| 摘要(英) |
For the changes in the global economic structure and getting more internationalize of Taiwanese business models, contact with the international market frequently and a high degree of trade connectivity, the foreign exchange fluctuations not only affect the import and export value and competitiveness of a country but also bring the instability to the Macroeconomic. The effect of foreign exchange fluctuations to the company, not only increase the instability to the business operations but also change the future cash flow of the company and directly affect the value of the company. Facing the uncertain impact of foreign exchange fluctuations, making the company have more sensitive with the change of foreign exchange rate, if the company without appropriate planning and hedging for foreign exchange exposure, the company may suffer huge exchange losses, and affects the company′s profitability. This is an important issue for long-term corporate operational risks that cannot be ignored by the business manager.
This paper uses the sample of 54 Taiwanese huge listed corporations, for examines whether there is a significant correlation between stock returns of Taiwanese various industrial companies for exchange rate exposures in 2009-2017, and examines the determinant factors of foreign exchange exposure. Empirical evidence shows that 17% of the sample firms’ stock returns are significantly influenced by exchange rate exposure, and stock returns have existed more negative significantly influenced by exchange rate exposure. And the determinant four factors of foreign exchange exposure, firm size, exports ration, higher quick ratio, and long-term debt ratio all have positively correlated, but only the long-term debt ratio have positive significantly correlated. For Taiwanese companies, the long-term debt ratio has a significant impact on foreign exchange exposure.
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