English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 109953/140902 (78%)
Visitors : 46058656      Online Users : 1331
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30094


    Title: The Impact of Foreign Exchange Fluctuation on Taiwan Listed Firm Strategy and Economic Exposure
    外匯波動對企業策略與經濟風險影響之研究-以台灣為例
    Authors: 吳彥臻
    Wu,Jenny Yen-Chen
    Contributors: 譚丹琪
    郭炳伸

    Tan,Danchi
    Kuo,Biing-Shen

    吳彥臻
    Wu,Jenny Yen-Chen
    Keywords: 匯率風險曝露
    經濟風險因素分析
    主成份分析
    Foreign Exchange Rate Exposure
    Economic Exposure
    Multiple Currency Model
    Principal Factor Analysis
    Date: 2004
    Issue Date: 2009-09-11 17:13:15 (UTC+8)
    Abstract: 本篇論文從不同公司策略,以月資料來探討台灣532家上市公司在1999~2004年之公司對匯率風險曝露的敏感度,並以六十個月各上市公司股價報酬率為依變數,與台灣最大十五個貿易夥伴的匯率資料為自變數橫斷面資料,進行匯率風險對股價報酬關係之檢定。與之前實證研究不同之處是,本研究是利用多種貨幣模型來解釋各股價報酬,非只有一個貨幣當作唯一的指標。實證結果發現尚未加進大盤指數為控制變數時,只有0.93%受匯率風險暴露,反之,加進大盤指數之後,受到匯率風險的公司增加到88.2%。以公司策略及產業角度來看,結果顯示當公司外銷比例越大,此公司承受的經濟風險會越高。
    The purpose of this empirical study is to investigate sensitivity of company values to fluctuation in foreign exchange rates. Distinguishing from the previous research, this study employs a multiple currency proxy model to estimate firm’s exposures instead of using a single currency model.

    The research sample includes all Taiwan listed firms’ data for the period from 1999 to 2004. The empirical evidence from Taiwan listed firms indicates that 85.3 to 88.2 percent of firms are exposed to foreign exchange rate movements when market return control variable is included in the regression. A small percentage of firms are exposed to the foreign exchange rate movements with exclusion of the control variable. Results from ordinary least square analyses reveal that export intensity increases economic exposure to fluctuation of foreign exchange rate.
    Reference: Adler, M., and Dumas, B. “Exposure to Currency Risks: Definition and Measurement.” Financial Management, Vol. 13, p.41-50, 1984.
    Amihud, Y. “Exchange Rates and the Valuation of Equity Shares.” Illinois: Irvwin, 49-59, 1994.
    Bartov, E. and G. M. Bodnar. “Firm Valuation, Earnings Expectations, and the Exchange-Rate Exposure Effects.” Journal of Financial, Vol.49, pp.1755-1785, 1994.
    Bostock, Paul. “Expectations, outcomes and risk.” Journal of Asset Management, 5, 223-229, 2004.
    Bowman Edward. “A Risk/Return Paradox for Strategic Management.” Sloan Management Review, 21, 17-22, 1980.
    Cassell, Merrill. “Risk and Return.” Management Accounting, 77, 22-31, 1999.
    Chan Kam, Seow, Gim, and Tam, Kinsum. “Foreign Exchange Risk and Firm Value: An Analysis of US Pharmaceutical Firms.” Managerial Finance, 28, 57-63, 2002.
    Dominguez, K. M. E., Tesar, L. “A Reexamination of Exchange-Rate Exposure.” American Economic Review, 396-399, 2001.
    Garner, C. K., Shapiro, A. C. “A Practical Method of Assessing Foreign
    Exchange Risk.” Midland Corporate Finance Journal, 6-17, 1984.
    George, Abraham. “Managing Foreign Exchange for Competitive Advantage.” Sloan Management Review, 32, 105-117, 1991.
    Hill, C. International Business-Competing in the Global Markets. McGraw Hill, 2004 Edition.
    Holton, Gyln A. “Perspectives-Defining Risk.” Financial Analysts Journal, 60, 19-25, 2004.
    Jorion, P. “The Exchange Rate Exposure of U.S. Multinationals.” Journal of Business, 331-345, 1990.
    Knight, F.H. (1921). Risk Uncertainty, and Profit.” Chicago: University of Chicago, 1971.
    Massoud, Marc F, Raiborn, Cecily A. “Managing Risk in Global Operation.” The Journal of Corporate Accounting & Finance, 41-49, 1993.
    Miles, R.E. and Snow, C. “Organizational Strategy, Structure, and Process.” New York: McGraw-Hill. 1978.
    Miller, Kent “A Framework for integrated Risk Management in International Business.” Journal of International Business Studies, 311-331, 1992.
    Miller, Kent “Economic Exposure and Integrated Risk Management,” Strategic Management Journal, 19, 497-514, 1998.
    Miller, Kent and Jeffery J. Reuer, “Firm strategy and economic exposure to foreign exchange rate movements,” Journal of International Business Studies, 29, 493-514, 1998.
    Pfeffer, J. and Salancik, G. “The External Control of Organizations: A Resource Dependence Perspective.” New York: Harper and Row. 1978.
    Rotengerg, W. “Assessing Foreign Exchange Exposure: Theory and Applications Using Canadian Firms.” Journal of International Financial Management and Accounting, 1-22, 1990.
    Shapiro, A.C. “Multinational Financial Management.” Boston, MA: Allyn & Bacon. 1992.
    Schnabel, Jacques. “Real Exposure to Foreign Currency Risk.” Managerial Finance, 20, 69-77, 1994.
    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    92351047
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0923510471
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2363View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback