Corporate Characteristics and Derivatives Hedge

碩士 === 逢甲大學 === 財務金融學所 === 100 === Derivatives has become an important instruments for corporate to hedge risk. However, different corporate characteristics will influence corporate to use derivatives. Corporate will also choose derivatives to hedge different financial risk. The main purposes of thi...

Full description

Bibliographic Details
Main Authors: Wei-lun Ke, 柯瑋倫
Other Authors: Yun-yi Wang
Format: Others
Language:zh-TW
Published: 2012
Online Access:http://ndltd.ncl.edu.tw/handle/zqh483
id ndltd-TW-100FCU05304001
record_format oai_dc
spelling ndltd-TW-100FCU053040012019-05-15T20:51:31Z http://ndltd.ncl.edu.tw/handle/zqh483 Corporate Characteristics and Derivatives Hedge 公司特性與衍生性金融商品避險 Wei-lun Ke 柯瑋倫 碩士 逢甲大學 財務金融學所 100 Derivatives has become an important instruments for corporate to hedge risk. However, different corporate characteristics will influence corporate to use derivatives. Corporate will also choose derivatives to hedge different financial risk. The main purposes of this study are to explore the situation of using derivatives in Taiwanese corporate and to examine the relationship between corporate characteristics and derivatives trading. Using non-financial corporate listed on the Taiwan Stock Exchange during the period from 2008 to 2010. Firstly, we use panel logit model to examine the determinants of derivatives usage. The result shows that corporate size, long-term debt, foreign shareholding, market to book ratio, liquidity and the degree of foreign sales are important determinants of corporate whether to use derivatives or not. Furthermore, the result also shows that the electronic industry has higher incentive to hedge by using derivatives than other industries. After that, we sort derivatives by the purpose of hedge and use multinominal logt model. We also find that different derivatives trading determined by different corporate characteristics. Finally, we examine the relationship between corporate characteristics and the degree of using derivatives. We find that the ratio of long-term debt and foreign shareholding play main roles in determining the degree of derivatives usage. Yun-yi Wang Jin-ping Lee 王韻怡 李君屏 2012 學位論文 ; thesis 73 zh-TW
collection NDLTD
language zh-TW
format Others
sources NDLTD
description 碩士 === 逢甲大學 === 財務金融學所 === 100 === Derivatives has become an important instruments for corporate to hedge risk. However, different corporate characteristics will influence corporate to use derivatives. Corporate will also choose derivatives to hedge different financial risk. The main purposes of this study are to explore the situation of using derivatives in Taiwanese corporate and to examine the relationship between corporate characteristics and derivatives trading. Using non-financial corporate listed on the Taiwan Stock Exchange during the period from 2008 to 2010. Firstly, we use panel logit model to examine the determinants of derivatives usage. The result shows that corporate size, long-term debt, foreign shareholding, market to book ratio, liquidity and the degree of foreign sales are important determinants of corporate whether to use derivatives or not. Furthermore, the result also shows that the electronic industry has higher incentive to hedge by using derivatives than other industries. After that, we sort derivatives by the purpose of hedge and use multinominal logt model. We also find that different derivatives trading determined by different corporate characteristics. Finally, we examine the relationship between corporate characteristics and the degree of using derivatives. We find that the ratio of long-term debt and foreign shareholding play main roles in determining the degree of derivatives usage.
author2 Yun-yi Wang
author_facet Yun-yi Wang
Wei-lun Ke
柯瑋倫
author Wei-lun Ke
柯瑋倫
spellingShingle Wei-lun Ke
柯瑋倫
Corporate Characteristics and Derivatives Hedge
author_sort Wei-lun Ke
title Corporate Characteristics and Derivatives Hedge
title_short Corporate Characteristics and Derivatives Hedge
title_full Corporate Characteristics and Derivatives Hedge
title_fullStr Corporate Characteristics and Derivatives Hedge
title_full_unstemmed Corporate Characteristics and Derivatives Hedge
title_sort corporate characteristics and derivatives hedge
publishDate 2012
url http://ndltd.ncl.edu.tw/handle/zqh483
work_keys_str_mv AT weilunke corporatecharacteristicsandderivativeshedge
AT kēwěilún corporatecharacteristicsandderivativeshedge
AT weilunke gōngsītèxìngyǔyǎnshēngxìngjīnróngshāngpǐnbìxiǎn
AT kēwěilún gōngsītèxìngyǔyǎnshēngxìngjīnróngshāngpǐnbìxiǎn
_version_ 1719105087922503680