A Research on Exchange Rate Exposure and its Determinants for Taiwan China-concept Electronic Firms from Functional Currency Perspectives

• Main Authors: Meng-Kai Tsai, 蔡孟凱
• Other Authors: Timothy-Tingson Wang
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/58178797950127176446

碩士 === 國立東華大學 === 國際企業研究所 === 92 === Abstract This research applies the “two factor regression model” to investigate whether or not any relationship between the stocks returns of Taiwan China-concept electronic firms and the fluctuations in foreign exchange rates of NT/$ or RMB/$ from Jan. 1999 to Dec. 2002. We also test whether any relationship between six kinds of feature of Taiwan China-concept electronic firms and foreign exchange exposure does exist. The results of this research are as following: 1.Taiwan China-concept electronic firms have insignificant NT/$ exchange rate exposure. 2.Taiwan China-concept electronic firms have insignificant RMB/$ exchange rate exposure. 3.Taiwan China-concept electronic firms have no lagged reaction to the fluctuations of exchange rate. 4.The extent to which a Taiwan China-concept electronic firm is exposed to RMB/$ exchange-rate fluctuation can be explained by the level of its high “China subsidiary NI/ Parent company absolute NI” ratios, big “firm size”, high “China investment/ Long-term investment” ratios