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題名 多國藉企業外滙風險管理之理論與實證 作者 邱永順 貢獻者 蔡信夫
邱永順日期 1984 上傳時間 14-Nov-2016 15:59:28 (UTC+8) 摘要 圖表目錄第一章 緒論第一節 研究動機與目的1 第二節 論文結構4 第二章 滙率預測與外滙暴露分析7 第一節 滙率預測7 第二節 交易暴露分析18 第三節 折算暴露分析25 第三章 外滙風險管理對策40 第一節 避險策略之設定41 第二節 規避交易性外滙風險之策略51 第三節 規避折算性外滙風險之策略78 第四章 我國多國籍企業外滙風險管理現況93第一節 研究方法93 第二節 滙率預測95 第三節 外滙暴露分析105 第四節 外滙風險管理對策110第五節 研究限制120 第五章 結論與建議第一節 結論123 第二節 建議126 參考書目131 作者簡介139 問卷圖表目錄圖 1 - 1 外滙風險管理的一般程序5 表 2 - 1 折算規則彙總27 表 2 - 2 四六國採用的折算方法29 表 2 - 3 折算暴露與折算損益的計算32 表 2 - 4 折算暴露報告35 表 3 - 1 在風險態度及預期市場行為之組合下之預期暴露額47 表 4 - 1 我國多國籍企業滙率預測週期 98 表 4 - 2 我國多國籍企業滙率預測編製方式100 表 4 - 3 我國多國籍企業滙率預測技術101 表 4 - 4 我國多國籍企業滙率預測之資料來源103 表 4 - 5 我國多國籍企業對滙率預測滿意程度105 表 4 - 6 我國多國籍企業對國外投資之會計處理109 表 4 - 7 我國多國籍企業對進出口貿易採取的措施113 表 4 - 8 我國多國籍企業採取避險策略之政策114 表 4 - 9 外銷比例與採取避險策略之交叉分析表115 表 4 - 10 我國多國籍企業避險策略116表 4 - 11 我國多國籍企業評估避險策略之準則117表 4 - 12 我國多國籍企業對外滙風險管理模式的認識與運用118表 4 - 13 我國多國籍企業外滙風險管理困難意見表119 參考文獻 一、中文書籍1.于政長，外滙實務，五南圖書出版公司，民國六十九年。 2.王仁宏，信用狀與其他國際貿易付款方法，正中書局，民國七十年。 3.辛紀秀，彭家發譯，外滙市場之理論與實務，領導出版社，民國六十七年。 4.林崑城編譯，多國性公司課稅法律問題，世一書局，民國六十六年。 5.唐春金，王日春合著，貿易稅務暨會計實務，作者發行，民國七十年九月初版。 6.張錦源，英文貿易契約實務，三民書局，民國六十六年初版。 7.陳定國博士，多國性企業經營，聯經出版公司，民國六十四年。8.陳定國博士，國際企業，正中書局，民國六十九年。 9.樓鈞穗等譯，財務管理，中興管理顧問公司，民國六十七年。 10.劉厚醇，多國性企業通論，聯經出版公司，民國六十九年。二、中文期刊1.徐立德，「我國多國籍企業發展之方向」，多國籍企業研究學報，第4期，民國七十二年六月，頁27-35。 2.蔡信夫，「多國籍企業資本預算問題之探討」，多國籍企業研究學報，第4期，民國七十二年元月，頁120-136。3.廖光鏜，「多國籍企業財務管理策略」，多國籍企業研究學報，第2期，民國七十年八月，頁52-58。 4.劉鶴田，「談滙率變動損失迴避條款」，一銀月刊，第二十七卷第七期，民國七十一年七月，頁81-85。三、未出版之碩士論文1.史文章，滙率變動保險之研究，政治大學企業管理研究所碩士論文，民國七十二年六月。 2.陳素月，多國公司財務管理之研究，政治大學會計研究所碩士論文，民國七十一年六月。 3.黃敏義，我國企業對外投資問題之研究，淡江大學管理科學研究所碩士論文，民國六十九年六月。 4.鄧苓莉，多國籍企業財務報表編製問題之研究，政治大學會計研究所碩士論文，民國七十一年六月。5.簡義信，企業外滙財務管理及會計處理之研究，政治大學會計研究所碩士論文，民國七十一年六月。四、西文書籍1. Aliber, Robert Z., Exchange Risk and Corporate International Finance, London: The Macmillan Press LTD, 1978.2. Eiteman, David K. and Arthur I. Stonehill, Multinational Business Finance, Massachusetts: Addison-Wesley Publishing Company, 1982, 3rd edition.3. Grubel, Herbert G. Forward Exchange Speculation and International Flow of Capital, Standford Cliffs: Standford University Press, 1966.4. Jaque, Laurent L., Management of Foreign Exchange Risk: Theory and Praxis, Lexington: D. C. Heath and Company, 1978.5. Jilling, Michael, Foreign Exchange Risk Management in U.S. Multinational Corporations, Ann Arbor, Mich: UMI Press, 1978.6. Levish, Richard M. and Clas G. Wihlborg (editors), Exchange Risk and Exposure, Lexington: D.C. Heath and Company, 1980.7. Lietar, Bernard A., Financial Management of Foreign Exchange, Cambridge: MIT Press, 1971.8. Nehert, Lee Charles, International Finance for Multinational Business, San Francisco: International Textbook Company, 1972.9. Prindle, Andreas R. Foreign Exchange Risk, London: John Willey & Sons LTD, 1976.10. Robock, Stephen H. Kenneth Simmonds and Jack Zwick, International Business and Multinational Enterprise, Illinois: Irwin Inc., 1977.11. Rodriguez, Rita M. and E. Eugene Carter, International Financial Management Englewood Cliffs: Prentice-Hall, Inc., 1979, 2nd edition.12. Roll, Richard W. and Bruno H. Sonik, A Pure Foreign Exchange Assets Pricing Model, European Institute for Advanced Studies in Management, Working Paper 75, August 1975.13. Sarnat, Marshall and George Szego (editors), International Fiance and Trade Vol. I. Cambridge : Bollinger, 1975.14. Shapiro, Alanc., Multinational Financial Management, Massachusetts: Allyn and Bacon, Inc., 1982.五、西文期刊：1. Aliber, Robert Z. and Clyde P. Stickney, "Accounting Measures of Foreign Exchange Exposure: The Long and Short of it," Accounting Review, January, 1975, pp. 44-57.2. Ankrom, Robert K., "Top Level Approach to the Foreign Exchange Problem," Harward Business Review, July/August, 1974, pp. 79-90.3. Beidlman, Carl R., John L. Hilley and James A. Greenleat, "Altenatives in Hedging Long-Date Contractual Foreign Exchange Exposure," Sloan Management Review, Summer, 1983, pp. 45-54.4. Cornell, Bradford, "Spots Rates, Forward Rates and Exchange Markets Efficiency," Journal of Financial Economics, August 1977, pp. 65-75.5. Donaldson, Howard, and Alan Reinstein, "Implementing FASB No.52 : The Critical Issues," Financial Executive June 1983, pp. 40-50.6. Eaker, Mark R. "Covering Foreign Exchange Risk: Comment," Financial Management, Winter 1980, pp. 64-65.7. Eaker, Mark R. "The Numenaire Problem and Foreign Exchange Risk," Journal of Finance, May 1981, pp. 419-427.8. Folks, William R. Jr. and Stanley R. Stansell, "The Use of Discriminant Analysis in Forecasting Exchange Rate Movements," Journal of International Business Studies, Spring 1975, pp. 35-40.9. Folks, William R. Jr., "Decision Analysis for Exchange Risk Management," Financial Management, Winter 1972, pp. 101-112.10. Giddy, Ian H. and Guter Dufey, "The Random Behavior of Flexible Exchage Rates, "Journal of International Business Studies, Spring 1975, pp. 1-32.11. Gill, Charles W., "Foreign Exchange Exposure Under FASB8 and 52," CPA Journal, Oct. 1982, pp. 24-31.12. Goodman, Stephen H. "Foreign Exchange Rate Fore-casting Technique: Implications for Business and Policy," The Journal of Finance, May 1979, pp. 415-427.13. Hodgson, John A. and Patricia Phelps, "The Distributed Impact of Price Level Variation on Floating Exchange Rate," Review of Economics and Statistics, February 1975, pp. 58-64.14. Jaque, Laurent L. "Management of Foreign Exchange Risk: A Review Article," Journal of International Business Studies, Spring/Summer 1981, pp. 81-101.15. Kohlhagen, Steven, W. "A Model