本研究提出與分析台灣上市企業使用衍生性金融商品的決策因子與效果研究。本研究特色為將企業國際化的策略分為籌資國際化、生產國際化與無國際化,並進一步分析公司在進行國際多角化策略時,其避險行為與避險效果的特性。本研究實證結果發現:第一、在決定因子研究中,過去文獻所提及的多項財務面因素,對「中度」使用衍生性金融商品的生產國際化企業具顯著解釋能力,但無國際化企業與籌資國際化企業的「低度」與「高度」使用衍生性金融商品的行為,則需以財務行為面的因素加以說明;第二、分析企業使用衍生性金融商品之效果,衍生性金融商品對企業的權益風險無降低效果,且對權益報酬有正向影響。此外台灣國際化企業的股價報酬波動反較無國際化企業為高,可能原因之一在於台灣的國際化企業並未達到「充分」的國際多角化,造成企業經營風險暴露不減反增,亦導致風險暴露因素成為台灣國際化企業使用衍生性金融商品的重要決策因子之一。本研究焦點,基於近年來企業國際化趨勢,與衍生性金融商品的市場規模與日遽增,更導引本計畫結果的重要性。
This study establishes and examines the characters of the use of financial derivative of Taiwan enterprises including the determinant and the impact. We divide enterprises' internationalization strategies into three groups including (1) versea financing, (2) oversea operation and (3) non- internationalization. The empirical results of this paper are consistent with the following notions. First, the financial factors from prior studies provided strong explanations for the middle frequency of the use of derivative of the enterprises with oversea operation. In contrast, we have to use the perspective of behavior finance to explain the low (high) frequency of the use of derivative of the non-internationalization enterprises (the enterprises with overseas financing). Second, the use of derivatives could not perform well in decreasing the volatility of equity returns, nevertheless, provided a positive impact on the equity return mean. Moreover, the enterprises with internationalization strategies owned a greater equity return volatility than the enterprises without internationalization strategies.