| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 105 === We now live in an era of information explosion where both the import and export
traders around the world are facing the crucial ordeal that traditional import and
export traders can no longer profiteer from unequal access to information or the
information gap as continuous innovation has been emergent in the field of e-business.
Thus, in the low-margin and high-competition era, each factor that can possibly
influence the gross profit is worth attention and scrutiny by the import and export
traders.
In this study, a case study is conducted mainly on the import trader’s euro export
data acquired between 2014 and 2016. The data of the import trader’s internal
operations on foreign exchange hedging instruments are analyzed and summarized to
realize whether the performance of the import trader on the use of the foreign
exchange hedging strategy can effectively raise the profitability of the import trader.
This study also hopes to provide future reference for other import and export traders
in the future to find the most appropriate foreign exchange hedging strategy. The
result of this study is summarized as follows:
1. foreign exchange hedging strategy adopted by the case company is to use
the natural hedging method (foreign exchange settlement) or the foreign
exchange options (the buying call options to give up premiums) to achieve
the effect of risk aversion in the specific month.
III
2. Out of the 36 account settlements conducted by the case company between
2014 and 2016, 27 account settlements concern the case company’s natural
hedging operations on euro account settlement based on their custom
conditions while the other 9 account settlements concern the case
company’s foreign exchange options to buy USDs with EUROs.
3. The case company’s foreign exchange hedging operations between 2014 and
2016 exert 11.98% of the total influence on the growth of its gross margin.
The data show that the case company’s foreign exchange hedging operations
surely conduce to the case company's gross margin.
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