| Summary: | 碩士 === 東吳大學 === 會計學系 === 101 === Taiwan’s economy has been heavily relied on exports in the past decades. In 2009 when the Asian Financial Crisis devastated the global economy, export share still accounted for 99.4% of total trades in Taiwan. It is obvious that a slight change in foreign exchange rates may have significant impacts on international trade costs for local enterprises.
Prior empirical research on the serial intervention of Taiwan’s Central Bank and learning benefit of enterprises indicated that during 1992 and 2001, 1) the interventions from recent three governors of Central Bank could be ranked from the highest to lowest as Mr. Fai-Nan Perng, Mr. Kuo-Shu Liang, and Mr. Yuan-Tung Hsu; and 2) enterprises from almost all industries could get learning benefits during the office of ex-Governor Hsu, but not so for Governor Perng.
This study examines whether the interventions of Central Bank in 2008 caused excess foreign exchange gains/losses of local public listed companies, under what circumstances the companies would be infected, and whether further liberalization would be necessary in Taiwan’s financial market.
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