| dc.contributor.advisor | 蘇瓜藤<br>許崇源 | zh_TW |
| dc.contributor.advisor | Su, Robert K.<br>Hsu, Chun-Yuan | en_US |
| dc.contributor.author (Authors) | 朱全斌 | zh_TW |
| dc.contributor.author (Authors) | Chu, Chuan-Pin | en_US |
| dc.creator (作者) | 朱全斌 | zh_TW |
| dc.creator (作者) | Chu, Chuan-Pin | en_US |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 9-Apr-2010 14:43:33 (UTC+8) | - |
| dc.date.available | 9-Apr-2010 14:43:33 (UTC+8) | - |
| dc.date.issued (上傳時間) | 9-Apr-2010 14:43:33 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0903535021 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/38374 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 90353502 | zh_TW |
| dc.description (描述) | 98 | zh_TW |
| dc.description.abstract (摘要) | 台灣對國際貿易市場依賴程度極高，總體經濟環境極易受到國際經濟變數的影響，其中尤以匯率的變動，係我國進出口貿易最直接並重要的影響因素之一。為了生產及銷售競爭之需要，我國企業積極對海外投資並設立海外子公司或據點以進行國際分工，企業的國際化更加重所面臨匯率波動所產生的外匯暴露。 本研究基於我國企業面對的外匯暴露程度，探討影響我國企業外匯暴露及操作衍生性金融商品規避外匯暴露的公司治理因素，並針對外匯避險是否具有盈餘資訊內涵進行研討，具體而言，本研究將探討下列問題： 一、操作衍生性金融商品規避外匯暴露與外匯暴露程度的關聯性； 二、公司治理對操作衍生性金融商品規避外匯暴露的影響程度； 三、操作衍生性金融商品規避外匯暴露是否具有資訊內涵。 本研究的結果發現，操作衍生性金融商品係有助於規避外匯風險；而公司治理中的董事能力及董事會的獨立性則對我國企業在是否選擇操作衍生性金融商品避險時，有重大影響力。基於外匯暴露是我國企業普遍面臨的風險，上述結果應有助於我國企業在面對外匯風險時，決定是否採用衍生性金融商品規避外匯風險上，有一定的助益。本研究並發現企業操作衍生性金融商品避險是具有盈餘資訊內涵的，此對文獻中較少針對企業面對風險的避險決策是否對股票報酬有所影響的議題，可作為該領域研究方向及結果的補強。 | zh_TW |
| dc.description.abstract (摘要) | Due to an extremely high level of dependence on international trade, the macroeconomic environment in Taiwan is affected by international economic variables deeply. Particularly, the change of foreign exchange rates is one of the most direct and significant factors for the international trade of Taiwan. Further, the internationalization of local enterprises by actively expanding their investment internationally and setting up overseas subsidiaries makes these enterprises suffer more from the exposure of foreign exchange rate fluctuations. This study therefore investigates the following issues:1. The association between hedging foreign exchange rate fluctuation by derivatives and the foreign exchange rate exposure.2. The impact of corporate governance on the hedging decisions of the management.3. Is there any information content of the hedging against foreign exchange rate exposure? The results of this study show that: (1) The hedging against foreign exchange rate fluctuation by derivatives decreases the foreign exchange rate exposure; (2) Two of corporate governance factors namely finance expertise and independence of the board of directors have significant effects on the hedging decisions; and (3) Hedging against the foreign exchange rate fluctuation by derivatives provides information content of earnings.This study contributes to the practice and the academics in the following ways: (1) As an aid for the management to decide whether to hedge against foreign exchange rate fluctuation by derivatives when facing foreign exchange rate exposure; (2) As an extension of the literature on the association between hedging decisions and the stock returns. | en_US |
| dc.description.tableofcontents | 第壹章 緒論 1第一節 研究動機與目的 1第二節 研究貢獻 4第三節 研究架構 6第貳章 文獻探討 8第一節 外匯暴露 8一、外匯暴露與外匯風險 8二、外匯暴露的類型 9三、外匯暴露的估計 11四、匯率變動的衡量 12五、外匯暴露與股價變動的關聯 13第二節、衍生性金融商品 14一、衍生性金融商品(Derivatives)的定義 14二、衍生性金融商品的類型 15三、衍生性金融商品的交易目的 17第三節 影響操作衍生性金融商品避險的因素 17一、公司治理與企業避險 17二、其他避險決策因素與工具選擇之相關理論 24第四節 盈餘資訊內涵 29一、盈餘反應係數(ERC) 29二、影響盈餘資訊內涵的因素 31第五節 操作衍生性金融商品避險的影響 32一、操作衍生性金融商品避險對外匯暴露的影響 32二、操作衍生性金融商品避險對企業價值的的影響 33第參章 研究設計 35第一節 研究假說 35一、操作衍生性金融商品規避外匯暴露風險與外匯暴露 35二、影響操作衍生性金融商品規避外匯暴露因素 35三、操作衍生性金融商品避險與盈餘資訊內涵 38第二節 研究方法 39一、操作衍生性金融商品避險決策對外匯暴露的影響 39二、操作衍生性金融商品規避外匯暴露風險之影響因素 42三、衍生性金融商品避險的盈餘資訊內涵 46第三節 資料分析與變數定義及衡量 48一、資料分析方法 48二、變數定義及衡量 49第四節 研究樣本與資料來源 54一、研究期間與樣本選取 54二、資料來源 54第肆章 實證結果分析 61第一節 衍生性金融商品避險與外匯暴露 61一、樣本選取與敘述性統計量及相關係數 61二、實證結果分析 65三、敏感性測試 67第二節 影響操作衍生性金融商品規避外匯暴露風險之因素 72一、樣本選取與敘述性統計量及相關係數 72二、實證結果分析 76三、敏感性測試 88第三節 衍生性金融商品避險的盈餘資訊內涵 112一、樣本選取與敘述性統計量及相關係數 112二、實證結果分析 114三、敏感性測試 117第伍章 研究結論、限制與建議 129第一節 研究結論 129第二節 研究限制與建議 130參考文獻 133 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0903535021 | en_US |
| dc.subject (關鍵詞) | 外匯暴露 | zh_TW |
| dc.subject (關鍵詞) | 衍生性金融商品避險 | zh_TW |
| dc.subject (關鍵詞) | 公司治理 | zh_TW |
