Empirical Evidence in Financial Decisions: The Biggest 500 Firms in Taiwan

[[abstract]]本文以台灣前五百大公司作為研究樣本，探討避險、融資與投資決策間之交互影響關係。本文認為避險對於具有不同成長機會公司之融資與投資決策存在不同的影響。研究發現公司會利用避險決策以增加融資與投資；高槓桿的公司會具有較高地投資。此外，本研究發現高成長或具有較多投資機會的公司會藉由避險來增加槓桿，但卻無法發現低成長與較少投資機會的公司會藉由避險以增加投資。[[abstract]]This paper use Taiwan biggest 500 listed firms to investigate the interactions among hedging financing and investment decisions This paper argue that the way in which hedging affects a firm’s financing and investing decisions differs for firms with different growth opportunities We find that firms in Taiwan increase their financing and investment by hedging and firms with high level of leverage have higher investment Beside we find that firms with high growth or more investment opportunities increase their leverage by hedging in Taiwan but we fail to provide evidence that firms with low growth or few investment opportunities increase their investment by hedgin