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題名 國際貿易企業實施匯率風險管理之研究- 以A公司為例
A Study on the Application of Foreign Exchange Risk Management to Foreign Trade Enterprises - A Case Study
作者 賴麒亦
貢獻者 季延平
賴麒亦
關鍵詞 國際貿易
外匯風險
日期 2015
上傳時間 1-Mar-2016 10:35:32 (UTC+8)
摘要 隨著全球經濟的不斷發展和台灣海島型經濟的本質，台灣經濟體容易受到國際經濟的影響，相應地，國際經濟帶來的匯率波動也牽動台灣企業的獲利能力，特別是依賴進出口維生的國際貿易企業。因此以從事國際貿易為主的台灣進出口商不得不正視外匯風險議題，且須理解到唯有透過外匯風險管理機制才能幫助企業有效地規避風險，達到企業風險控制之效。
     有鑑於此，本研究選取台灣某家以進口建築用與電子用膠帶為主的 A 國際貿易進口商為個案。由於 A 公司核心業務主要是透過與日本企業合作，因此交易幣值也以日幣計價。由此可知，在現行的浮動匯率制度下，匯率的變動勢必大幅度地影響本研究個案公司的財務表現。這也明確點出，對本研究個案公司而言，外匯風險管理機制顯得格外重要，也有其存在的必要性。因此，為解決本個案公司的外匯風險管理議題，本研究將使用個案研究法，借鏡國外企業普遍使用的外匯風險管理機制，將該套機制引用至本個案公司，以建立適用於本研究個案公司的外匯風險管理機制。
     透過本研究針對 A 公司的個案分析後，本研究發現「交易風險」與「經濟風險」是A 公司面臨的兩大主要風險議題。再者，A 公司現缺乏完善的外匯風險管理相關機制，導致風險控管能力不足。為有效地解決現存問題，本研究建議 A 公司可先從建立「外匯風險管理組織」與「外匯風險管理資訊系統」著手，以補足目前尚未建構外匯風險管理機制的劣勢，就長期而言，方能有效地達成控管外匯風險之效。
Taiwan’s economy is significantly influenced by the world economy due to the development of globalisation and the essence of an island-type economy. Accordingly, fluctuations in exchange rates which are predominately affected by the world economy play an important role in the Taiwanese enterprises’ profitability, especially the enterprises relying on import and export trade for generating revenue. This indicates that the foreign trade enterprises must take the issue of foreign exchange risk into account, and realise that a structured approach to enterprise risk management enables the enterprises consider the potential impact of all types of foreign exchange risks on all processes and provides benefits to monitor overall levels of foreign exchange risk.
     In order to deal with the above issues, this study selected a Taiwanese foreign trade company A, which mainly imports masking tapes and electrical tapes, for a case study. The core business of the A company is to cooperate with the Japanese enterprises, and therefore the most frequent transaction for the currency is Japanese Yen to New Taiwan Dollars. Obviously, this shows that fluctuations in exchange rates dramatically impact on its financial performance due to a current floating exchange rate regime. In other words, it is crucial and essential for the A company to manage the foreign exchange risk. In order to improve the A company’s foreign exchange risk management performance, the case study methodology is used to carry out this study. The aim of the study is to assist the A company to establish its own foreign exchange risk management system based on the most prevalent approach to the foreign exchange risk management which is implemented in foreign enterprises.
     According to the case study analysis, there are two findings in this study. Firstly, the study found out that there are two major risk issues, ‘transaction exposure’ and ‘economic exposure’, for the A company to consider. Secondly, the A company’s ability to manage the foreign exchange risk is weak for lack of the complete foreign exchange risk management. In order to develop useful solutions to the existing problems, the study has put forward suggestions for the A company to improve the current weaknesses, i.e. unestablished the foreign exchange risk management system, through setting up an organisation and an information system to manage the foreign exchange risk management in advance. In this way, this enables the A company to efficiently achieve the goal of managing the foreign exchange risk in the long run.
