本研究以2014年至2018年共計5年資料為樣本，來探討匯兌損益公司使用衍生性金融商品與公司價值的關係，並得到以下的結果，其一、外幣匯兌損益較佳的企業，能增加財報中的淨利潤率，但對公司價值及績效沒有顯著影響，推論企業在短期性的匯率避險有利於淨利潤率提升，但公司價值仍需看長期營運績效。其二、匯率影響數較高對公司價值無顯著影響，但對於公司財報績效有正面影響，此乃於由匯率風險管理好的企業其資產利用效率也較高，有助於企業的整體運營效益，但匯率風險不影響投資人對企業價值評估。其三、公司持有衍生性金融商品對公司價值呈負向關係，企業不當使用衍生性金融商品或進行以非避險為目的衍生性商品，可能造成企業陷入虧損，公司具有投機性的財務管理，極有可能導致公司獲利下降，進而降低公司價值，此實證結果與過去相關文獻上公司持有衍生性金融商品避險提升公司價值的實證結果有所不同。

By employing the firms listed on TWSE over the period 2014-2018 as our sample, we explore whether the firm with realized and unrealized currency exposure as well as derivative employed would affect firm value, and then derive the following important findings. First, we reveal that the firms with realized currency gain might not significantly affect firm value in spite of net profit ratio enhanced. We infer that currency gain might raise net profit ratio, but firm value enhancement would depended on the long-term firm performance. Second, we disclose that the firms with unrealized currency gain might not significantly affect firm value although these firms have better financial performance on their financial reports. We deduce that unrealized currency gain might reflect these firms with better asset management, thereby enhancing their firm performance, but the above evidence might not affect the firm value evaluation form investors’ perspective. Third, we show that the firms with derivative employed would negatively affect their firm value. We infer that the firms might inappropriately employ derivatives such as speculative concern instead of hedging concern, which might not be beneficial for firm value enhanced. The above result might be different from that the firms employing derivatives with hedging concerns might raise firm value shown in the relevant literature.

目錄
目錄	I
圖目錄	III
表目錄	IV
第一章、緒論	1
第一節、研究動機	1
第二節、研究目的	3
第三節、研究流程	4
第四節、研究架構	5
第二章、文獻探討	6
第一節、企業績效方面的相關文獻	6
第二節、匯兌風險與相關課題	8
第三章、研究假說與方法	13
第一節、研究資料與變數	13
第二節、研究假說與模型	17
第三節、研究方法	19
第四章、實證結果	21
第一節、敘述統計量分析	21
第二節、共線性檢定	22
第三節、多元迴歸模型	23
第四節、Petersen 回歸模型	25
第五節、Logistic迴歸模型	27
第五章、結論與建議	30
第一節、研究結論	30
第二節、管理與財務意涵	31
第三節、研究限制與後續建議	31
參考文獻	32

 
圖目錄
圖 1-1 台灣GDP各細項比重	1
圖 1-2 研究流程圖	4




























表目錄
表4 1 敘述統計表	22
表4 2 共線性VIF檢驗	22
表4 3 多元迴歸模型分析	24
表4 4 Petersen迴歸模型分析表	27
表4 5 Logistic迴歸模型表	28

Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30, 98-113.
Allayannis, G., Ihrig, J., & Weston, J. P. (2001). Exchange-rate hedging: Financial versus operational strategies. American Economic Review, 91(2), 391-395.
Allayannis, G., Lel, U., & Miller, D. P. (2012). The use of foreign currency derivatives, corporate governance, and firm value around the world. Journal of International Economics, 87(1), 65-79.
Bae, S. C., Kim, H. S., & Kwon, T. H. (2018). Currency derivatives for hedging: New evidence on determinants, firm risk, and performance. Journal of Futures Markets, 38(4), 446-467.
Bakke, T. E., Mahmudi, H., Fernando, C. S., & Salas, J. M. (2016). The causal effect of option pay on corporate risk management. Journal of Financial Economics, 120(3), 623-643.
Barton, J. (2001). Does the use of financial derivatives affect earnings management decisions?. The Accounting Review, 76(1), 1-26.
Bartram, S. M. (2019). Corporate hedging and speculation with derivatives. Journal of Corporate Finance. 57, 9-34
Bartram, S. M., & Bodnar, G. M. (2007). The exchange rate exposure puzzle. Managerial Finance, 33(9), 642-666.
Bartram, S. M., Brown, G. W., & Fehle, F. R. (2009). International evidence on financial derivatives usage. Financial Management, 38(1), 185-206.
Bean, A., & Irvine, H. (2015). Derivatives disclosure in corporate annual reports: bank analysts' perceptions of usefulness. Accounting and Business Research, 45(5), 602-619.
Bennett, B., Bettis, J. C., Gopalan, R., & Milbourn, T. (2017). Compensation goals and firm performance. Journal of Financial Economics, 124(2), 307-330.
Bessembinder, H. (1991). Forward contracts and firm value: Investment incentive and contracting effects. Journal of Financial and Quantitative Analysis, 26(4), 519-532
Bolton, P., & Oehmke, M. (2015). Should derivatives be privileged in bankruptcy?. The Journal of Finance, 70(6), 2353-2394.
Chang, F. Y., Hsin, C. W., & Shiah-Hou, S. R. (2013). A re-examination of exposure to exchange rate risk: The impact of earnings management and currency derivative usage. Journal of Banking & Finance, 37(8), 3243-3257.
Chen, Z., Han, B., & Zeng, Y. (2017). Financial Hedging and Firm Performance: Evidence from Cross‐border Mergers and Acquisitions. European Financial Management, 23(3), 415-458.
Clark, E., & Mefteh, S. (2010). Foreign currency derivatives use, firm value and the effect of the exposure profile: evidence from France. International Journal of Business, 15(2), 183.
Cline, B. N., Walkling, R. A., & Yore, A. S. (2018). The consequences of managerial indiscretions: Sex, lies, and firm value. Journal of Financial Economics, 127(2), 389-415.
Crabb, P. R. (2002). Multinational corporations and hedging exchange rate exposure. International Review of Economics & Finance, 11(3), 299-314.
Dionne, G., Gueyie, J. P., & Mnasri, M. (2018). Dynamic corporate risk management: Motivations and real implications. Journal of Banking & Finance, 95, 97-111.
Donohoe, M. P. (2015). The economic effects of financial derivatives on corporate tax avoidance. Journal of Accounting and Economics, 59(1), 1-24.
Dushnitsky, G., & Lenox, M. J. (2006). When does corporate venture capital investment create firm value?. Journal of Business Venturing, 21(6), 753-772.
Fama, E. F., & French, K. R. (1998). Taxes, financing decisions, and firm value. The Journal of Finance, 53(3), 819-843.
Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94(1), 150-169.
Finnerty, J. D., Hegde, S., & Malone, C. B. (2016). Fraud and firm performance: keeping the good times (apparently) rolling. Managerial Finance, 42(2), 151-172.
Firth, M., Gong, S. X., & Shan, L. (2013). Cost of government and firm value. Journal of Corporate Finance, 21, 136-152.
Franks, J., Harris, R., & Titman, S. (1991). The postmerger share-price performance of acquiring firms. Journal of Financial economics, 29(1), 81-96.
Friberg, R., & Seiler, T. (2017). Risk and ambiguity in 10-Ks: An examination of cash holding and derivatives use. Journal of Corporate Finance, 45, 608-631.
Géczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. the Journal of Finance, 52(4), 1323-1354.
Georgakakis, D., & Ruigrok, W. (2017). CEO succession origin and firm performance: A multilevel study. Journal of Management Studies, 54(1), 58-8
Gilje, E. P., & Taillard, J. P. (2017). Does hedging affect firm value? Evidence from a natural experiment. The Review of Financial Studies, 30(12), 4083-4132.
Hoberg, G., & Moon, S. K. (2017). Offshore activities and financial vs operational hedging. Journal of Financial Economics, 125(2), 217-244.
Ioulianou, S., Trigeorgis, L., & Driouchi, T. (2017). Multinationality and firm value: The role of real options awareness. Journal of Corporate Finance, 46, 77-96.
Jankensgård, H. (2015). Does centralisation of FX derivative usage impact firm value?. European Financial Management, 21(2), 309-332.
Jermann, U. J., & Yue, V. Z. (2018). Interest rate swaps and corporate default. Journal of Economic Dynamics and Control, 88, 104-120.
Kim, H. T., Papanastassiou, M., & Nguyen, Q. (2017). Multinationals and the impact of corruption on financial derivatives use and firm value: Evidence from East Asia. Journal of Multinational Financial Management, 39, 39-59.
Koonce, L., Miller, J., & Winchel, J. (2015). The effects of norms on investor reactions to derivative use. Contemporary Accounting Research, 32(4), 1529-1554.
Krause, T. A., & Tse, Y. (2016). Risk management and firm value: recent theory and evidence. International Journal of Accounting and Information Management, 24(1), 56-81.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244.
Luo, H. R., & Wang, R. (2018). Foreign currency risk hedging and firm value in. Journal of Multinational Financial Management, 47, 129-143.
McGuire, J. B., Schneeweis, T., & Branch, B. (1990). Perceptions of firm quality: A cause or result of firm performance. Journal of Management, 16(1), 167-180.
Mian, S. L. (1996). Evidence on corporate hedging policy. Journal of Financial and Quantitative Analysis, 31(3), 419-439.
Nguyen, H., & Faff, R. (2003). Can the use of foreign currency derivatives explain variations in foreign exchange exposure?: Evidence from Australian companies. Journal of Multinational Financial Management, 13(3), 193-215.
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business research, 68(2), 341-350.
Schipper, K., & Smith, A. (1986). A comparison of equity carve-outs and seasoned equity offerings: Share price effects and corporate restructuring. Journal of Financial Economics, 15(1-2), 153-186
Smith, C. W., & Stulz, R. M. (1985). The determinants of firms' hedging policies. Journal of Financial and Quantitative Analysis, 20(4), 391-405.
Souder, D., Reilly, G., Bromiley, P., & Mitchell, S. (2016). A behavioral understanding of investment horizon and firm performance. Organization Science, 27(5), 1202-1218.
Stulz, R. M. (1984). Optimal hedging policies. Journal of Financial and Quantitative Analysis, 19(2), 127-140.
Thapa, C., Neupane, S., & Marshall, A. (2016). Market liquidity risks of foreign exchange derivatives and cross-country equity portfolio allocations. Journal of Multinational Financial Management, 34, 46-64.
Zorn, M. L., Shropshire, C., Martin, J. A., Combs, J. G., & Ketchen Jr, D. J. (2017). Home alone: The effects of lone‐insider boards on CEO pay, financial misconduct, and firm performance. Strategic Management Journal, 38(13), 2623-2646