An Empirical Study on the Use of Hedging and Non-hedging of Derivatives for Listed Companies in Taiwan

• Main Authors: Chia-Fu Kuo, 郭佳福
• Other Authors: Po-Kai Huang
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/33985604003903871862

碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 98 === Except discussing the relation of the using derivatives of companies for hedge and corporate characteristics, the study also discuss the using derivatives of companies for speculation and corporate characteristics. Furthermore, we use the ratio of the sum of the using derivatives of companies to measure the degree of using derivatives for hedging or speculative. The following conclusions are obtained in the study: Characteristics that affect the coporates to use derivatives for hedge and speculation include: The higher the ratio of net-income of the companies is, the more chances companies have of using derivatives for hedging or speculative.The larger in scale the assets of the companies are, the more chances companies have of using derivatives for hedging, but less chances for speculative.The more the Deferred Tax assets of the companies are, the less chances companies have to use derivatives for hedging, but more chances for speculative. Under the circumstances that some real example show, the higher the ratio of liquidity of the companies is, the more chances companies have to use derivatives for hedging or speculative. Besides, the corporate characteristics that affect the degree of using derivatives for hedge or speculation include: The higher the ratio of the net-income of companies is, the higher degree companies have of using derivatives for hedging or speculative. Under the circumstances that some real example show, the higher the long-term debt of companies is, the higher degree companies have of using derivatives for hedging or speculative. The higher the ratio of the Foreign’s shareholding is, the higher degree companies have of using derivatives for hedging or speculative.