANNIS, George; OFEK, Eli. Exchange rate exposure, hedging, andthe use of foreign currency derivatives. Journal of international money and
    finance, 2001, 20.2: 273-296.
    [7] DOLDE, Walter. Hedging, leverage, and primitive risk. Journal ofFinancial Engineering, 1995, 4.2.
    [8] GÉCZY, Christopher; MINTON, Bernadette A.; SCHRAND, Catherine.Why firms use currency derivatives. The Journal of Finance, 1997, 52.4: 1323-1354.
    [9] JUDGE, Amrit. The determinants of foreign currency hedging by UK nonfinancial firms. 2004.
    [10] LU, Wan-yu. An Investigation of Currency Hedging Strategies-Evidence from NTD/USD exchange rate. 2007.
    [11] MYERS, Stewart C. Determinants of corporate borrowing. Journal of financial economics, 1977, 5.2: 147-175.
    [12] Tai Ma, Additional Evidence on the determinants of hedging: the case of taiwan, journal of financial studies, 1998, 6.2
    Description: 碩士
    國立政治大學
    金融研究所
    102352033
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102352033
    Data Type: thesis
    Appears in Collections:[Department of Money and Banking] Theses

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