匯率波動對台灣汽車上市公司經營績效影響

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Title:	匯率波動對台灣汽車上市公司經營績效影響
Authors:	邱重瑋;Chiu, Chung-Wei
Contributors:	會計研究所企業資源規劃會計碩士在職專班
Keywords:	匯率波動;汽車產業
Date:	2021-07-08
Issue Date:	2021-12-07 12:43:07 (UTC+8)
Publisher:	國立中央大學
Abstract:	長期接受政府扶持的裕隆汽車與台日合作的和泰汽車，在2020年有著截然不同的經營績效，裕隆汽車在2020年承認2019年虧損244.65億元，風雨飄搖的渡過2020年。和泰汽車卻在2020年07月股價站上歷史新高，每股737元。在國際競爭下台灣上市汽車產業受到匯率的影響已越趨複雜，匯率的變化早已成為影響企業獲利的主要原因之一。往後信評相關機構可以將匯率變動對股價及經營績效納入評價的項目之一。本研究主要探討匯率波動對台灣汽車上市公司經營績效之影響，分析股價季報酬率、營業收入、營業成本及稅前淨利受台灣加權股價、美金及日幣匯率波動的影響程度。實證結果發現各股股價與台灣加權股價指數有著顯著關聯，較不受美金與日幣波動之影響。營業收入、營業成本及稅前淨利較不受匯率波動影響。;Yulon Motors, which has long received government support, and Hotai Motors, which have cooperated with Taiwan and Japan, have very different operating performance in 2020. Yulon Motors admitted to a loss of 24.465 billion yuan in 2019 in 2020, and it has been through 2020 in a precarious manner. Hotai Motors did indeed hit a record high in July 2020, with a share price of 737 yuan per share. Under the international competition, Taiwan′s listed auto industry has become more and more complicated by the influence of exchange rates, and changes in exchange rates have long been one of the main reasons affecting corporate profits. In the future, credit rating agencies can include exchange rate changes in the evaluation of stock prices and operating performance. This research mainly explores the impact of exchange rate fluctuations on the operating performance of Taiwan′s auto listed companies, and analyzes the extent to which the quarterly return of stock prices, operating income, operating costs, and net profit before tax are affected by the fluctuations in Taiwan′s weighted share price, U.S. dollar and Japanese currency exchange rates. The empirical results found that the stock price of each stock has a significant correlation with the Taiwan weighted stock price index, which is less affected by fluctuations in the US dollar and Japanese currency. Operating income, operating costs and net profit before tax are less affected by exchange rate fluctuations.
Appears in Collections:	[enterprise resource planning of Optics and Photonics] Electronic Thesis & Dissertation

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