東協國家匯率變動對赴當地投資台商公司績效之影響;On the changes of Foreign Exchange Rates and Firm Performance: Evidence from TAIEX-listed Companies Investing in ASEAN Countries

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Title:	東協國家匯率變動對赴當地投資台商公司績效之影響;On the changes of Foreign Exchange Rates and Firm Performance: Evidence from TAIEX-listed Companies Investing in ASEAN Countries
Authors:	張瑋芳;Chang, Wei-Fang
Contributors:	財務金融學系
Keywords:	東協;匯率;企業績效;新南向政策
Date:	2019-07-23
Issue Date:	2019-09-03 15:07:47 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究主要探討在台灣政府推動「新南向政策」的背景下，東協國家匯率變動是否會對在當地設廠台商的公司績效產生影響，我們選擇有投資東協國家的台灣上市公司作為研究樣本。在樣本期間，東協各國貨幣相對新台幣貶值，本研究的假說為此一匯率變動短期將減損台商母公司的價值，長期則會增進母公司價值。本文的實證結果顯示，當以整體東協區域進行分析，當期東協貨幣貶值時會使在台商母公司整體績效下降，而前期東協貨幣貶值則會使企業績效上升；亦即符合本研究之假說。若是以投資地主國為區分進行分析時，本研究發現赴印尼和越南投資的企業績效較容易受到匯率變動的影響。此外亦發現投資在東協國家的企業，其槓桿比率越高會使企業績效下降。綜合上述結果，可以發現到東協國家匯率變動會對台商的公司績效產生影響，其主要的原因可能為台灣企業對於東協國家貨幣的避險策略並不成熟，如儒鴻（1476）、大成（1210）及正新（2105）等集團僅採用遠期外匯合約等避險工具規避美元匯率風險。此外，臺灣期貨交易所僅提供英鎊或澳幣等主要貨幣兌美元匯率的期貨商品，而東協國家貨幣兌美元等相關的衍生性金融商品則付之闕如，這也使得台灣企業較難規避東協貨幣的匯率風險。 ;This study discusses under the "New Southward Policy" in the background, whether the performance of firm that investing in the ASEAN countries is affected by ASEAN countries′ exchange rate changes. During the sample period, the currencies of ASEAN countries depreciated against the new Taiwan dollar. Therefore, when Taiwanese companies investing in the ASEAN countries, the performance of Taiwanese parent company will decrease in the short term but increase in the long term. The results show that when the ASEAN currency depreciates, the performance of companies investing in the ASEAN countries will increase. If we distinguish the ASEAN countries, we found that the performance of companies investing in Indonesia and Vietnam is more sensitive to exchange rate changes. We also find that companies investing in ASEAN countries have higher leverage ratios and lower performance. Based on the above results, it can be found that the exchange rate changes of the ASEAN countries will have an impact on the performance of Taiwanese companies. The main reason may be that Taiwanese companies are not mature enough to hedge against the ASEAN countries, e.g. Ruhong (1476), Dacheng (1210) and Zhengxin (2105). They only use forward foreign exchange contracts for the US dollar. Moreover, there are no derivative related to the US dollar on the Taiwan Futures Exchange, making it difficult for Taiwanese companies to hedge against the ASEAN currency.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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