| Summary: | 碩士 === 朝陽科技大學 === 財務金融系碩士班 === 97 === The purposes of the present study are to analyze the exchange rate exposure of the electronics industry in Taiwan. The extents of measure for the exchange rate exposures play a important role on the enterprise management. The samples are divided into three sub periods with Asian Financial Crisis and Global Financial Crisis. This study intends to measure the exchange rate exposure of electronic by using CLRM and GARCH model. We also use panel data analysis to explore the determinants of exchange rate exposure such as firm size, export ratio, quick ratio, and long-term debt ratio.
The findings of this paper are summarized as follows. On the average, Taiwanese corporations’ stock returns have significant negative economic exposure effects. Namely, the manager of the enterprises adopt fully hedging strategy and ensure that the market value of a corporation is not affected by foreign exchange rate volatility . The higher export ratio of corporation tends to have higher exposure to exchange rate risk. However, firm size, quick ratio, and long-term debt ratio of corporation play little role on the firm’s exchange rate exposure.
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