審計委員會對不同目的衍生性商品交易之影響

基於審計委員會之職掌及組成，本文推論審計委員會對公司進行「投機目的」及「避險目的」二類衍生性商品交易之決策，具有重要影響。本文以2013年至2016年台灣上市櫃電子公司為研究樣本之實證結果發現，電子業上市櫃公司所進行之衍生性商品交易以避險目的為主。再者，設置審計委員會之公司進行衍生性商品交易之機率顯著較低，且不論是投機或避險類型交易均有相同現象；不過，設置審計委員會之公司投入於投機目的類型之交易金額規模與比重顯著較未設置者低，而投入於避險目的類型交易之金額規模顯著較未設置者高，因此本文認為我國推動審計委員會制度在監督與指導公司進行衍生性商品交易方面，有其功能與貢獻。

關鍵字

衍生性商品交易；投機目的；避險目的；審計委員會

並列摘要

Based on the mandate and responsibilities of an audit committee, study proposes that audit committee will have an important impact on the company's decision, including the undertaking of derivative transactions and the preference to use the derivatives for hedge purpose. Using a sample of Taiwan listed companies operating in the electronics industry over the period 2013 to 2016, this study documents the following findings. Companies in the sample that conducted financial derivative transactions mostly used the derivative activities for hedging purposes. Companies with established audit committees tend not to conduct financial derivative transactions, regardless of hedging or speculative purpose. Furthermore, companies with established audit committees significantly use derivative transactions more for hedging purposes but lesser for speculative purposes. Therefore, this study suggests that audit committees may provide an important function and contribution in ensuring companies' proper decision-making on derivative transactions.