of Optimal Foreign Exchange Hedging Without Exchange Projections," Journal of International Business Studies, Fall 1978, pp. 9-19.16. Kohlhagen, Steven W. "The Performance of Foreign Exchange Markets: 1971-1974," Journal of International Business Studies, Fall 1975, pp. 31-39.17. Kohlhagen, Steven W. "Evidence on Cost of Forward Cover in a Floating System," Euromoney, September 1975, pp. 138-141.18. Lieberman, Gail, "Two Ways To Measure Foreign Exchange Risk," Euromoney, June 1976 pp. 30-36.19. Lietar, Bernard A. "Managing Risks in Foreign Exchange," Harward Business Review March/April 1970, pp. 127-38.20. Logue, Dennis E. and Richard James Sweeney, "White-Noise" in Imperfect Market: The Case of The Franc/Dollar Exchange Rate," Journal of Finance, June 1977, pp. 761-768.21. Makin, John H. "The Portfolio Method of Foreign Exchange Risk," Euromoncy, August 1976, pp. 58-64.22. Making John H. "Portfolio and the Problem of Foreign Exchange Risk," Journal of Finance, May 1978, pp. 517-524.23. Mathur, Ike, "Managing Foreign Exchange Risk Profitably, Columbia Journal of World Business, Winter 1982, pp. 23-30.24. Miltello, Fredrick C., Jr., "Statement No. 52: Changes in Financial Management Practice,” Financial Executive August 1983, pp. 48-51.25. Murenbeeld, Martin, "Economic Factors for Forecasting Foreign Exchange Rate Changes," Columbia Journal of World Business, Summer 1975 pp. 81-95.26. Poole, William, "Speculative Prices and Random Walks: An Analysis of Ten Time Series of Flexible Exchange Rates," Southern Economic Journal April 1967, pp. 648-478.27. Rodriguez, Rita M., "Management of Foreign Exchange Risk in U.S. Multinationals," Sloan Management Review, Spring 1978, pp. 31-49.28. Rodriguez, Rita M. "Corporate Exchange Risk Management : Theme and Abbreations," Journal o Finance May 1981, pp. 427-439.29. Rogalski, Richard J. and Joseph D. Vinso, "Price Variations as Predictions of Exchange Rates," Journal of International Business Studies, Spring-Summer 1977, pp. 71-83.30. Shapiro, Alan C. and David P. Rutenberg, "Managing Exchange Risk in Floating World," Financial Management , Summer 1976, pp. 48-58.31. Serfass, William R., Jr., "You Can’t Outguess The Foreign Exchange Market," Harward Business Review, March/April 1976, pp. 1514-1530.32. Simke, John . "Managing Foreign Exchange Risk Successfully," CA Magazine July 1983, pp. 35-37.33. Soemen, Luc, A., "Foreign Exchange Exposure Management," Management International Review, Vol. 2, 1979 pp. 31-38.34. Srinivasulu, S. L., "Classifying Foreign Exchange Exposure, "Financial Executive, Feburary 1983, pp. 36-44.35. Teck, Alan, "Control Your Exposure to Foreign Exchange," Harward Business Review, Jan-Feb. 1974, pp .65-74.36. Walker, David P. "What is Foreign Exchange Risk?" Managerial Finance, 4.2, pp. 104-118.37. Walton, Horace C. "Foreign Currency-To Hedge or Not to Hedge,", Financial Executive April 1974, pp. 48-53.38. Waterfield, Jan., "Emprical Property of Foreign Exchange Rates Under Fixed and Floating Regims," Journal of International Bussiness Studies, 1977. pp. 180-199. 關聯 國立政治大學
