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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/78731
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/78731


    Title: 公司盈餘管理對電子業外匯曝險的影響 -以半導體產業鏈為例
    The Effect of Earnings Managements on Foreign Exchange Rate Exposures in Electronics Industry - Study on Semiconductor Industry
    Authors: 吳美慧
    Contributors: 林建秀
    吳美慧
    Keywords: 外匯曝險
    避險
    盈餘管理
    電子業
    Date: 2014
    Issue Date: 2015-10-01 14:13:18 (UTC+8)
    Abstract: 本研究目的為探討以非本國貨幣交易之跨國企業在承受外匯變動所導致公司價值改變時,除了利用衍生性金融性商品的操作避險外,是否也利用會計手法進行盈餘管理上的操弄,以降低因承受外匯曝險而導致投資人對公司股票評價的負面預期的可能性。樣本公司以半導體產業的上游、中游、下游廠商為標的,採用貨幣概分為美元、歐元、人民幣及日圓。研究過程首先將計算各公司是否承受顯著的外匯曝險,其次利用Leuz et al.(2003)提出的三種盈餘管理模式,探討三種不同面向的盈餘管理是否能降低公司的外匯曝險。
    而在實證結果方面,針對外匯曝險衡量的部分可觀察到,致使公司承受顯著外匯曝險的因素有二:一為利用衍生性金融商品避險的有無,一為公司主要往來區域所使用之貨幣的走勢;而在盈餘管理是否有顯著降低外匯曝險方面,整體而言,上游公司在採樣期間因受惠於本國貨幣貶值所帶來的優勢,盈餘管理的使用程度最不積極,此外,我們也發現,沒有利用衍生性金融商品進行避險,即採取自然避險的公司,更傾向利用盈餘管理以降低公司所承受的外匯曝險。
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    Description: 碩士
    國立政治大學
    金融研究所
    101352005
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101352005
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

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