| Summary: | 碩士 === 南台科技大學 === 財務金融系 === 98 === This study scrutinizes the foreign exchange rate exposure of 247 Taiwan listed nonfinancial firms basis on stock price and cash flows at the period from year 2001 to 2008. Then, capital market approach and cash flow approach models, associated with the exchange rate of NTD/HKD, NTD/JYP, NTD/KRW, and NTD/USD, were employed in order to proceed this study. Panel data regression was performed to investigate the determinants of exchange rate exposure such as firm size, export ratio, long-term debt to total equity, operation growth ratio, C/F adequacy ratio.
According to the capital market approach and cash flow approach models, the finding indicate that NTD/KRW exchange rate exposure appeared to be significantly higher than the other three exchange rate in Taiwan listed nonfinancial firms. At least one of the foreign exchange rate exposure (HKD, JPY, KRW, USD) may exist in certain firms. As a whole, the impact of exchange rate risk on stock prices and cash flows is different. Finally, firm’s characteristics factors including firms’ size, export ratio, long-term debt to total equity, operation growth ratio, and C/F adequacy ratio may be determinants of foreign exchange rate exposure.
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