| 摘要: | 本研究以民國 2007年01月至2010年12月為研究期間，為深入探討金融海嘯期間（2008年下半年至2009年下半年），本研究以半年為一期，共八期，以台灣上市(櫃)電子業公司為研究對象，本研究主要目的為探討影響台灣上市(櫃)電子業公司承作衍生性金融商品進行避險之重要財務變數及分別探討台灣上市(櫃)電子業公司操作衍生性金融商品規避不同風險來源、避險工具選擇與重要財務變數間之關係。
由過去文獻得知，影響企業使用衍生性金融商品的動機有公司規模、風險暴露程度、財務危機成本及成長性投資機會等變數。本文主要的發現如下，台灣上市（櫃）電子業公司主要規避風險為匯率波動之風險暴露，遠期契約為最頻繁之使用工具。並利用獨立樣本 t 檢定、Logistic 迴歸分析及 Multinomial Logistic 迴歸分析等統計方法，探討台灣上市（櫃）電子業公司使用衍生性金融商品的動機、避險目的及避險工具選擇之影響因素，作為企業有效運用衍生性金融商品避險之參考依據。
本研究所獲之實證結果，獨立樣 t 檢定之結果顯示，在研究衡量變數方面，避險者有較高的營業收入、外銷比率、負債比率、營收成長率和研究發展費用率以及較低的利息保障倍數和營業毛利率。Logistic 迴歸分析實證結果發現，樣本期間電子產業公司之營業收入淨額、外銷比率及負債比率愈大，愈傾向使用衍生性金融商品避險。即公司規模及風險暴露程度愈大，愈有動機去避險。
Multinomial Logistic迴歸分析研究顯示，公司規模、風險暴露程度及財務危機成本等因素皆會影響公司規避各類風險的避險決策；企業之營業收入淨額、外銷比率及負債比率愈大，影響企業傾向使用選擇權契約及交換契約規避風險；營業收入淨額及外銷比率愈大，即影響企業傾向使用遠期（期貨）契約及其它契約進行避險作業。
The research was targeted at the period from January 2007 to December 2010, which was further separated into 8 periods, six months each, to aim at the time of finan-cial tsunami during second half of 2008 to second half of 2009. The focus of this re-search is to explore major financial factors which influenced derivatives hedge transac-tions undertaken by listed electronics companies in Taiwan, and the relation between major financial factors and various risks & hedge tools.
Observing from studies in the past, the incentives for companies to undertake de-rivatives hedge consist of company size, risk exposure, financial cost, and expansionary investment opportunities. The main finding in this paper is that, the major risk being hedged was fluctuation of currency exchange rates, and the major hedge instrument was forward contract for Taiwanese listed companies. Moreover, this paper used independ-ent samples for t-test, Logistic regression analysis and Multinomial Logistic regression analysis, to explore the incentives & purposes undertaking derivatives hedge and hedge instruments chosen by Taiwanese listed electronic companies, which can be reference to companies for efficient derivatives hedge.
The empirical results of this study by independent sample t-test results showed that hedgers have higher turnover, export ratios, debt ratios, revenue growth rates, research expenses; and lower interest coverage ratios as well as gross margins. The empirical re-sults of this study by Logistic regression analysis showed that for electronic companies during the selected period, the higher the turnover, export ratios, and debt ratios, the more possible to hedge by derivatives. This also indicated that the larger the company sizes and risk exposure, the more incentives for companies to hedge.
The empirical results of this study by Multinomial Logistic regression analysis showed that company size, risk exposure and financial cost are main factors to lead hedge decisions against various risks. The higher the turnover sizes, export ratios and debt ratios, the more likely that companies may choose option and swap contracts as hedge instruments. Furthermore, the higher the turnover sizes and export ratios, the more likely that companies may choose forward (future) and other contracts for hedge. |