| dc.subject (關鍵詞) | 盈餘反應係數 | zh_TW |
| dc.subject (關鍵詞) | Foreign exchange rate exposure | en_US |
| dc.subject (關鍵詞) | Hedging by derivatives | en_US |
| dc.subject (關鍵詞) | Corporate governance | en_US |
| dc.subject (關鍵詞) | Earnings response coefficient (ERC) | en_US |
| dc.title (題名) | 匯率避險、公司治理與盈餘資訊內涵關聯性之研究 | zh_TW |
| dc.title (題名) | A study on the association among foreign exchange rate exposure hedging, corporate governance, and information content of earnings | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 一、中文文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 何憲章，2004，國際財務管理，初版，台北。 | zh_TW |
| dc.relation.reference (參考文獻) | 金成隆與曹壽民，1999，台灣上市公司盈餘 / 股價關聯性之研究，中山管理評論，第7卷第1期：81-100。 | zh_TW |
| dc.relation.reference (參考文獻) | 金成隆與鄭丁旺，1999，持續與非持續盈餘反應係數之研究，會計評論，第31期：19-42。 | zh_TW |
| dc.relation.reference (參考文獻) | 林宛瑩與許崇源，2008，台灣集團企業之控股型態及公司治理衡量指標之研究與建議，交大管理學報，第28卷第1期：269-312。 | zh_TW |
| dc.relation.reference (參考文獻) | 高蘭芬與邱正仁，2002，董監事股權質押對會計盈餘與股票報酬相關性之影響，台大管理論叢，第13卷第1期：127-162. | zh_TW |
| dc.relation.reference (參考文獻) | 高蘭芬、陳振遠與李焮慈，2006，資訊透明度及席次控制權與現金流量權偏離對公司績效之影響—以台灣電子業為例，台灣管理學刊，第6卷第2期：81-104。 | zh_TW |
| dc.relation.reference (參考文獻) | 許崇源、李怡宗、林宛瑩與鄭桂蕙，2003a，控制權與盈餘分配權偏離之衡量（上），貨幣觀測與信用評等雙月刊，臺灣經濟新報社，第42期：15-31。 | zh_TW |
| dc.relation.reference (參考文獻) | 許崇源、李怡宗、林宛瑩與鄭桂蕙，2003b，控制權與盈餘分配權偏離之衡量（下），貨幣觀測與信用評等雙月刊，臺灣經濟新報社，第43期：11-26。 | zh_TW |
| dc.relation.reference (參考文獻) | 許崇源、林宛瑩、李宛臻與鄭雯馨，2004，複雜交叉控股型態(Ⅱ)-遠東集團，貨幣觀測與信用評等雙月刊，臺灣經濟新報社，第47期：42-66。 | zh_TW |
| dc.relation.reference (參考文獻) | 黃薏萍，1999，上市公司使用衍生性金融商品避險動機與行為之研究，國立成功大學國際企業研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 曹添旺、賴景昌、鍾俊文、郭炳伸與蔡文禎，2002，新台幣實質有效匯率指數之動態分析，台灣經濟預測與政策，第32卷第2期：93-130。 | zh_TW |
| dc.relation.reference (參考文獻) | 會計研究發展基金會，2008，財務會計準則公報第34號，金融商品之會計處理準則，台北：會計研究發展基金會。 | zh_TW |
| dc.relation.reference (參考文獻) | 廖大穎，2002，公司法原論，初版一刷，台北：三民書局。 | zh_TW |
| dc.relation.reference (參考文獻) | 闕何士、管瑞昌與黃旭輝，2000，研究發展密集度與專利對股票績效影響—以台灣上市公司為例，產業管理學報，第1卷第2期(4月)：257-268。 | zh_TW |
| dc.relation.reference (參考文獻) | 二、英文文獻 | zh_TW |
| dc.relation.reference (參考文獻) | Abbott, L. J., S. Parker, and G. F. Peters. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory 23 (March): 69–87. | zh_TW |
| dc.relation.reference (參考文獻) | ., , , and K. Raghunandan. 2003. The association between audit committee characteristics and audit fees. Auditing: A Journal of Practice & Theory 22 (September): 17–32. | zh_TW |
| dc.relation.reference (參考文獻) | Adler, M., and B. Dumas. 1984. Exposure to currency risk: Definition and measurement. Financial Management 13(2): 41-50. | zh_TW |
| dc.relation.reference (參考文獻) | Allayannis, G., J. Ihrig, and J. P. Weston. 2001. Exchange-rate hedging: Financial versus operational strategies. The American Economic Review 91(2): 391-395. | zh_TW |
| dc.relation.reference (參考文獻) | , and E. Ofek. 2001. Exchange rate exposure, hedging, and the use of foreign currency derivatives. Journal of International Money and Finance 20(2): 273-296. | zh_TW |
| dc.relation.reference (參考文獻) | Ansoff, H. I., and J. M.Stewart. 1967. Strategies for a technology-based business. Harvard Business Review 45(6): 71-83. | zh_TW |
| dc.relation.reference (參考文獻) | Atiase, R. K. 1985. Predisclosure information, firm capitalization and security price behavior around earnings announcements. Journal of Accounting Research 23(1): 21-36. | zh_TW |
| dc.relation.reference (參考文獻) | Ball, R., and P. Brown. 1968. An empirical evaluation of accounting numbers. Journal of Accounting Research 6(2): 159-178. | zh_TW |
| dc.relation.reference (參考文獻) | Barton, J. 2001. Does the use of financial derivatives affect earnings management decisions? The Accounting Review 76: 1-26. | zh_TW |
| dc.relation.reference (參考文獻) | Bartov, E., and G. M. Bodnar. 1994. Firm valuation, earnings expectations and the exchange-rate exposure effect. Journal of Finance 49(5): 1755-1785. | zh_TW |
| dc.relation.reference (參考文獻) | , and . 1995. Foreign currency translation reporting and the exchange-rate exposure effect. Journal of International Financial Management and Accounting 6(2): 93-112. | zh_TW |
