影響台灣上市公司承作衍生性金融商品避險財務因子之實證研究

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题名:	影響台灣上市公司承作衍生性金融商品避險財務因子之實證研究 Research on financial factors and Derivatives hedging strategies - Taiwan listed Companies
作者:	王美琪
贡献者:	國際企管管理研究所碩士在職專班
关键词:	衍生性金融商品 Derivative 避險 Hedge Logistic 迴歸 Logistic Regression Multinomial Logistic 迴歸 Multinomial Logistic Regression
日期:	2012
上传时间:	2013-03-21 15:00:01 (UTC+8)
摘要:	台灣上市(櫃)非電子業公司為研究對象，研究期間為 2007年年01月至2010年12月,以半年度為一期(共八期), 台灣在經歷全球金融危機衝擊期間的影響差異，面對各種風險類型與避險工具時匯率變動是否會影響公司的避險，因此，本研究欲探討其對於使用衍生性金融商品的公司會帶來哪些的衝擊。 Logistic 迴歸分析結果, 當公司營業收入淨額、負債比率及外銷比率愈大，即公司規模愈大、風險暴露程度愈高，公司愈傾向使用衍生性金融商品進行避險機率愈大，於各研究期間皆不受全球金融危機及景氣面衝擊，而影響公司進行避險決策。 Multinomial Logistic迴歸分析規避風險種類研究顯示,非電子科技產業營業收入淨額影響公司規避匯率風險、利率風險、商品價格、規避兩種以上的決策。外銷比率愈大影響公司規避匯率風險。 Multinomial Logistic迴歸分析避險工具選擇研究結果顯示, 影響公司決策選擇避險工具有遠期外匯、選擇權、交換、其他契約。外銷比率愈大影響公司公司決策選擇避險工具有遠期外匯契約、選擇權契約、交換契約。但受大環境景氣影響公司偏向選擇遠期外匯及交換契約避險。 The research subject of the paper is the Listed Companies in both Taiwan Stock Exchange(TWSE) and OTCs, and the research is to look at the period between January, 2007 and December, 2010, by the interval of half year as a term, with a total of 8 terms. Moreover, during the time period, as Taiwan is also in the midst of global financial cri-sis, how the impact caused by the crisis will have effect on those companies, to which the extent of impacts, whether or not they will affect the hedging decisions of the com-panies when they are presented with various types of risks, risk hedging tools, and fluc-tuations of currency rate. Thus, in the paper, to make investigations of what impacts are brought to the companies who use derivative financial products as their way for hedg-ing. From the results of Logistic Regression Analysis, the higher the values are on net sales, debt ratio and exporting ratio, the larger the scale size of a company is, the greater the degree a company is exposed to risk. There are greater chances for such a company with inclination to use derivative financial products as their options for hedging. This is on the assumption that the hedging decision of a company is excluding the effects from both global financial crisis as well as the impacts of economic prospects during the research period. From the results of Multinomial Logistic Regression Analysis, for the study on the evasion of risk types, it is shown that the net sales of non-tech industries will have effect on companies for their evasions on currency rate risks, interest rate risks, and product pricing, with at least two types of evasion strategies. If there is higher exporting rate, the company will tend to make avoidance of currency rate risk. From the results of Multinomial Logistic Regression Analysis, for the study on the option of risk hedging tools, it is shown that forwards, options, swaps, and other con-tracts will have effects on companies for their option of hedging tools. If there is higher exporting rate, the company will tend to choose risk hedging tools, including forward contracts, option contracts and swap contracts. However, for those companies with macrocosmic effects by the economic prospects, they will tend to choose forward contracts and swap contracts for risk hedging.
显示于类别:	[企業管理學系暨國際企業管理研究所] 博碩士論文

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