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題名 | 衍生性金融商品在公司風險管理上的使用情形--臺灣與其它國家之比較=Derivatives Usage by Taiwanese Non-financial Firms: A Comparative Analysis |
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作者 | 張紹基; 黃薏萍; | 書刊名 | 中山管理評論 |
卷期 | 9:3 民90.秋 |
頁次 | 頁471-496 |
分類號 | 553.977 |
關鍵詞 | 避險; 風險管理; 衍生性金融商品; Hedging; Risk management; Derivatives; |
語文 | 中文(Chinese) |
中文摘要 | 本研究企圖了解台灣上市公司對衍生性金融商品在風險管理上的使用情形及對風險管理的目標、執行、監督及績效評估上的實際操作,並將研究結果與其他已開發國家研究作比較。結果顯示台灣上市公司衍生性金融商品使用率為59%。衍生性金融商品的使用比例和公司規模相關,而匯率風險是最經常被管理的風險來源。企業避險的目標為降低會計盈餘的波動性,並有高達95%的企業採取選擇性避險策略。雖然台灣並沒有發展完整的衍生性金融商品市場,但調查發現台灣企業在衍生性金融商品的使用情形和其他已開發國家相較,仍有許多類似的地方。而差異之處大多和台灣所處的經濟環境以及衍生性金融商品交易歷史不同有關。 |
英文摘要 | This paper provides survey evidence on the use of derivatives in risk management among Taiwanese listed non-financial firms. The evidence is compared with the findings in other developed countries. The results indicate that about 59% of sample firms involve derivatives transactions. The use of derivatives is directly related with firm size. The main purpose of derivative usage is to hedge foreign exchange risks, with the reduction of accounting earnings volatility as the primary objective. We also find that about 95% of the firms conduct selective hedging practice. Even without well-developed financial markets on derivatives, the practices on derivative usage in risk management of Taiwanese firms are found to be similar with those in developed countries. The difference is mainly related with the experience on derivatives trading and the unique economic environment of Taiwan. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。