The Empirical Research of Whether Taiwan''s Central Bank Serial Intervention and the Learning Benefit of Enterprises from Intervention of Taiwan''s Central Bank

• Main Authors: Yu-Ju Lu, 呂育儒
• Other Authors: Hiou-wei Lin
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/13877300702593844281

碩士 === 中國文化大學 === 會計研究所 === 90 === This study empirically examines whether taiwan''s central bank serial intervention and the learning benefit of enterprises form taiwan''s central bank intervention .The study inspect four questions: 1.Whether the intervention behavior of the president of taiwan''s central bank is close to serial intervention ? 2.What is the effect of taiwan''s central bank serial intervention on enterprises? 3.Whether enterprises could capture the intervention behavior of taiwan''s central bank and get excess foreign exchange rate gains? 4.Whether export-share and the issuing of euro convertible bond(ECB) of enter-prises would have different learning benefit? We find that : 1.taiwan''s central bank adjust serially the foreign rate and buy or sell foreign exchange , so maybe we could use the relationship to capture the central bank behavior. 2.usually, enterprises could capture the central bank serial interventional behavior in foreign exchange market. 3.electronics companies with no issuing ECB could get more excess foreign exchage rate gains when the central bank serial interven-tion. 4.maybe the natural hedge results to the electronics companies with issuing ECB have no obvious excess foreign gain. 5.plastics companies with high export-share did not get obvious excess foreign exchage gains in every study period. 6.plastics compa-nies with low export-share have different learning benefit in every study period. 7.food companies could get small excess foreign exchage rate gains in every study period. 8.different learning benefit between plastics companies and food companies is due to the different reaction to the central bank serial intevention.