工會與企業避險決策

Labor Unions and Corporate Hedging

鍾雨廷(Yu-Ting Chung)

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/ncnu202100115

摘要

本論文以2000年至2019年美國S&P 1500非金融與非公共事業作為樣本，研究工會化程度對企業風險管理之影響。對於企業風險管理，本文主要以避險意願與避險程度來衡量，並將避險活動以避險目的分為利率避險活動、外匯避險活動與商品價格避險活動。實證結果表明當工會化程度提高後，企業會提高從事避險活動的意願，說明企業以減少現金持有並提高企業本身負債比率，來取得相對於工會的議價優勢，進而提高避險的意願。但工會化程度對避險活動的程度呈負向影響。進一步區分為三個避險活動時，可發現企業的工會化程度越高，商品價格避險活動的意願與程度皆會提升，符合議價力假說推論；而外匯避險活動則會降低。上述所列關係在控制樣本選擇偏誤，以及使用不同定義的主要變數後仍保持穩健。

關鍵字

工會 ； 避險 ； 風險管理 ； 勞工

並列摘要

This article uses the US S&P 1500 non-financial and non-public utilities from 2000 to 2019 as a sample to study the impact of unionization on enterprise risk management. For enterprise risk management, this study measures the willingness and degree of hedging, and divides hedging activities into interest rate hedging activities, foreign exchange hedging activities and commodity price hedging activities based on the purpose of hedging. The empirical results show that when the unionization increases, companies will increase their willingness to engage in hedging activities, but the degree of hedging activities will decrease, indicating that companies are committed to gaining bargaining advantages over labor unions by reducing cash holdings and increasing financial leverage, which increases the willingness of corporate hedging. When dividing the goal of corporate hedging, the positive association between unionization and commodity price hedging activities are consistent with the bargaining power hypothesis, while the association between unionization and foreign exchange hedging activities is negative. The results of this study are robust after controlling for sample selection bias and different measures of main variables.

並列關鍵字

Union ； Hedging ； Risk Management ； Labor

參考文獻

Agrawal, A. K., and D. A. Matsa, 2013. Labor unemployment risk and corporate financing decisions. Journal of Financial Economics, 108(2), 449–470.

Allayannis, G., J. Ihrig, and J. P. Weston, 2001. Exchange-rate hedging: Financial versus operational strategies. American Economic Association, 91(2), 391-395.

Almeida, H., M. Campello, and M. Weisbach, 2004. The cash flow sensitivity of cash. Journal of Finance, 59(4), 1777-1804.

Bartram, S. M., Brown, G. W., and Fehle, F. R., 2009. International evidence on financial derivatives usage. Financial management, 38(1), 185-206.

Bolton, P., H. Chen, and N. Wang, 2011. A unified theory of Tobin’s q, corporate investment, financing, and risk management. Journal of Finance, 66(5), 1545-1578.