第一章 緒論 4
     第一節 研究背景與動機 4
     第二節 研究目的 6
     第三節 研究範圍 6
     第二章 文獻探討 7
     第一節 國際貿易的概念與內涵 9
     第二節 國際貿易企業的風險管理 11
     第三節 國際貿易企業的外匯風險管理 17
     第三章 研究方法與架構 57
     第一節 研究方法 57
     第二節 研究架構 62
     第三節 研究步驟 63
     第四章 個案分析 66
     第一節 個案公司背景現況 66
     第二節 個案公司產業策略分析 79
     第三節 個案公司外匯損失案例 89
     第四節 個案公司外匯風險管理建議 89
     第五章 結論與建議 107
     第一節 研究發現與結論 107
     第二節 研究建議 108
     第三節 未來研究方向 109
     參考文獻 111
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     •中文文獻：
     中華民國行政院主計處， http://web02.mof.gov.tw/njswww/WebProxy.aspx?sys=100&funid=defjspt2 [資料取得：2015年5月]
     何曉（2005）對我國企業外匯風險暴露的實證研究，武漢大學
     何憲章（2000）國際財務管理：理論與實務，台北：新陸書局
     宋明哲（2001）現代風險管理，台北：五南圖書
     林洲與鄧力平（1999）中國對外經濟貿易的經營和管理，廈門大學出版社
     高立法與虞旭清（2009）企業全面風險管理實務，經濟管理出版社
     許嘉棟（2014）「台灣的匯率政策」，發表於于宗先院士公共政策研討會，台北：中央研究院經濟研究
     蔡孟佳（2011）國際貿易實務（修訂五版），台灣：智勝文化出版
     張錦源與康蕙芬（2014）國際貿易實務，台北：五南出版圖書股份有限公司
     劉偉華譯（2002）風險管理，北京：中信出版社
     葉瑞芳（2007）試論我國涉外企業外匯風險管理，東北財經大學
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
102932420
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102932420
資料類型 thesis
dc.contributor.advisor 季延平zh_TW
dc.contributor.author (Authors) 賴麒亦zh_TW
dc.creator (作者) 賴麒亦zh_TW
dc.date (日期) 2015en_US
dc.date.accessioned 1-Mar-2016 10:35:32 (UTC+8)-
dc.date.available 1-Mar-2016 10:35:32 (UTC+8)-
dc.date.issued (上傳時間) 1-Mar-2016 10:35:32 (UTC+8)-
dc.identifier (Other Identifiers) G0102932420en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/81503-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 102932420zh_TW
dc.description.abstract (摘要) 隨著全球經濟的不斷發展和台灣海島型經濟的本質，台灣經濟體容易受到國際經濟的影響，相應地，國際經濟帶來的匯率波動也牽動台灣企業的獲利能力，特別是依賴進出口維生的國際貿易企業。因此以從事國際貿易為主的台灣進出口商不得不正視外匯風險議題，且須理解到唯有透過外匯風險管理機制才能幫助企業有效地規避風險，達到企業風險控制之效。
     有鑑於此，本研究選取台灣某家以進口建築用與電子用膠帶為主的 A 國際貿易進口商為個案。由於 A 公司核心業務主要是透過與日本企業合作，因此交易幣值也以日幣計價。由此可知，在現行的浮動匯率制度下，匯率的變動勢必大幅度地影響本研究個案公司的財務表現。這也明確點出，對本研究個案公司而言，外匯風險管理機制顯得格外重要，也有其存在的必要性。因此，為解決本個案公司的外匯風險管理議題，本研究將使用個案研究法，借鏡國外企業普遍使用的外匯風險管理機制，將該套機制引用至本個案公司，以建立適用於本研究個案公司的外匯風險管理機制。
     透過本研究針對 A 公司的個案分析後，本研究發現「交易風險」與「經濟風險」是A 公司面臨的兩大主要風險議題。再者，A 公司現缺乏完善的外匯風險管理相關機制，導致風險控管能力不足。為有效地解決現存問題，本研究建議 A 公司可先從建立「外匯風險管理組織」與「外匯風險管理資訊系統」著手，以補足目前尚未建構外匯風險管理機制的劣勢，就長期而言，方能有效地達成控管外匯風險之效。		zh_TW
dc.description.abstract (摘要) Taiwan’s economy is significantly influenced by the world economy due to the development of globalisation and the essence of an island-type economy. Accordingly, fluctuations in exchange rates which are predominately affected by the world economy play an important role in the Taiwanese enterprises’ profitability, especially the enterprises relying on import and export trade for generating revenue. This indicates that the foreign trade enterprises must take the issue of foreign exchange risk into account, and realise that a structured approach to enterprise risk management enables the enterprises consider the potential impact of all types of foreign exchange risks on all processes and provides benefits to monitor overall levels of foreign exchange risk.
