Corporate Hedging and Debt Specialization

• Main Authors: Hung-Wu Tsai, 蔡宏武
• Other Authors: Wei-Hsin Tai
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/57749005243764949414

碩士 === 國立暨南國際大學 === 財務金融學系 === 103 === Using the S&P 1500 non-financial firms over the period 2004 to 2011, this study examines the relationship between debt specialization and corporate hedging, including hedging willingness and hedging extent. The results indicate that hedged firms have lower debt specialization level than firms without hedging and a significant negative relationship between the extent of hedging and debt specialization exist. In addition, the negative effect between corporate hedging and debt specialization is more stronger in unrated and research and development intensive firms. Finally, hedged firms tend to use more drawn credit lines and term loans than unhedged firms.