Foreign Exchange Exposure for Taiwan Export Companies

• Main Authors: Yen-Jen Shih, 施衍礽
• Other Authors: Yin-Feng Gau
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/46807377814813596250

碩士 === 國立暨南國際大學 === 國際企業學系 === 89 === 　　This thesis analyzes the foreign exchange exposure for export companies in Taiwan, and estimates the lagged and contemporaneous relation between operating revenue and exchange rate unexpected changes. We concern the impact of government interventions on firms'' hedging incentives, by examining three determinants of the exposure, which are the firm size, firm''s debt ratio, and the quick ratio. 　　In literature, many empirical studies on foreign exchange exposure have discovered a week link between contemporaneous exchange-rate fluctuations and stock returns. By including four-quarter lagged exchange-rate changes, our empirical results show that the operating revenues of export companies are less affected by contemporaneous unexpected exchange rate, however, there exists significant lagged relations between exchange rate changes and operating revenue changes. In addition, the results indicate that contemporaneous and lagged foreign exchange exposure of the electronic industry and the textile industry, that have higher exporting ratios among industries, are more significant among industries. 　　On the other hand, the empirical results show that the effects of firm''s size, debt ratio and the quick ratio are consistent with the arguments derived from this study on the determinants of exchange rate exposure.