公司避險與負債專一化

Corporate Hedging and Debt Specialization

蔡宏武(Tsai Hung Wu)

指導教授 ： 戴維芯

國立暨南國際大學/管理學院/財務金融學系/碩士(2015年)

摘要

本文採用2004年到2011年期間美國S&P1500公司為樣本，探討公司負債專一化程度與避險策略之間的關係，避險策略包含避險與否以及避險程度。實證結果發現相較於有採取避險策略的公司，未採取避險策略的公司其負債專一化程度較高；有進行避險的公司當中，避險程度與負債專一化程度呈顯著負相關。此外，也證實了企業的避險活動在沒有評等及研發導向的公司降低負債專一化的程度的效果較強。最後，進一步觀察避險活動與使用債務類型的關係，發現而有避險的公司與避險程度越高的公司會有能力使用更多循環貸款與長期貸款。

關鍵字

負債專一化 ； 避險 ； 風險管理

並列摘要

Using the S&P 1500 non-financial firms over the period 2004 to 2011, this study examines the relationship between debt specialization and corporate hedging, including hedging willingness and hedging extent. The results indicate that hedged firms have lower debt specialization level than firms without hedging and a significant negative relationship between the extent of hedging and debt specialization exist. In addition, the negative effect between corporate hedging and debt specialization is more stronger in unrated and research and development intensive firms. Finally, hedged firms tend to use more drawn credit lines and term loans than unhedged firms.

並列關鍵字

Debt specialization ； Risk management ； Hedge

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