| dc.contributor.advisor | 譚丹琪<br>郭炳伸 | zh_TW |
| dc.contributor.advisor | Tan,Danchi<br>Kuo,Biing-Shen | en_US |
| dc.contributor.author (Authors) | 吳彥臻 | zh_TW |
| dc.contributor.author (Authors) | Wu,Jenny Yen-Chen | en_US |
| dc.creator (作者) | 吳彥臻 | zh_TW |
| dc.creator (作者) | Wu,Jenny Yen-Chen | en_US |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:13:15 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:13:15 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:13:15 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0923510471 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30094 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營與貿易研究所 | zh_TW |
| dc.description (描述) | 92351047 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | 本篇論文從不同公司策略，以月資料來探討台灣532家上市公司在1999~2004年之公司對匯率風險曝露的敏感度，並以六十個月各上市公司股價報酬率為依變數，與台灣最大十五個貿易夥伴的匯率資料為自變數橫斷面資料，進行匯率風險對股價報酬關係之檢定。與之前實證研究不同之處是，本研究是利用多種貨幣模型來解釋各股價報酬，非只有一個貨幣當作唯一的指標。實證結果發現尚未加進大盤指數為控制變數時，只有0.93%受匯率風險暴露，反之，加進大盤指數之後，受到匯率風險的公司增加到88.2%。以公司策略及產業角度來看，結果顯示當公司外銷比例越大，此公司承受的經濟風險會越高。 | zh_TW |
| dc.description.abstract (摘要) | The purpose of this empirical study is to investigate sensitivity of company values to fluctuation in foreign exchange rates. Distinguishing from the previous research, this study employs a multiple currency proxy model to estimate firm’s exposures instead of using a single currency model. The research sample includes all Taiwan listed firms’ data for the period from 1999 to 2004. The empirical evidence from Taiwan listed firms indicates that 85.3 to 88.2 percent of firms are exposed to foreign exchange rate movements when market return control variable is included in the regression. A small percentage of firms are exposed to the foreign exchange rate movements with exclusion of the control variable. Results from ordinary least square analyses reveal that export intensity increases economic exposure to fluctuation of foreign exchange rate. | en_US |
| dc.description.tableofcontents | Acknowledgement I Abstract III Chapter 1 Introduction 1 Chapter 2 Literature Review 2.1 What is Risk? 3 2.2 Types of Risks, Uncertainties, Exposures 5 2.3 Researches on Exchange Rate Risks 8 Chapter 3 Hypothesis Development 3.1 Framework 13 3.2 Theories and Hypothesis 14 Chapter 4 Methodology and Sample Selection 4.1 Identification of Key Trading Partners 17 4.2 Factor Analysis of Exchange Rate Data 18 4.3 Economic Exposure Measurement Methodology 20 4.4 Test of Hypothesis 23 Chapter 5 Results 5.1 Economic Exposure Measurement Results 25 5.2 Hypothesis Testing Results 27 Chapter 6 Conclusion 6.1 Discussions 32 6.2 Contribution and Data Limitation 33 6.3 Implication of Strategic Management 34 6.4 Extension of Research 35 Reference 36 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0923510471 | en_US |
| dc.subject (關鍵詞) | 匯率風險曝露 | zh_TW |
| dc.subject (關鍵詞) | 經濟風險因素分析 | zh_TW |
| dc.subject (關鍵詞) | 主成份分析 | zh_TW |
| dc.subject (關鍵詞) | Foreign Exchange Rate Exposure | en_US |
| dc.subject (關鍵詞) | Economic Exposure | en_US |
| dc.subject (關鍵詞) | Multiple Currency Model | en_US |
| dc.subject (關鍵詞) | Principal Factor Analysis | en_US |
| dc.title (題名) | The Impact of Foreign Exchange Fluctuation on Taiwan Listed Firm Strategy and Economic Exposure | zh_TW |
| dc.title (題名) | 外匯波動對企業策略與經濟風險影響之研究－以台灣為例 | zh_TW |
| dc.type (資料類型) | thesis | en |
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