| dc.relation.reference (參考文獻) | Bartram, S. M. 2004. Linear and nonlinear foreign exchange rate exposures of German nonfinancial corporation. Journal of International Money and Finance 23(4): 673-699. | zh_TW |
| dc.relation.reference (參考文獻) | Basu, S. 1977. investment Performance of common stocks in relation to their price-earnings ratios: A test of the efficient market hypothesis. Journal of Finance June: 663-682. | zh_TW |
| dc.relation.reference (參考文獻) | . 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24(1): 3-38. | zh_TW |
| dc.relation.reference (參考文獻) | Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial fraud. The Accounting Review 71 (October): 443–465. | zh_TW |
| dc.relation.reference (參考文獻) | Beaver, W. H. 1968. The information content of annual earnings announcements. Journal of Accounting Research 6 (Supplement): 67-92. | zh_TW |
| dc.relation.reference (參考文獻) | , P. A. Griffin, and W. R. Landsman. 1982 The incremental information content of replacement cost earnings. Journal of Accounting and Economics 4: 15-39. | zh_TW |
| dc.relation.reference (參考文獻) | , R. Lambert, and D. Morse. 1980. The information content of security prices. Journal of Accounting and Economics 2: 3-28. | zh_TW |
| dc.relation.reference (參考文獻) | Berkman, H., and M.E. Bradbury. 1996. Empirical evidence on the corporate use of derivatives. Financial Management 25(Summer): 5-13. | zh_TW |
| dc.relation.reference (參考文獻) | Bessembinder, H. 1991. Forward contracts and firm value: Investment incentive and contracting effects. Journal of Financial and Quantitative Analysis 26(4): 519-532. | zh_TW |
| dc.relation.reference (參考文獻) | Biddle, G., and G. Seow. 1991. The estimation and determinants of associations between returns and earnings: Evidence from cross-industry comparisons. Journal of Accounting, Auditing and Finance 6(Spring): 183-232. | zh_TW |
| dc.relation.reference (參考文獻) | Black, F. M. C., M. C. Jensen, and M. Scholes. 1972. The capital asset pricing model: Some empirical tests. Studies in the Theory of Capital Market, Praeger Publishers, New York. | zh_TW |
| dc.relation.reference (參考文獻) | Bodnar, G. M., and G. Gebhardt. 1999. Derivatives usage in risk management by U.S. and German non-financial firms: a comparative survey. Journal of International Financial Management and Accounting 10(3): 153-187. | zh_TW |
| dc.relation.reference (參考文獻) | , and W. M. Gentry. 1993. Exchange-rate exposure and industrial characteristics: Evidence from Canada, Japan, and The U.S. Journal of International Money and Finance 12(1): 29-45. | zh_TW |
| dc.relation.reference (參考文獻) | Booth, L., and W. Rotenberg. 1990. Assessing foreign exchange exposure: Theory and application using Canadian firms. Journal of International Financial Management and Accounting 2(1): 233-251. | zh_TW |
| dc.relation.reference (參考文獻) | Breeden, D., and S. Viswanathan. 1996. Why do firms hedges? An asymmetric information model. Working paper, Duke University. | zh_TW |
| dc.relation.reference (參考文獻) | Carcello, J. V., C. W. Hollingsworth, K. April, and T. L. Neal. 2006. Audit committee financial expertise, competing corporate governance mechanism, and earnings management. Working paper, SSRN. | zh_TW |
| dc.relation.reference (參考文獻) | Carter, D. A., D. A. Rogers, and B. J. Simkins. 2006. Does hedging affect firm value? Evidence from the US airline industry. Financial Management 35: 53-86. | zh_TW |
| dc.relation.reference (參考文獻) | Chan, K. C., and Nai-fu Chen. 1991. Structural and return characteristics of small and large firms. Journal of Finance 46:1467-1484. | zh_TW |
| dc.relation.reference (參考文獻) | Chaney, P. K., and D. C. Jeter. 1992. The effect of size on the magnitude of long-window earnings response coefficients. Contemporary Accounting Research 8: 540-560. | zh_TW |
| dc.relation.reference (參考文獻) | Chen, N. F., R. Roll, and S. Ross. 1986. Economic forces and the stock market. Journal of Business 59(3): 383-403. | zh_TW |
| dc.relation.reference (參考文獻) | Cho, J. Y., and K. Jung. 1991. Earnings response coefficients: A synthesis of theory and empirical evidence. Journal of Accounting Literature 10: 85-116. | zh_TW |
