| Summary: | 碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 99 === Over past years, the exchange fluctuations have a significant influence on company’s margin. For some Taiwanese companies across straights, it has also great influence on their revenue and margin by the fluctuations of US dollars, NTD and RMB. Nevertheless, the investment and operation across the straights has become an inevitable course to Taiwanese companies. This study is meant to survey those Taiwanese companies, their hedge strategy and hedge performance in terms of foreign exchange fluctuations.
This study had the close and profound interviews with three IPO companies, who had the branches or factories in Taiwan and China. This study also interviewed a consulting cooperation and two of commercial banks in Taiwan.
After those tight and intense interviews, this study then chose the most popular hedge tools, forward, as a basis to form a hedge strategy with the variety of term and hedge ratio. This study will take year 2010 as the simulation period as it has a vivid exchange fluctuation. After the simulation, this study compared and evaluated their performances by various combination of term and hedge ratio.
It is found from the simulation that the term of forward is not strongly relevant to hedge performance. And it is also found the hedge ratio is strongly relevant to its performance. But those outcomes greatly depend on the simulation period by analyzing the details of the simulation. This study latter certified that hedge will create a buffer effect regardless of hedge ratio.
At last, this study suggests a dedicated team within companies to handle the foreign exchange hedge strategies and operations. In addition, it recommends the portfolio of different foreign exchanges and economical risk need more attention for Taiwanese companies. It also suggests these tasks could be other topics in the latter studies.
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