Research on Derivatives Hedge Transactions undertaken by Taiwan Electronic Enterprise during Global Financial Crisis

• Main Authors: Hu,Yuwei, 胡育瑋
• Other Authors: Shih,KuangHsun
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/22668828942292189318

碩士 === 中國文化大學 === 國際企業管理學系 === 100 === The research was targeted at the period from January 2007 to December 2010, which was further separated into 8 periods, six months each, to aim at the time of finan-cial tsunami during second half of 2008 to second half of 2009. The focus of this re-search is to explore major financial factors which influenced derivatives hedge transac-tions undertaken by listed electronics companies in Taiwan, and the relation between major financial factors and various risks & hedge tools. Observing from studies in the past, the incentives for companies to undertake de-rivatives hedge consist of company size, risk exposure, financial cost, and expansionary investment opportunities. The main finding in this paper is that, the major risk being hedged was fluctuation of currency exchange rates, and the major hedge instrument was forward contract for Taiwanese listed companies. Moreover, this paper used independ-ent samples for t-test, Logistic regression analysis and Multinomial Logistic regression analysis, to explore the incentives & purposes undertaking derivatives hedge and hedge instruments chosen by Taiwanese listed electronic companies, which can be reference to companies for efficient derivatives hedge. The empirical results of this study by independent sample t-test results showed that hedgers have higher turnover, export ratios, debt ratios, revenue growth rates, research expenses; and lower interest coverage ratios as well as gross margins. The empirical re-sults of this study by Logistic regression analysis showed that for electronic companies during the selected period, the higher the turnover, export ratios, and debt ratios, the more possible to hedge by derivatives. This also indicated that the larger the company sizes and risk exposure, the more incentives for companies to hedge. The empirical results of this study by Multinomial Logistic regression analysis showed that company size, risk exposure and financial cost are main factors to lead hedge decisions against various risks. The higher the turnover sizes, export ratios and debt ratios, the more likely that companies may choose option and swap contracts as hedge instruments. Furthermore, the higher the turnover sizes and export ratios, the more likely that companies may choose forward (future) and other contracts for hedge.