| dc.relation.reference (參考文獻) | Choi, J. J. 1986. A model of firm valuation with exchange exposure. Journal of International Business Studies 17(Summer): 153-159. | zh_TW |
| dc.relation.reference (參考文獻) | ., and Y. C. Kim. 2003. The Asian exposure of U.S. firms: Operational and risk management strategies. Pacific- Basin Finance Journal 11(2): 121-138. | zh_TW |
| dc.relation.reference (參考文獻) | Choi, S. K., and G. Salamon. 1994. External reporting and capital asset prices. Advances in Quantitative Analysis of Finance and Accounting 3: 85-110. | zh_TW |
| dc.relation.reference (參考文獻) | Chow, E. H., W. Y. Lee, and M. E. Solt. 1997. The economic exposure of U.S. multinational firms. The Journal of Financial Research 20(2 ): 191-210. | zh_TW |
| dc.relation.reference (參考文獻) | Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance 57: 2741-2771. | zh_TW |
| dc.relation.reference (參考文獻) | , , and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporation. Journal of Financial Economics 58: 81-112. | zh_TW |
| dc.relation.reference (參考文獻) | Cohen, K. J., G. A. Hawawini, S. F. Maiter, R. A. Schwartz, and D. K. Whitcomb. 1983. Friction in trading process and the estimation of systematic risk. Journal of Financial Economics 12: 263-278. | zh_TW |
| dc.relation.reference (參考文獻) | Collins, D. W., and S. P. Kothari. 1989. An analysis of the intertemporal and cross-sectional determinants of the earnings response coefficients. Journal of Accounting and Economics 11(2): 143-81. | zh_TW |
| dc.relation.reference (參考文獻) | , and W. K. Salatka. 1993. Noisy accounting earnings signals and earnings response coefficients: The case of foreign currency accounting. Contemporary Accounting Research 10(1): 119-160. | zh_TW |
| dc.relation.reference (參考文獻) | Copeland, T., and Y. Joshi. 1996. Why derivatives do not reduce FX risk?. Corporate Finance 138: 35-41. | zh_TW |
| dc.relation.reference (參考文獻) | Core, J. E., R. W. Holthausen, and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of financial economics 51(March): 371–406. | zh_TW |
| dc.relation.reference (參考文獻) | Crabb, P. R. 2002. Multinational corporations and hedging exchange rate exposure. International Review of Economics and Finance 11(3): 299-314. | zh_TW |
| dc.relation.reference (參考文獻) | Cronqvist, H., and Nilsson, M., 2003. Agency costs of controlling monority shareholders. Journal of Financial and Quantitative Analysis 38(4): 695-719. | zh_TW |
| dc.relation.reference (參考文獻) | Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13(Spring): 1–36. | zh_TW |
| dc.relation.reference (參考文獻) | DeMarzo, P. M., and D. Duffie. 1995. Corporate incentives for hedging and hedge accounting. Review of Financial Studies 8; 743-771. | zh_TW |
| dc.relation.reference (參考文獻) | Demsetz, H., and K. Lehn. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93(6): 1155-1177. | zh_TW |
| dc.relation.reference (參考文獻) | Deshmukh, S., and S. C. Vogt. 2005. Investment, cash flow, and corporate hedging. Journal of Corporate Finance11; 628-644. | zh_TW |
| dc.relation.reference (參考文獻) | Dhaliwal, D., K. Lee, and N. Fargher. 1991. The association between unexpected earnings and abnormal security returns in the presence of financial leverage. Contemporary Accounting Research 8(1): 20-41. | zh_TW |
| dc.relation.reference (參考文獻) | , V. Naiker, and F. Navissi. 2006. Audit committee financial expertise, corporate governance and accruals quality: An empirical analysis. Working paper, SSRN. | zh_TW |
| dc.relation.reference (參考文獻) | Dolde, W. 1995. Hedging, leverage, and primitive risk. The Journal of Financial Engineering 4: 87-216. | zh_TW |
| dc.relation.reference (參考文獻) | Dominguz, K. M .E., and L. L. Tesar. 2006. Exchange rate exposure. Journal of International Economics 68: 188-218. | zh_TW |
| dc.relation.reference (參考文獻) | Donaldson, L., and J. H. Davis. 1991. Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management 16(1): 49-66. | zh_TW |
| dc.relation.reference (參考文獻) | Dumas, B. 1978. The theory of the trading firm revisited. Journal of Finance 33(3): 1019-1029. | zh_TW |
| dc.relation.reference (參考文獻) | Easton, P. D., and T. S. Harries. 1991. Earnings as an explanatory variable for returns. Journal of Accounting Research 29(Spring): 19-35. | zh_TW |