會計研究所
碩士
72資料類型 thesis dc.contributor.advisor 蔡信夫 dc.contributor.author (Authors) 邱永順 dc.creator (作者) 邱永順 zh_TW dc.date (日期) 1984 dc.date.accessioned 14-Nov-2016 15:59:28 (UTC+8) - dc.date.available 14-Nov-2016 15:59:28 (UTC+8) - dc.date.issued (上傳時間) 14-Nov-2016 15:59:28 (UTC+8) - dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/103929 - dc.description.abstract (摘要) 圖表目錄第一章 緒論第一節 研究動機與目的1 第二節 論文結構4 第二章 滙率預測與外滙暴露分析7 第一節 滙率預測7 第二節 交易暴露分析18 第三節 折算暴露分析25 第三章 外滙風險管理對策40 第一節 避險策略之設定41 第二節 規避交易性外滙風險之策略51 第三節 規避折算性外滙風險之策略78 第四章 我國多國籍企業外滙風險管理現況93第一節 研究方法93 第二節 滙率預測95 第三節 外滙暴露分析105 第四節 外滙風險管理對策110第五節 研究限制120 第五章 結論與建議第一節 結論123 第二節 建議126 參考書目131 作者簡介139 問卷圖表目錄圖 1 - 1 外滙風險管理的一般程序5 表 2 - 1 折算規則彙總27 表 2 - 2 四六國採用的折算方法29 表 2 - 3 折算暴露與折算損益的計算32 表 2 - 4 折算暴露報告35 表 3 - 1 在風險態度及預期市場行為之組合下之預期暴露額47 表 4 - 1 我國多國籍企業滙率預測週期 98 表 4 - 2 我國多國籍企業滙率預測編製方式100 表 4 - 3 我國多國籍企業滙率預測技術101 表 4 - 4 我國多國籍企業滙率預測之資料來源103 表 4 - 5 我國多國籍企業對滙率預測滿意程度105 表 4 - 6 我國多國籍企業對國外投資之會計處理109 表 4 - 7 我國多國籍企業對進出口貿易採取的措施113 表 4 - 8 我國多國籍企業採取避險策略之政策114 表 4 - 9 外銷比例與採取避險策略之交叉分析表115 表 4 - 10 我國多國籍企業避險策略116表 4 - 11 我國多國籍企業評估避險策略之準則117表 4 - 12 我國多國籍企業對外滙風險管理模式的認識與運用118表 4 - 13 我國多國籍企業外滙風險管理困難意見表119 dc.format.extent 115 bytes - dc.format.mimetype text/html - dc.relation (關聯) 國立政治大學 dc.relation (關聯) 會計研究所 dc.relation (關聯) 碩士 dc.relation (關聯) 72 dc.title (題名) 多國藉企業外滙風險管理之理論與實證 zh_TW dc.type (資料類型) thesis dc.relation.reference (參考文獻) 一、中文書籍1.于政長，外滙實務，五南圖書出版公司，民國六十九年。 2.王仁宏，信用狀與其他國際貿易付款方法，正中書局，民國七十年。 3.辛紀秀，彭家發譯，外滙市場之理論與實務，領導出版社，民國六十七年。 4.林崑城編譯，多國性公司課稅法律問題，世一書局，民國六十六年。 5.唐春金，王日春合著，貿易稅務暨會計實務，作者發行，民國七十年九月初版。 6.張錦源，英文貿易契約實務，三民書局，民國六十六年初版。 7.陳定國博士，多國性企業經營，聯經出版公司，民國六十四年。8.陳定國博士，國際企業，正中書局，民國六十九年。 9.樓鈞穗等譯，財務管理，中興管理顧問公司，民國六十七年。 10.劉厚醇，多國性企業通論，聯經出版公司，民國六十九年。二、中文期刊1.徐立德，「我國多國籍企業發展之方向」，多國籍企業研究學報，第4期，民國七十二年六月，頁27-35。 2.蔡信夫，「多國籍企業資本預算問題之探討」，多國籍企業研究學報，第4期，民國七十二年元月，頁120-136。3.廖光鏜，「多國籍企業財務管理策略」，多國籍企業研究學報，第2期，民國七十年八月，頁52-58。 4.劉鶴田，「談滙率變動損失迴避條款」，一銀月刊，第二十七卷第七期，民國七十一年七月，頁81-85。三、未出版之碩士論文1.史文章，滙率變動保險之研究，政治大學企業管理研究所碩士論文，民國七十二年六月。 2.陳素月，多國公司財務管理之研究，政治大學會計研究所碩士論文，民國七十一年六月。 3.黃敏義，我國企業對外投資問題之研究，淡江大學管理科學研究所碩士論文，民國六十九年六月。 4.鄧苓莉，多國籍企業財務報表編製問題之研究，政治大學會計研究所碩士論文，民國七十一年六月。5.簡義信，企業外滙財務管理及會計處理之研究，政治大學會計研究所碩士論文，民國七十一年六月。