跨國公司財務與營運避險策略對其外匯曝險及公司價值之影響

The Effects of Financial versus Operational Hedging Strategies on the Foreign Exchange Exposure and the Value of the Multinationals

李明嫣(Ming-Yan Li)

指導教授 ： 林鳴琴 ； 戴錦周

朝陽科技大學/管理學院/財務金融系/碩士(2010年)

摘要

匯率為影響企業國際競爭力與表現的重要變數，外匯風險已成為跨國公司的重要風險來源。本研究以台灣上市電子類股公司2006年至2008年之資料為研究樣本，探討外匯曝險程度與避險活動。
檢視匯率變動率與市場投資報酬率對公司股票報酬率之影響，結果顯示台灣上市電子類股公司之外匯曝險程度為負數，且跨國公司的外匯曝險程度具有顯著性。檢視外匯曝險程度決定因素，結果發現外銷比例、公司規模、總資產週轉率和本益比為影響公司外匯曝險程度的重要因素。
研究避險活動的結果顯示，公司單獨使用財務避險策略能有效影響外匯曝險程度，但單獨採用營運避險策略效果卻不顯著。此外，營運避險交叉搭配財務避險策略能有效影響外匯曝險程度與公司價值。

關鍵字

外匯曝險程度 ； 營運避險策略 ； 財務避險策略

並列摘要

Because exchange rate affects both the competitiveness and performances of the corporations, the fluctuation of exchange rate has been a major source of risk for multinationals. This study examines the foreign exchange exposures and hedging strategies of multinational companies listed in Taiwan from 2006 to 2008.
We examine the effects of changes in market return and exchange rate on the stock returns. The result shows that the foreign exchange exposures are significantly negative for the multination companies listed in Taiwan. Besides, we find that the determinants of foreign exchange exposures include foreign sales ratio, firm size, total asset turnover ratio, and price to EPS ratio.
Furthermore, the empirical results show that using of financial strategy alone can significantly affect foreign exchange exposure of multinational companies, but operational strategy alone can not. However, simultaneously using of financial and operational strategies have a significant effects on foreign exchange exposures and the firm values.

並列關鍵字

Foreign Exchange Exposure ； Operational Hedging Strategies ； Financial Hedging Strategies

參考文獻

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