A case study of Foreign exchange hedging and arbitrage from Taiwanese high-tech companies

• Main Authors: Lin, Ming-Ching, 林銘卿
• Other Authors: Wang, Sue-Fung
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/01046021133477929651

碩士 === 國立交通大學 === 管理學院財務金融學程 === 104 === In the past relevant literatures regarding foreign exchange hedging, they mostly expressed and discussed either about arbitrage, or about the timing, tools , and strategies of hedging , or about futures arbitrage. It is not much about real case study discussion. Therefore, in this case study we adopt situational analysis on the company’s operation strategy and operating performance . The main purpose is to depend the main derivative financial instruments for the company 's foreign exchange hedging strategy and tool, such as Forward, SWAP, and DF or NDF(CNY CNH) between domestic Chain and cross-border China. Through this real case study, we found an important result that the revenue generated from outside circumstances are better than the revenue generated from foreign exchange in recent years. The positive result is mainly from two ways: Adopt the hedging of Forward and FX Swap which are in lower risk, and follow a pro-active fiscal policy to invest hedge fund conservatively. Thereby , it can provide managers a good experience that they should be in the face of ever-changing FX trading market more actively rather than passively. Moreover, the function role of financial management could turn to important one in creating the financial enterprise financial income from the back office’s support. In that case, Not only to avoid the risk of further exchange rate , but also can enhance corporate financial officers into more important positions and more irreplaceable role.