The Impact of Hot Money on Corporate Exchange Risk Exposure

• Main Authors: HUNG, FEN LAN, 洪芬蘭
• Other Authors: LIN, LUKE
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/j27bf9

碩士 === 國立高雄第一科技大學 === 財務管理系碩士專班 === 105 === This study analyzes a total of 270 list electronics industry companies in Taiwan during 2005 to 2016. The paper classify the electronics industry into eight categories by type of business, and then explore the impact of exchange rate changes on the electronics industry. Available a hot money add to observe the changes in exchange risk exposure. The results show there are exchange risk exposures in daily data and monthly data. But there is no obviously exchange risk exposure in the quarterly date. It means short-term for exchange risk exposure cannot be avoided, but long-term exchange risk exposure can be reduced by operating management and financial hedging of companies. Further, than available a dummy variable of hot money and find the exchange risk exposure are rising in short-term and reduced in long-term. Finally, use the panel model to observe the determinants of exchange risk exposure. The results indicate that either in terms of original risk or absolute risk, exchange risk exposure determinants there are three categories in the eight categories of the electronics industry are Book-to-Market Value Ratio. These imply that the greater the future growth of the company, the greater the exchange risk exposure.