四、西文書籍1. Aliber, Robert Z., Exchange Risk and Corporate International Finance, London: The Macmillan Press LTD, 1978.2. Eiteman, David K. and Arthur I. Stonehill, Multinational Business Finance, Massachusetts: Addison-Wesley Publishing Company, 1982, 3rd edition.3. Grubel, Herbert G. Forward Exchange Speculation and International Flow of Capital, Standford Cliffs: Standford University Press, 1966.4. Jaque, Laurent L., Management of Foreign Exchange Risk: Theory and Praxis, Lexington: D. C. Heath and Company, 1978.5. Jilling, Michael, Foreign Exchange Risk Management in U.S. Multinational Corporations, Ann Arbor, Mich: UMI Press, 1978.6. Levish, Richard M. and Clas G. Wihlborg (editors), Exchange Risk and Exposure, Lexington: D.C. Heath and Company, 1980.7. Lietar, Bernard A., Financial Management of Foreign Exchange, Cambridge: MIT Press, 1971.8. Nehert, Lee Charles, International Finance for Multinational Business, San Francisco: International Textbook Company, 1972.9. Prindle, Andreas R. Foreign Exchange Risk, London: John Willey & Sons LTD, 1976.10. Robock, Stephen H. Kenneth Simmonds and Jack Zwick, International Business and Multinational Enterprise, Illinois: Irwin Inc., 1977.11. Rodriguez, Rita M. and E. Eugene Carter, International Financial Management Englewood Cliffs: Prentice-Hall, Inc., 1979, 2nd edition.12. Roll, Richard W. and Bruno H. Sonik, A Pure Foreign Exchange Assets Pricing Model, European Institute for Advanced Studies in Management, Working Paper 75, August 1975.13. Sarnat, Marshall and George Szego (editors), International Fiance and Trade Vol. I. Cambridge : Bollinger, 1975.14. Shapiro, Alanc., Multinational Financial Management, Massachusetts: Allyn and Bacon, Inc., 1982.五、西文期刊：1. Aliber, Robert Z. and Clyde P. Stickney, "Accounting Measures of Foreign Exchange Exposure: The Long and Short of it," Accounting Review, January, 1975, pp. 44-57.2. Ankrom, Robert K., "Top Level Approach to the Foreign Exchange Problem," Harward Business Review, July/August, 1974, pp. 79-90.3. Beidlman, Carl R., John L. Hilley and James A. Greenleat, "Altenatives in Hedging Long-Date Contractual Foreign Exchange Exposure," Sloan Management Review, Summer, 1983, pp. 45-54.4. Cornell, Bradford, "Spots Rates, Forward Rates and Exchange Markets Efficiency," Journal of Financial Economics, August 1977, pp. 65-75.5. Donaldson, Howard, and Alan Reinstein, "Implementing FASB No.52 : The Critical Issues," Financial Executive June 1983, pp. 40-50.6. Eaker, Mark R. "Covering Foreign Exchange Risk: Comment," Financial Management, Winter 1980, pp. 64-65.7. Eaker, Mark R. "The Numenaire Problem and Foreign Exchange Risk," Journal of Finance, May 1981, pp. 419-427.8. Folks, William R. Jr. and Stanley R. Stansell, "The Use of Discriminant Analysis in Forecasting Exchange Rate Movements," Journal of International Business Studies, Spring 1975, pp. 35-40.9. Folks, William R. Jr., "Decision Analysis for Exchange Risk Management," Financial