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| Title: | 全球航空公司避險行為對公司價值的影響
The Impact of hedging on Firm Value in Global Airline Industry |
| Authors: | 劉珊睿 |
| Contributors: | 張元晨
劉珊睿 |
| Keywords: | 航空業
燃油避險
外匯避險
利率避險
經理人持股
聯貸利率 |
| Date: | 2016 |
| Issue Date: | 2016-07-20 17:13:03 (UTC+8) |
| Abstract: | 本文蒐集1995年到2014年共計39家航空公司的避險數據，旨在檢視燃油避險、外匯避險和利率避險對於公司價值的影響。實證結果與多數文獻的結果一致，燃油和外匯避險對於公司價值多有顯著的正面影響。北美洲地區是唯一外匯避險有顯著負面影響的子樣本。至於利率避險在總樣本和多數的子樣本中對公司價值有顯著負面的影響。因此，本文認為避險與公司價值無絕對的關係，主要仍是取決於公司所面臨的風險。另外，經理人持股對於隔年燃油避險比率有正向關係，但不顯著。而不論燃油和外匯避險對於聯貸利率皆無顯著的關係。
Using a sample of 39 airline companies around the world over period 1995 to 2015 to examine whether jet fuel hedging, currency hedging and interest rate hedging increase the firm value of airline companies. We find that jet fuel and currency hedging is significantly positively related to their firm value holds in various sub-samples and total sample, but North American area is only one sub-sample which have negative relationship between currency hedging and firm value. However, interest rate hedging have significantly negatively impact on various sub-samples and total sample. Based on our result, there is no absolutely negative or positive relationship between hedging and firm value, it depend on which risk the firm faced and should be hedged.
Furthermore, CEO shares holding have non-significant positively relationship with hedge ratio. Our result also show there are no effect of hedging on reducing interest rate of syndicate loan. |
| Reference: | 1. Rueyjiau Lin, 2009 .The effect of hedging on firm value and analyst forecast accuracy: Evidence from the global airline industry.
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| Description: | 碩士
國立政治大學
財務管理研究所
103357037 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0103357037 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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