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https://ah.lib.nccu.edu.tw/handle/140.119/58802
題名: | 三星電子、宏達電和台積電的外匯曝險分析 The foreign exchange rate exposure of Samsung Electronics、HTC and TSMC |
作者: | 周奕志 Chou, Yi Chih |
貢獻者: | 林建秀 Lin, Jian Shiou 周奕志 Chou, Yi Chih |
關鍵詞: | 三星電子 宏達電 台積電 營運避險 財務避險 |
日期: | 2012 | 上傳時間: | 11-Jul-2013 | 摘要: | 本研究的主要目的為探討三星電子、宏達電和台積電,除了可能因產品面、營運面的操作影響公司價值外,在面臨外匯波動的競爭環境時,是否有做好足夠的避險措施來抵銷外匯風險,採取的實證方法為,曝險彈性模型、現金流量迴歸模型和股價迴歸模型等,資料時間由2003年至2012年。\n 從實證結果來看,三星電子在營運避險和財務避險的操作都相當合適,都能有效的降低外匯風險。而台灣的主要企業-宏達電和台積電均有相似的避險問題,融資現金流量過度的曝險,推測為外幣負債操作的不足,造成財務避險不足,無法有效降低外匯風險,這部分相較於主要競爭對手-三星電子而言是比較可惜的地方,必須盡快改善財務避險策略,以防止公司在外匯波動上承受匯兌損失。\n 而在台幣是否該貶值以刺激出口的論點裡,可以發現不同時間點,公司對於台幣貶值的反應不同,時間點若是近十年來,則台幣貶值對於公司的幫助並不大,故不應該支持台幣貶值以刺激出口。但若把時間點分成金融海嘯前後,兩間公司對於台幣貶值的反應則有反轉的現象,在金融海嘯後,台幣貶值對於這兩間公司均是有利的結果,故由此應該支持台幣該大幅貶值以刺激出口。 | 參考文獻: | 1. Adler, M., & Dumas, B. (1984). “Exposure to Currency Risk \n : Definition and Measurement” Financial Management 13:41-\n 50.\n2. Bartov, E., & Bodnar, G.M.(1994). ”Firm Valuation,Earnin- \n gs Expectations, and the Exchange Rate Exposure Effect” \n Journal of Finance 44:5:1755-1785.\n3. Bartram, S.M. (2008) . ”What lies Beneath : Foreign Exch- \n ange Rate Exposure, Hedg- ing and Cash Flows.” Journal of\n Banking & Finance 32, 1508-1521.\n4. Bartram, S.M., & Bodnar, G.M.(2007).” The exchange rate \n exposure puzzle” Managerial Finance 33.9:642.\n5. Bartram, S.M., Brown, G.W., & Minton, B.A.(2010)."Resolv- \n ing The Exposure Puzzle : The Many Facets of Exchange Ra- \n te Exposure ” Journal of Financial Economics 95,148-173.\n6. Bodnar, G.M., & Gentry, W.M.,(1993).”Exchange Rate Expos- \n ure and Industry Characteristics: Evidence from Canada,J- \n apan, and the USA.” Journal of International Money & Fin- \n ance, February, 29-45.\n7. Bodnar, G.M., & Marston, R.C. (2002). “Exchange Rate Exp- \n osure : A Simple Model” Working Paper.\n8. Bodnar, G.M., Dumas, B., & Marston, R.C.(2002). “Pass th- \n rough and Exposure” Journal of Finance,February,199-232.\n9. Choi, J.J., & Prasad, A.M.(1995). “Exchange Risk Sensiti- \n vity and Its Determinants: A Firm and Industry Analysis \n of U.S. Multinationals.” Financial Management24:377-88. \n10.He, J., & Ng, L.K.(1998).”The Foreign Exchange Exposure \n of Japanese Multinational Coporations” Journal of Finance \n 55:2:733-753.\n11.Jorion, P.(1990).”The Exchange-Rate Exposure of United-\n States Multinationals” Journal of Business 63,331-345.\n12.Koutmos, G., & Martin, A.D. (2003). “Asymmetric exchange \n rate exposure: theory and evidence” Journal of Internati- \n onal Money and Finance 22,365-383.\n13.Oxelheim, L., Wihlborg, C.G. (1995) . ”Measuring Macroec- \n onomic Exposure: The Case of Volvo Cars. ”European Fi- \n nancial Management 1:3:241-263. | 描述: | 碩士 國立政治大學 金融研究所 100352020 101 |
資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0100352020 | 資料類型: | thesis |
Appears in Collections: | 學位論文 |
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