台灣是以出口為導向的國家,國際化、全球化的腳步快速移,匯率在與各國貿易中扮演極重要的角色,匯率的波動不但影響企業產品的報價,亦將影響企業的盈餘及現金流量。由於台灣地理位置及資源的限制,使得台灣經濟高度依賴進出口貿易,因此匯率波動將影響企業獲利。 本文主要探討匯率等因素對台灣半導體產業每股盈餘之影響,結果發現美元匯率,對半導體產業之每股盈餘有正向影響。台、美經濟成長率、公司現金流量比率及研究發展費對半導體產業每股盈餘亦有正向影響,而實收資本額及負債比率則呈現負向影響。因此公司欲提高每股盈餘,須考量美元匯率之波動,提升公司現金流量比率,降低負債比率,積極從事產品研發,以創造企業更好的獲利。
Taiwan is an export-oriented country and understandably, exchange rates play a critical role in its international trade. Exchange rate fluctuations affect product quotes and firm profitability. This research examines the impact of exchange rates on the earnings per share of the semiconductor companies in Taiwan. The research findings suggest that the US exchange rate reports a positive influence on the industry’s earnings per share. The economic growth in Taiwan and the U.S., cash flow ratio and R&D spending of companies also have positive influence on the industry’s earnings per share. It is worth noting the adverse effects of capitalization and debt ratios. To boost earnings per share, companies should take into account the US dollar exchange rate fluctuation, boost the cash flow ratios, lower debt ratios and step up R&D activities.