- 學位論文
財務避險下風險管理、盈餘管理對企業價值的影響：以台灣電子業上市公司為例
Under the Impact of Financial Hedging Risk Management, Earnings Management to Firm Value：Evidence of Listed Electronic Companies in Taiwan
並列摘要
Taiwan's electronics industry vulnerable to exchange rate risk exposure, the possibility of foreign exchange risk management is good and bad could affect its profit and loss, thereby affecting its enterprise value is based. The theme of this study is divided into two parts, one to explore the impact of the enterprise value of financial hedging on risk management, on the other hand explore the financial risk management in the earnings impact of the enterprise value. Empirical results show that enterprises in the higher exchange rate risk exposure or under the higher growth opportunities, increase the financial risk for the enterprise value of the impact; addition, authorities in the choice of earnings management tool, the tool will be considered between relative risk, cost and effectiveness, the use of more financial derivatives is less tendency to manipulate discretionary accruals, which means that the operating surplus between these two instruments are substitutes.