     In order to deal with the above issues, this study selected a Taiwanese foreign trade company A, which mainly imports masking tapes and electrical tapes, for a case study. The core business of the A company is to cooperate with the Japanese enterprises, and therefore the most frequent transaction for the currency is Japanese Yen to New Taiwan Dollars. Obviously, this shows that fluctuations in exchange rates dramatically impact on its financial performance due to a current floating exchange rate regime. In other words, it is crucial and essential for the A company to manage the foreign exchange risk. In order to improve the A company’s foreign exchange risk management performance, the case study methodology is used to carry out this study. The aim of the study is to assist the A company to establish its own foreign exchange risk management system based on the most prevalent approach to the foreign exchange risk management which is implemented in foreign enterprises.
     According to the case study analysis, there are two findings in this study. Firstly, the study found out that there are two major risk issues, ‘transaction exposure’ and ‘economic exposure’, for the A company to consider. Secondly, the A company’s ability to manage the foreign exchange risk is weak for lack of the complete foreign exchange risk management. In order to develop useful solutions to the existing problems, the study has put forward suggestions for the A company to improve the current weaknesses, i.e. unestablished the foreign exchange risk management system, through setting up an organisation and an information system to manage the foreign exchange risk management in advance. In this way, this enables the A company to efficiently achieve the goal of managing the foreign exchange risk in the long run.		en_US
dc.description.abstract (摘要) 第一章 緒論 4
     第一節 研究背景與動機 4
     第二節 研究目的 6
     第三節 研究範圍 6
     第二章 文獻探討 7
     第一節 國際貿易的概念與內涵 9
     第二節 國際貿易企業的風險管理 11
     第三節 國際貿易企業的外匯風險管理 17
     第三章 研究方法與架構 57
     第一節 研究方法 57
     第二節 研究架構 62
     第三節 研究步驟 63
     第四章 個案分析 66
     第一節 個案公司背景現況 66
     第二節 個案公司產業策略分析 79
     第三節 個案公司外匯損失案例 89
     第四節 個案公司外匯風險管理建議 89
     第五章 結論與建議 107
     第一節 研究發現與結論 107
     第二節 研究建議 108
     第三節 未來研究方向 109
     參考文獻 111		-
dc.description.tableofcontents 第一章 緒論 4
     第一節 研究背景與動機 4
     第二節 研究目的 6
     第三節 研究範圍 6
     第二章 文獻探討 7
     第一節 國際貿易的概念與內涵 9
     第二節 國際貿易企業的風險管理 11
     第三節 國際貿易企業的外匯風險管理 17
     第三章 研究方法與架構 57
     第一節 研究方法 57
     第二節 研究架構 62
     第三節 研究步驟 63
     第四章 個案分析 66
     第一節 個案公司背景現況 66
     第二節 個案公司產業策略分析 79
     第三節 個案公司外匯損失案例 89
     第四節 個案公司外匯風險管理建議 89
     第五章 結論與建議 107
     第一節 研究發現與結論 107
     第二節 研究建議 108
     第三節 未來研究方向 109
     參考文獻 111		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102932420en_US
dc.subject (關鍵詞) 國際貿易zh_TW
dc.subject (關鍵詞) 外匯風險zh_TW
dc.title (題名) 國際貿易企業實施匯率風險管理之研究- 以A公司為例zh_TW
dc.title (題名) A Study on the Application of Foreign Exchange Risk Management to Foreign Trade Enterprises - A Case Studyen_US
dc.type (資料類型) thesisen_US
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     •中文文獻：
     中華民國行政院主計處， http://web02.mof.gov.tw/njswww/WebProxy.aspx?sys=100&funid=defjspt2 [資料取得：2015年5月]
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     何憲章（2000）國際財務管理：理論與實務，台北：新陸書局
     宋明哲（2001）現代風險管理，台北：五南圖書
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     高立法與虞旭清（2009）企業全面風險管理實務，經濟管理出版社
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     葉瑞芳（2007）試論我國涉外企業外匯風險管理，東北財經大學		zh_TW