An Empirical Study of the Foreign Exchange Exposure inTaiwan Wire and Cable Industry

• Main Authors: Chi-Wen Huang, 黃琦雯
• Other Authors: Chiang-Chang Chou
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/54632573263780456342

碩士 === 中原大學 === 國際貿易研究所 === 101 === Taiwan market is small, an island country and the lack of natural resources, to be highly dependent on imports so as to facilitate economic development. Under high trade dependence on changes in exchange rates relative to Taiwan's industry has a considerable impact. Therefore, there are many my country scholars study exchange rate exposures arising from Taiwan's industry literature, and in the past engaged in the exchange rate risk exposures arising from research models use more Market-based analysis. Therefore, this study uses recent developments out of the Cash flow-based approach for Taiwan-listed wire and cable industry companies rate exposures arising from research and further identify wire and cable industry, which may affect the exchange rate exposure determinants. Empirical results show that for 15 Taiwan listed wire and cable industry business samples, based on the cash flow method, 66.67% of the companies have significant exchange rate exposure. Of which long-term exposure to significant exchange rate ratio of 78.78%, significantly higher than the proportion of short-term exposure was 50% more significant. Panel Data Model analysis under the influence of exchange rate changes is positive, a negative impact on copper prices, copper prices have a significant impact only, cut into the time before and after the financial crisis, the only difference is the post-crisis exchange rate changes into a negative direction, and presented a significant impact. In addition, the company cut the size of large companies and small companies, financial turmoil, large companies coefficient is negative copper prices, copper prices of small companies coefficient is positive; financial turmoil, the small companies rate showed a significant effect, and the coefficient of copper bigger impact than large companies