| Abstract: | 隨著網路科技、無人駕駛裝置及工業4.0的發展迅猛，衍生無限的商機，如手機、平板電腦、電動汽車、無人鴐駛裝置、太陽能發電系統、機器人等相關產品，帶動散熱產業的發展契機。
台灣係屬於一個小型開放的經濟體，在整體的經濟中國際貿易活動占有重要的位置。而貿易活動中不論是進口、出口或匯率的變動都有可能影響企業或廠商的報價，接受進出口的價格會進而影響未來的利潤。所以一個高度貿易依存的國家必定存在匯率風險。
本研究主要探討每季匯率變動對台灣散熱產業上市公司經營績效之影響，分析前季美金、日幣及人民幣兌台幣匯率變動與本季營業收入、營業成本及稅前淨利之間影響程度。實證結果前季美金兌台幣匯率變動對於本季營業收入、營業成本及稅前淨利是顯著影響且負相關；前季日幣及人民幣兌台幣匯率變動對於本季營業收入、營業成本是顯著影響且正相關，本季稅前淨利較不顯著影響。;In the wake of the rapid development in internet technology, autonomous vehicles, and Industry 4.0, infinite business opportunities in mobile phones, tablet PCs, electric cars, autonomous vehicles, photovoltaic power generators, and robotics subsequently emerged, which has powered the development of the thermal industry.
As Taiwan is a small-size open economy, international trades assume a vital role in the overall economy. Whether it be import, export, or foreign exchange fluctuation in trades, all of the mentioned factors could possibly impact pricing quotations from the enterprises or vendors, which could dictate the health of future profits. So, any trade-dependent country will always face risks in foreign exchange.
This research primarily studied the impact of the changes in the quarterly foreign exchange on the operation performance of the listed thermal companies in Taiwan, with an analysis of the exchange rates of the USD, JPY, and RMB against the NTD in the previous quarter, of which the effect on the revenue, OPEX, and pre-taxed profit of the current quarter. The empirical results showed that the changes in the exchange rate of the USD against the NTD of the previous quarter have an apparent impact with a negative correlation with the revenue, OPEX, and pre-tax profit of the current quarter; the changes in the exchange rate of the JPY and RMB against the NTD of the previous quarter have an apparent impact with a positive correlation with the revenue and OPEX, but not so apparent impact on the pre-tax rofit, of the current quarter. |
