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| Title: | 影響美國公司以固定匯率評估財報的因素
Determinants of Constant Currency Reporting of US Companies |
| Authors: | 顧子宜
Gu, Zih-Yi |
| Contributors: | 張元晨
Chang, Yuan-Chen
顧子宜
Gu, Zih-Yi |
| Keywords: | 固定匯率報告
避險策略
一致性
Constant currency reporting
Hedging strategies
Consistency |
| Date: | 2023 |
| Issue Date: | 2023-07-06 17:00:19 (UTC+8) |
| Abstract: | 本研究探討固定匯率報告(constant currency reporting)的決定因素，固定匯率報告排除了外匯匯率波動的影響，是常見的非公認會計原則報告之一。本篇分析的樣本為從事境外營運的美國公司，從樣本結果中可以發現會計揭露品質與公司揭露固定匯率報告的機率呈正相關，顯示公司對會計與財務的資訊揭露決策一致，推論固定匯率報告具有資訊揭露的有效性。而避險策略和固定匯率報告亦存在正相關，顯示公司會利用這兩項策略工具的互補性，以緩解匯率波動的負面影響，且衍生品避險與揭露固定匯率報告的相關性又比營運避險更為顯著，同時本篇論文也驗證了固定匯率報告對公司價值具有顯著的正向關係。最後，本研究進一步檢驗了固定匯率報告的一致性，樣本中約有70% 的公司在下一年度繼續揭露固定匯率報告，47% 的公司則持續揭露達三年，檢定結果顯示公司在揭露固定匯率時具有滯後效應且顯著，表示公司揭露此項數據時與過去決策具有一致性。綜觀上述，歸納出跨國公司的固定匯率報告是具有資訊有效性、避險策略互補性和揭露策略的連續一致性。
This study examines the determinants and implications of constant currency reporting, a widely used form of non-GAAP disclosure that adjusts for the impact of foreign exchange rate fluctuations. The samples are US firms engaged in offshore activities. The results reveal a positive association between disclosure quality and the likelihood of firms disclosing constant currency reporting, indicating the accounting and financial disclose practices are consistent, and this paper inferred that constant currency reporting is effective information. Additionally, the study finds a positive relationship between hedging and constant currency reporting, suggesting that they are the complement strategic tools to mitigate the adverse effects of currency fluctuations. Relationship between derivative hedging and constant currency reporting is more significant than that of operating hedging. Moreover, this paper also examines the significant positive contribution of constant currency reporting on firm value. Finally, there are approximately 70% of firms continue the constant currency reporting practice in the following year, and 47% sustain the practice for three years. Therefore, the research examines the consistency of constant currency reporting over time. The findings indicate significant lagged effects on disclosure, suggesting that firms are inclined to maintain a consistent disclosing practice.
Overall, this study contributes to the understanding of non-GAAP reporting by focusing on constant currency disclosure. The results highlight the informative effectiveness, complementarity, and consistency of disclosure among multinational firms. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357016 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357016 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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