Management, Winter 1972, pp. 101-112.10. Giddy, Ian H. and Guter Dufey, "The Random Behavior of Flexible Exchage Rates, "Journal of International Business Studies, Spring 1975, pp. 1-32.11. Gill, Charles W., "Foreign Exchange Exposure Under FASB8 and 52," CPA Journal, Oct. 1982, pp. 24-31.12. Goodman, Stephen H. "Foreign Exchange Rate Fore-casting Technique: Implications for Business and Policy," The Journal of Finance, May 1979, pp. 415-427.13. Hodgson, John A. and Patricia Phelps, "The Distributed Impact of Price Level Variation on Floating Exchange Rate," Review of Economics and Statistics, February 1975, pp. 58-64.14. Jaque, Laurent L. "Management of Foreign Exchange Risk: A Review Article," Journal of International Business Studies, Spring/Summer 1981, pp. 81-101.15. Kohlhagen, Steven, W. "A Model of Optimal Foreign Exchange Hedging Without Exchange Projections," Journal of International Business Studies, Fall 1978, pp. 9-19.16. Kohlhagen, Steven W. "The Performance of Foreign Exchange Markets: 1971-1974," Journal of International Business Studies, Fall 1975, pp. 31-39.17. Kohlhagen, Steven W. "Evidence on Cost of Forward Cover in a Floating System," Euromoney, September 1975, pp. 138-141.18. Lieberman, Gail, "Two Ways To Measure Foreign Exchange Risk," Euromoney, June 1976 pp. 30-36.19. Lietar, Bernard A. "Managing Risks in Foreign Exchange," Harward Business Review March/April 1970, pp. 127-38.20. Logue, Dennis E. and Richard James Sweeney, "White-Noise" in Imperfect Market: The Case of The Franc/Dollar Exchange Rate," Journal of Finance, June 1977, pp. 761-768.21. Makin, John H. "The Portfolio Method of Foreign Exchange Risk," Euromoncy, August 1976, pp. 58-64.22. Making John H. "Portfolio and the Problem of Foreign Exchange Risk," Journal of Finance, May 1978, pp. 517-524.23. Mathur, Ike, "Managing Foreign Exchange Risk Profitably, Columbia Journal of World Business, Winter 1982, pp. 23-30.24. Miltello, Fredrick C., Jr., "Statement No. 52: Changes in Financial Management Practice,” Financial Executive August 1983, pp. 48-51.25. Murenbeeld, Martin, "Economic Factors for Forecasting Foreign Exchange Rate Changes," Columbia Journal of World Business, Summer 1975 pp. 81-95.26. Poole, William, "Speculative Prices and Random Walks: An Analysis of Ten Time Series of Flexible Exchange Rates," Southern Economic Journal April 1967, pp. 648-478.27. Rodriguez, Rita M., "Management of Foreign Exchange Risk in U.S. Multinationals," Sloan Management Review, Spring 1978, pp. 31-49.28. Rodriguez, Rita M. "Corporate Exchange Risk Management : Theme and Abbreations," Journal o Finance May 1981, pp. 427-439.29. Rogalski, Richard J. and Joseph D. 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