| dc.relation.reference (參考文獻) | , and M. E. Zmijewski. 1989. Cross-sectional variation in the stock market response to accounting earnings announcements. Journal of Accounting and Economics 11:117-1141. | zh_TW |
| dc.relation.reference (參考文獻) | Evans, J. H., and J. M. Patton. 1982. An ecomonic analysis of participation in the Municipal Finance Officers Association certification of conformance program. Journal of Accounting and Economics 5: 151-175. | zh_TW |
| dc.relation.reference (參考文獻) | Faff, R. W., and A. Marshall. 2005. International evidence on the determinants of foreign exchange rate exposure of multinational corporations. Journal of International Business Studies 36(5): 539-558. | zh_TW |
| dc.relation.reference (參考文獻) | Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33: 401-425. | zh_TW |
| dc.relation.reference (參考文獻) | Fama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. Journal of Finance 47: 427-465. | zh_TW |
| dc.relation.reference (參考文獻) | , . 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33: 3-56. | zh_TW |
| dc.relation.reference (參考文獻) | , . 1995. Size and book-to-market in earnings and returns,. The Journal of Finance 50 (March): 131-155. | zh_TW |
| dc.relation.reference (參考文獻) | , . 1996. Multifactor explanations of asset pricing anomalies, The Journal of Finance 51(March): 55-84. | zh_TW |
| dc.relation.reference (參考文獻) | Farber, D. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80(April): 539–561. | zh_TW |
| dc.relation.reference (參考文獻) | Financial Accounting Standards Board. 1998. Accounting for Instruments and Hedging Activities, SFAS No. 133. | zh_TW |
| dc.relation.reference (參考文獻) | Fok, R. C. W., C. Carroll, and M. C. Chiou. 1997. Determinants of operate hedging and derivatives: a revisit. Journal of Economics and Business 49: 569-585. | zh_TW |
| dc.relation.reference (參考文獻) | Freeman, R., and S. Tse. 1992. A nonlinear model of security price response to unexpected earnings. Journal of Accounting Research 30(2): 185-209. | zh_TW |
| dc.relation.reference (參考文獻) | Froot, K. A., D. A. Scharfstein, and J. C. Stein. 1993. Risk management: coordinating investment and financing policies. The Journal of Finance 48: 1629-1658. | zh_TW |
| dc.relation.reference (參考文獻) | Gaver, J. and K. Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policy. Journal of Accounting and Economics 16: 125-160 | zh_TW |
| dc.relation.reference (參考文獻) | Géczy, C., B. A. Minton, and C. Schrand. 1997. Why firms use currency derivatives. The Journal of Finance 52(4): 1323-1354. | zh_TW |
| dc.relation.reference (參考文獻) | Gordon, L., and J. Pound. 1993 Information, ownership structure and shareholder voting: Evidence from shareholder-sponsored corporate governance proposals. Journal of Finance 48(2): 697-718. | zh_TW |
| dc.relation.reference (參考文獻) | Graham, J. R., and C. W. Smith. 1999. Tax incentives to hedge. Journal of Finance 54: 2241-2262. | zh_TW |
| dc.relation.reference (參考文獻) | , and D. A. Rogers. 2002. Do firms hedge in response to tax incentives? The Journal of Finance 57: 815-839. | zh_TW |
| dc.relation.reference (參考文獻) | Grant, K.; and A. Marshall. 1997. Large UK Companies and Derivatives. European Financial Management 3: 191-208. | zh_TW |
| dc.relation.reference (參考文獻) | Guay, W., and S. P. Kothari. 2003. How much do firms hedge with derivatives? Journal of Financial Economics 70: 423-461. | zh_TW |
| dc.relation.reference (參考文獻) | Hayn, C. 1995. The information content of losses. Journal of Accounting and Economics 20(1): 125-153. | zh_TW |
| dc.relation.reference (參考文獻) | Heckman, J. J. 1979. Sample selection bias as a specification error. Econometrica 47: 153-161. | zh_TW |
| dc.relation.reference (參考文獻) | Hekman, C. R. 1985. A financial model of foreign exchange exposure. Journal of International Business Studies 16(2): 83-99. | zh_TW |
| dc.relation.reference (參考文獻) | Holthausen, R., and R. Verrecchia. 1988. The effect of sequential information releases on the variance of price changes in an intertemporal multi-assets market. Journal of Accounting Research 26: 82-106. | zh_TW |
