營運槓桿與企業風險管理決策

Operating Leverage and Corporate Risk Management

陳衿穎(Chin-Ying Chen)

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(2021年)

https://doi.org/10.6837/ncnu202100067

摘要

本研究採用2000年到2019年S&P1500非金融與非公共事業企業為樣本，探討營運槓桿對企業避險決策及避險意願的影響。實證結果顯示，考慮產業間差異時，營運槓桿越高的企業越有意願進行避險；若未考慮到產業差異，營運槓桿程度高的企業進行避險的意願會較低。本研究也發現不同產業面臨不同市場風險時，企業的管理決策也會有所差異，以利率及外匯作為避險目的時，若考慮產業差異，營運槓桿程度與企業避險意願為正相關，不考慮產業差異時兩者為負相關；以現貨價格作為避險目的時，營運槓桿程度以及避險意願則呈現負相關。除此之外，本研究結果支持過去文獻，財務槓桿與企業避險為正顯著相關。整體而言，結果表明營運槓桿會對企業避險決策產生顯著影響。

關鍵字

營運槓桿 ； 避險 ； 風險管理

並列摘要

Using S&P1500 non-financial and non-public utility firm over the period from 2000 to 2019, this study examines the impacts of operating leverage on corporate hedging. The results show that firms with higher operating leverage are more willing to hedge and hedge more when controlling the differences among industries; the relationship between operating leverage and hedging willing is significantly negative without controlling the differences among industries. Different industries face different market risks, and, thus, have different strategies when face difference risk exposures. Therefore, this study analyzes the relationship between operating leverage and corporate hedging under three common hedging objectives. When firms hedge for the variation of interest rates and foreign exchanges, operating leverage is positively correlated with the willingness and level of hedging under controlling industry differences, and negatively correlated without controlling industry differences. When firms hedge for the variation of commodity prices, operating leverage is negatively correlated with the hedging level and willingness. In addition, it is also found a positive relationship between financial leverage and operating leverage as prior literature. Overall, the finding suggests that operating leverage is a significant factor in corporate hedging decisions.

並列關鍵字

Operating Leverage ； Hedging ； Risk Management

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