An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations
碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 94 === Taiwan takes globalization as the development direction gradually. At the same time, Central Bank respects the free mechanism of foreign exchange markets. As a consequence, enterprises in Taiwan become more sensitive to exchange rate fluctuations. Not only i...
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ndltd-TW-094SHU053040142016-06-24T04:14:42Z http://ndltd.ncl.edu.tw/handle/76923360887055087785 An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations 台灣上市電子業公司外匯風險暴露之研究 Ying-Feng Chen 陳櫻丰 碩士 世新大學 財務金融學研究所(含碩專班) 94 Taiwan takes globalization as the development direction gradually. At the same time, Central Bank respects the free mechanism of foreign exchange markets. As a consequence, enterprises in Taiwan become more sensitive to exchange rate fluctuations. Not only international companies are affected, also affected are local companies, especially those focused on the electronic industry. This thesis analyzes the foreign exchange rate exposure and its determinants of listed electronic corporations in Taiwan from January 1996 to December 2005, focusing on the exchange rates of NT dollars/U.S. dollars, and NT dollars/Japanese Yens. My main findings are as follows: 1. Taiwan listed electronic corporations (TLECs) have stock returns significantly exposed to NTD/USD and NTD/Yen exchange rates. 2. The NTD/Yen exchange rate exposures on TLECs are typically higher than the NTD/USD exchange rate exposures. 3. One important determinant of the exchange rate exposures is firm’s operation characteristic, which negatively determines the exposures. Thus, when making investment decisions, firms should not focus only on financial estimates; rather they should also take accounts of operation characteristic to make a full-scale evaluation. Jen-Hung Wang 王仁宏 2006 學位論文 ; thesis 69 zh-TW |
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碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 94 === Taiwan takes globalization as the development direction gradually. At the same time, Central Bank respects the free mechanism of foreign exchange markets. As a consequence, enterprises in Taiwan become more sensitive to exchange rate fluctuations. Not only international companies are affected, also affected are local companies, especially those focused on the electronic industry. This thesis analyzes the foreign exchange rate exposure and its determinants of listed electronic corporations in Taiwan from January 1996 to December 2005, focusing on the exchange rates of NT dollars/U.S. dollars, and NT dollars/Japanese Yens.
My main findings are as follows:
1. Taiwan listed electronic corporations (TLECs) have stock returns significantly exposed to NTD/USD and NTD/Yen exchange rates.
2. The NTD/Yen exchange rate exposures on TLECs are typically higher than the NTD/USD exchange rate exposures.
3. One important determinant of the exchange rate exposures is firm’s operation characteristic, which negatively determines the exposures. Thus, when making investment decisions, firms should not focus only on financial estimates; rather they should also take accounts of operation characteristic to make a full-scale evaluation.
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author2 |
Jen-Hung Wang |
author_facet |
Jen-Hung Wang Ying-Feng Chen 陳櫻丰 |
author |
Ying-Feng Chen 陳櫻丰 |
spellingShingle |
Ying-Feng Chen 陳櫻丰 An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations |
author_sort |
Ying-Feng Chen |
title |
An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations |
title_short |
An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations |
title_full |
An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations |
title_fullStr |
An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations |
title_full_unstemmed |
An Empirical Study of the Foreign Exchange Exposure in Taiwan Listed Electronic Corporations |
title_sort |
empirical study of the foreign exchange exposure in taiwan listed electronic corporations |
publishDate |
2006 |
url |
http://ndltd.ncl.edu.tw/handle/76923360887055087785 |
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