Additional Evidence on the Determinants of Hedging: The Case of Taiwan

公司使用金融工具避險的決定因素

10.6545/JoFS.1998.6(2).3

馬黛(Tai Ma)

避險 ； 管理者股權 ； hedging ； managerial ownership

中國財務學刊

6卷2期（1998 / 10 / 31）

49 - 63

英文

本研究實證分析台灣上市公司使用金融工具避險的因素。結果顯示公司規模是最重要的因素，規模愈大三者愈可能使用金融工具過險。一般而言，公司規模愈大，董事持股比愈低，歷史愈短，風險愈低，外匯損益比率愈高，愈有可能參與避險。本研究與避險之經濟規模假設與訊號假設說相符。此外，我們發現避險行為不會影響匯率變動，對公司價值的影響程度。

In this paper we empirically analyze the demand for hedging instruments in Taiwan. The results indicate that firm size is the most important factor, larger firms are more likely to use hedging tools. Generally speaking, firms which have larger size, lower board of directors ownership, shorter history, lower risk, and higher percent of foreign exchange profit/loss to EBIT, are more likely to engage in risk hedging. Our result is consistent with the hedging economy of scale hypothesis as well as the signalling hypothesis. In addition, we also examine whether the sensitivity of firm value to exchange rate differs between hedge firms and non-hedge firms, the result suggests that hedging does not matter.