| dc.relation.reference (參考文獻) | Hossain, M.; S. Cahan, and M. Adams. 2000. The Investment Opportunity Set and the Voluntary Use of Outside Directors: New Zealand Evidence. Accounting and Business Research 30: 263-270. | zh_TW |
| dc.relation.reference (參考文獻) | Houston, C. O. 1989. Foreign currency translation research: Review and synthesis. Journal of Accounting Literature 8: 581-593. | zh_TW |
| dc.relation.reference (參考文獻) | Jensen, M. C. 1993. The modern industrial revolution, exit, and failure of internal control systems. Journal of Finance 48(July): 831–880. | zh_TW |
| dc.relation.reference (參考文獻) | , and W. H. Meckling. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3(4): 305-360. | zh_TW |
| dc.relation.reference (參考文獻) | Johnson, S., P. Boone, A. Breach, and E. Friedman. 2000. Corporate governance in the Asian financial crisis. Journal of Financial Economics 58(1-2): 141-186. | zh_TW |
| dc.relation.reference (參考文獻) | Jorion, P. 1990. The exchange-rate exposure U.S. multinationals. The Journal of Business 63(3): 331-345. | zh_TW |
| dc.relation.reference (參考文獻) | . 1991. The pricing of exchange rate risk in the stock market. Journal of Financial and Quantitative Analysis 26(3): 363-376. | zh_TW |
| dc.relation.reference (參考文獻) | Judge, A. 2006. The determinants of foreign currency hedging by UK non-financial firms. Multinational Finance Journal 10(1/2): 1-41. | zh_TW |
| dc.relation.reference (參考文獻) | Kim, Y. S., I. Mathur, and J. Nam. 2006. Is operational hedging a subsitute for or a complement to financial hedging?. Journal of Corporate Finance 12(4): 834-853. | zh_TW |
| dc.relation.reference (參考文獻) | Kim, O., and R. Verrecchia. 1991. Trading volume and price to public announcements. Journal of Accounting Research 29(Autumn): 302-321. | zh_TW |
| dc.relation.reference (參考文獻) | Kormendi, R., and R. C. Lipe. 1987. Earnings innovations, earnings persistence and stock returns. Journal of Business 60: 323-345. | zh_TW |
| dc.relation.reference (參考文獻) | Kothari, S. P., J. Shanken, and R. G. Sloan. 1995. Another look at the cross-section of expected stock. Journal of Finance 50: 185-224. | zh_TW |
| dc.relation.reference (參考文獻) | Koutmos, G., and A. D. Martin. 2003. Asymmetric exchange rate exposure: Theory and evidence. Journal of International Money and Finance 22(3): 365-383. | zh_TW |
| dc.relation.reference (參考文獻) | La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517. | zh_TW |
| dc.relation.reference (參考文獻) | , and , and R. W. Vishny. 1998. Law and finance. Journal of Political Economy 106: 1113-1155. | zh_TW |
| dc.relation.reference (參考文獻) | , and , and . 2002. Investor protection and corporate valuation. Journal of Finance 57: 1147-1170. | zh_TW |
| dc.relation.reference (參考文獻) | Lel, U. 2006. Currency hedging and corporate governance: a cross-country analysis. International Finance Discussion Papers 858. Board of Governors of the Federal Reserve System. | zh_TW |
| dc.relation.reference (參考文獻) | Leland, H. and D. Pyle. 1977. Informational asymmetrics, financial structure, and financial intermediation. Journal of Finance 32: 371-388. | zh_TW |
| dc.relation.reference (參考文獻) | Lessard, D. 1990. Global competition and corporate finance in the 1990s. Journal of Applied Corporate Finance 3: 59–72. | zh_TW |
| dc.relation.reference (參考文獻) | Lev, B. 1989. On the usefulness of earnings: Lessons and directions from two decades of empirical research. Journal of Accounting Research 27: 153-201. | zh_TW |
| dc.relation.reference (參考文獻) | , and S. R. Thiagaraja. 1993. Fundamental information analysis. Journal of Accounting Research 31(Autumn): 190-215. | zh_TW |
| dc.relation.reference (參考文獻) | Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis 38: 159-184. | zh_TW |
| dc.relation.reference (參考文獻) | Lipe, R. 1990. The erelation between stock returns and accounting earnings given alternative information. The Accounting Review 65: 49-71. | zh_TW |
| dc.relation.reference (參考文獻) | Marsden, A. and A. K. Prevost. 2005. Derivatives use, corporate governance, and legislative change: An empirical analysis of New Zealand Listed Companies. Journal of Business Finance & Accounting 32(1-2): 255-295. | zh_TW |
