摘要(英) |
This study analyzes the foreign exchange rate exposure and its determinants of listed and OTC-listed electronic corporations in Taiwan, particularly for network and communication firms. For our purpose to investigate the short-term and long-term foreign exchange rate exposure, we adopt the “polynomial distributed lag model” from Almon (1965) to replace the conventional “capital market approach”. In addition, we use operation revenue rather than stock price return as the proxy of firm value, to avoid the possible bias from noise trading in the stock market. Our analyses go for twelve different currencies, and the empirical findings can be summarized as follows.
First, the majority of network and communication firms do not have the short-term foreign exchange rate exposure, but bear the long-term foreign exchange rate exposure. Second, on average, the listed firms in OTC have higher foreign exchange rate risk than the listed firms, and then the communication firms have higher foreign exchange rate risk than the network firms. In addition, among all the network and communication firms, the mobile phone manufacturing and optical fiber manufacturing firms have highest foreign exchange rate risk; on the contrary, the system conformity and telecommunications service firms have the lowest risk.
Finally, we find the six firms characteristics factors, including size, operation growth ratio, C/F adequacy ratio, current ration, long-term investment to total asset, long-term debt to total equity, etc., could be the determinants of foreign exchange rate exposure. Moreover, size and long-term debt to total equity have negative effect, and the rest of factors then have positive effect. |
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