TWO ESSAYS RELATED TO THE INFLUENCES OF ELECTRONIC MONEY AND CURRENCY MANAGEMENT ON FIRM VALUE

• Main Authors: Pao-Yu Huang, 黃寶玉
• Other Authors: Yen-Sen Ni
• Format: Others
• Language: en_US
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/71834770482744082249

博士 === 淡江大學 === 管理科學學系博士班 === 100 === Most of business activities have connections with imports and export in Taiwan. Nowadays, the profit margin is shirking gradually due to serious competition of international business. Thus, how to reduce the cost and avoid the loss should be emphasized for enterprises in order to survive in the competitively international markets. Essay one examines the relation between the implementing B2B electronic money C plan and firm value. The results show that companies with trouble in short-term financing would incline to implement electronic money. Moreover, companies with implementing electronic money would improve turnover ratio of inventory, and then possibly enhance the firm value. Essay two investigates the relation between currency management and firm value. Due to the difficulty of finding accounts representing currency management variables, therefore, we use the absolute value of the exchange gain (loss) over operating income instead of traditional hedging variables as currency management proxy. The empirical results show enterprises with maintaining this ratio at a low level would enhance the firm value. In sum, Essay one discloses that implementing electronic C plan might improve the firm value by lifting up inventory turnover ratio. Essay two shows that reducing the risk caused by the fluctuation of exchange rate changes would have negative impact on firm value. Thus, financial statements reviewed carefully would benefit for enhancing the ability of financial management, which might promote the firm value.