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頁籤選單縮合
題名 | 臺灣上市營建業運用利率衍生性金融商品避險之研究=Corporate Headging Polocies of Real Estate Companies: The Case of Taiwan |
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作者 | 洪裕勝; | 書刊名 | 臺灣土地金融季刊 |
卷期 | 35:4=138 1998.12[民87.12] |
頁次 | 頁59-73 |
分類號 | 554.87 |
關鍵詞 | 避險; 營建業; 利率衍生性金融商品; Hedge; Real estate company; Interest rate derivatives; |
語文 | 中文(Chinese) |
中文摘要 | 本研究主要在探討臺灣上市營建公司之避險行為。營建公司之獲利能力與利率之 變動具有密切的關聯,因此為規避其利率風險並期能減低融資成本,利率衍生性金融商品之 運用將有其必要性。本研究採問卷調查方式,回收率為 41.18%。在有效問卷中,14.29% 的 公司表示其有避險。另外,高達 64.29% 的公司考慮未來使用利率衍生性金融商品規避其利 率風險。避險者與未避險者間之差異性分析顯示避險者與未避險者間之利息總支出對稅及利 息支出前的淨利比率 (INTEBIT) 存在顯著的差異。 |
英文摘要 | This study investigates corporate Hedging policies of real estate ompanies that are listed in Taiwan Sccurity Exchange (TSE). The profitability of a real estate company is highly affected by the change of interest rates. Hence, using interest rate derivatives to hedge the possible interest rate risks and to reduce a company's interest costs becomes more and more popular. Due to the unavailable information of the use of interest rate derivatives in real estate companies, a survey is conducted. Among 34 real estate companies listed in TSE, 17 companies return questionnaires, which implies a 41.8 percent response rate of this survey. There are 14.29 percent respondents who report using interest rate derivatives. In addition, 64.29 percent of respondents report that they are considering using interest rate derivatives to hedge their possible interest rate risks. When I do a further examination on whether there is any difference between hedgers and nonehedgers, the results show that the ratios of firms' interest payments to their earnings before interest payments and taxes exist significant difference between interest rate derivatives users and none-users. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。