| dc.relation.reference (參考文獻) | Mayers, D., and C. Smith. 1982. On the corporate demand for insurance. Journal of Business 55(2): 281-296. | zh_TW |
| dc.relation.reference (參考文獻) | Mian, S. L. 1996. Evidence on corporate hedging policy. Journal of Financial and Quantitative Analysis 31(3): 419-439. | zh_TW |
| dc.relation.reference (參考文獻) | Minton, B. A., and C. Schrand. 1999. The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics 54(3): 423-460. | zh_TW |
| dc.relation.reference (參考文獻) | Miller, M., and F. Modigliani. 1958. The cost of capital, corporate finance and the theory of investment. American Economic Review 53: 261-297. | zh_TW |
| dc.relation.reference (參考文獻) | , and . 1961 Dividend policy, growth and the valuation of shares. Journal of Business 34: 411-433. | zh_TW |
| dc.relation.reference (參考文獻) | Miller, K. D., and J. J. Reuer. 1998. Firm strategy and economic exposure to foreign exchange rate movements. Journal of International Business Studies 29(3): 493-513. | zh_TW |
| dc.relation.reference (參考文獻) | Myers, S. C. 1977. Determinants of corporate borrowings. Journal of Financial Economics 5(2): 147-175. | zh_TW |
| dc.relation.reference (參考文獻) | Nance, D. R., C. W. Smith, and C. W. Smithson. 1993. On the determinants of corporate hedging. The Journal of Finance 48(1): 267-284. | zh_TW |
| dc.relation.reference (參考文獻) | Nguyen, H.; and R. Faff. 2002. On the determinants of derivative usage by Australian companies. Australian Journal of Managemen 27: 1-24. | zh_TW |
| dc.relation.reference (參考文獻) | , and . 2003. Can the use of foreign currency derivatives explain variations in foreign exchange exposure? Evidence from Australian companies. Journal of Multinational Financial Management 13: 193-215. | zh_TW |
| dc.relation.reference (參考文獻) | Ohlson, J. 1989. Ungarbled earnings and dividends. Journal of Accounting and Economics 11: 109-115. | zh_TW |
| dc.relation.reference (參考文獻) | Organization for Economic Co-operation and Development. 2004. OECD principles of governance. | zh_TW |
| dc.relation.reference (參考文獻) | Pantzalis, C., B. J. Simkins, and P. A. Laux. 2001. Operational hedges and the foreign exchange exposure of U.S. multinational corporations. Journal of International Business Studies 32(4): 793-812. | zh_TW |
| dc.relation.reference (參考文獻) | Patton, A. J., and C. Baker. 1987. Why do not directors rock the boat?” Harvard Business Review 65: 10-12. | zh_TW |
| dc.relation.reference (參考文獻) | Patro, D. K., J. K. Wald, and Y. Wu. 2002. Explaining Exchange Rate Risk in World Stock Markets:A Panel Approach. Journal of Banking and Finance 26(10): 1951-1972. | zh_TW |
| dc.relation.reference (參考文獻) | Penman, S. H. 2003. The quality of financial statements: perspectives from the recent stock market bubble. Accounting Horizon 17(supplement): 77-96. | zh_TW |
| dc.relation.reference (參考文獻) | Prevost, A., L. Rose; and G. Miller. 2000. Derivatives Usage and Financial Risk Management in Large and Small Economies: A Comparative Analysis. Journal of Business Finance & Accounting 27: 733-759. | zh_TW |
| dc.relation.reference (參考文獻) | Qin, B. 2006. The influence of audit committee financial expertise on earnings quality: U.S. evidence. Working paper, SSRN. | zh_TW |
| dc.relation.reference (參考文獻) | Roll, R. 1992. Industrial structure and the comparative behavior of international stock indices. Journal of Finance 47(1): 3–42. | zh_TW |
| dc.relation.reference (參考文獻) | Rosenstein, S., and J. G. Wyatt. 1990. Outside directors, board independence, and shareholder wealth. Journal of Financial Economics 26 (August): 175–191. | zh_TW |
| dc.relation.reference (參考文獻) | Ross, S. 1976. The arbitrage theory of capital asset pricing. Journal of Economic Theory 13: 341-360. | zh_TW |
| dc.relation.reference (參考文獻) | Schipper, K., and L. Vincent. 2003. Earnings quality. Accounting Horizon 17(supplement): 97-110. | zh_TW |
| dc.relation.reference (參考文獻) | Scholes, M. S., and J. Williams. 1977. Estimating Betas from nonsynchronous data. Journal of Financial Economics 14: 327-348. | zh_TW |
| dc.relation.reference (參考文獻) | Shapiro, A. C. 1975. Exchange rate changes, inflation and the value of the multinational company. Journal of Finance 30(4): 487-492. | zh_TW |
