本研究利用台灣上市公司財務資料與關係企業營運資料庫,探討公開發行公司在匯率變動下,是否具有顯著的外匯暴露;本研究進一步檢驗公司國際化程度、海外營運不平衡程度,以及使用金融避險策略行為對於外匯暴露的影響。樣本資料型態為民國八十九年至九十三年間,共計233家廠商的時間序列與橫斷面平均值資料。 上市公司實證結果顯示:第一,第一階段迴歸分析發現,台灣多國籍企業具有顯著的外匯暴露的比例並不高。第二,第二階段橫斷面迴歸分析則顯示,台灣多國籍企業的海外資產比愈高,其整體外匯暴露愈大;相似地,美國子公司的海外資產比愈高,其對美外匯暴露愈大。第三,台灣多國籍企業的整體海外市場營運狀況愈不平衡,其整體外匯暴露愈大;同樣地,美元區市場的海外營運狀況愈不平衡,其對美外匯暴露愈大。此表示當整體海外子公司和美元區子公司的銷貨收入比與其資產比差距愈大,母公司具有的外匯暴露愈大。第四,金融避險對於經濟暴露的影響與預期相反,當台灣多國籍企業有採取金融避險策略時,其外匯暴露愈大。
This study characterizes the foreign exchange exposure of Taiwan multinational corporations in TSEC market and focuses on the determinants of economic exchange rate exposure of 233 firms with foreign operations over the period 2000-2004. The research proceeds in the two stages. First, the approach employs OLS model to estimate foreign exchange exposure. Second, the study examines if the degree of foreign involvement, the degree of operational imbalance, which is a proxy for matching cash inflows and outflows, and the strategy of financial hedging can affect the magnitude of economic exposure. The empirical results show that a low percentage of Taiwanese firms are exposed to exchange rate changes. As predicted by theory, Firms with greater foreign asset intensity in the foreign and American market have a larger magnitude of economic exposure. Moreover, the greater the degree of operational imbalance in the foreign and dollarbloc market is, the larger the economic exposure is. The proxy for financial hedging does not have the predicted negative association with the magnitude of economic exposure.