| dc.description.abstract | This text regards large-scale company of Taiwan and South Korea as the research object, canvass it between 2001 and 2011, the change of exchange rate of U.S. dollar, to the influence of stock price remuneration of company. In analyzing intensity of foreign exchange exposure of the enterprise of the two countries, because financial tsunami takes place while studying, the exchange rate fluctuates and aggravates among a short time, so this text further discusses the taking place of financial tsunami, whether will cause the changes of enterprise foreign exchange exposure’’s intensity and direction. This literary grace uses Jorion (1990) Estimate foreign exchange exposure’’s size in model of capital market after the revision put forward, and adopt Taiwan 50 and South Korean KOSPI50 index composition burst in order to study samples, the first stage result of study reveals, there are 25% of the enterprises that show the exposure to the exchange rate in the sample of Taiwan, and generally exist and shoulder to the exposure, but in the South Korean sample, it is up to 67.86% to show the rate, and the forward exposure generally exists. Result of study find take place period in financial tsunami, New Taiwan dollar, and South Korean Won cash the intersection of U.S. dollar and exchange rate take place, devalue fast a short time in second stage, but Taiwan and South Korean enterprise showing the proportion without obviously rising to foreign exchange exposure, enterprises of the original forward exposure will have exposure value that drop, or change into shouldering the exposure, cause apparently to show the proportion of exposure to drop forward, have exposure value that increase to enterprises of the exposure to shoulder originally, and show the phenomenon that the proportion rises.
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