| dc.relation.reference (參考文獻) | . 1999. Multinational financial management. Sixth edition. John Wiley & Sons, Inc. | zh_TW |
| dc.relation.reference (參考文獻) | , and S. Titman. 1986. An integrated approach to corporate risk management. in Stern, J. M., and D. H. Jr. Chew. The Revolution in Corporate Finance. Basil Blackwell, New York, NY: 215-229. | zh_TW |
| dc.relation.reference (參考文獻) | Siddiki, U. 2002. Trade and financial liberalisation and endogenous growth in Bangladesh. International Economic Journal 16(3): 23-37. | zh_TW |
| dc.relation.reference (參考文獻) | Sloan, R. G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71(3): 289-315. | zh_TW |
| dc.relation.reference (參考文獻) | Smith, C. W., and R. M. Stulz. 1985. The determinants of firms’ hedging policies. Journal of Financial and Quantitative Analysis 20(4): 391-405. | zh_TW |
| dc.relation.reference (參考文獻) | . and J. B. Warner. 1979. On financial contracting: An analysis of bond contracts. Journal of Financial Economics 7(2): 117-161. | zh_TW |
| dc.relation.reference (參考文獻) | . and R. L. Watts. 1992. The investment opportunity set and corporate financing, dividend and compensation policies. Journal of Financial Economics 32: 263-292. | zh_TW |
| dc.relation.reference (參考文獻) | Smithson, Smith and Wilford 1995. Managing financial risk, Irwin. | zh_TW |
| dc.relation.reference (參考文獻) | Strong, N. and M. Walker. 1993. The explantory power of earnings for stock returns. The Accounting Review 68(2): 385-399. | zh_TW |
| dc.relation.reference (參考文獻) | Stulz, R. 1984. Optimal hedging policies. Journal of Financial and Quantitative analysis 19(2): 127-140. | zh_TW |
| dc.relation.reference (參考文獻) | . 1990. Managerial discretion and optimal financing policies. Journal of Financial Economics 26: 3-27. | zh_TW |
| dc.relation.reference (參考文獻) | Teets, W. R. 2002. Quality of earnings: An introduction to the issues in accounting education special issue. Issues in ccounting Education 17(4):355-360. | zh_TW |
| dc.relation.reference (參考文獻) | Teoh, S. H., and T. J. Wong. 1993. Perceived auditor quality and the earnings response coefficient. The Accounting Review68(2): 346-366. | zh_TW |
| dc.relation.reference (參考文獻) | Titman, S., and B. Trueman. 1986. Information quality and the valuation of new issues. Journal of Accounting and Economics 8(2): 159-172. | zh_TW |
| dc.relation.reference (參考文獻) | Tufano, P. 1998. Agency costs of corporate risk management. Financial Management 27: 67-77. | zh_TW |
| dc.relation.reference (參考文獻) | Walsh, E. J. 1994. Operating income, exchange rate changes, and the value of the firm: An empirical analysis. Journal of Accounting, Auditing & Finance 9(4): 703-724. | zh_TW |
| dc.relation.reference (參考文獻) | Warfiel, T., and J. Wild. 1992. Accounting recognition and the relevance of earnings as an explanatory variable for returns. The Accounting Review 67: 821-842. | zh_TW |
| dc.relation.reference (參考文獻) | Warner, J. B. 1977. Bankruptcy costs: Some evidence. Journal of Finance 32(2): 337-348. | zh_TW |
| dc.relation.reference (參考文獻) | Whidbee, D., and M. Wohar. 1999. Derivative activities and managerial incentives in the banking industry. Journal of Corporate Finance 5: 251-276. | zh_TW |
| dc.relation.reference (參考文獻) | White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test of heteroskedasticity. Econometrica 48: 817-838. | zh_TW |
| dc.relation.reference (參考文獻) | The World Bank. 1999. Corporate governance: A framework for implementation (overview). The World Bank, Washington D. C. | zh_TW |
| dc.relation.reference (參考文獻) | Yeo, G. H. H., P.M. Tan, K.W. Ho and S. S. Chen. 2002. Corporate ownership structure and the informativeness of earnings. Journal of Business Finance & Accounting 29: 1023-1046. | zh_TW |
| dc.relation.reference (參考文獻) | Zhang, Y., J. Zhou, and N. Zhou. 2007. Audit committee quality, auditor independence, and internal control weaknesses. Journal of Accounting and Public Policy 26(May/June): 300–327. | zh_TW |
| dc.relation.reference (參考文獻) | Zimmerman, J. L. 1983. Taxes and firm size. Journal of Accounting and Economics 5: 119-149. | zh_TW |
