The impact factors for Taiwan multinational corporations form the degree of exposure

[[abstract]]匯率變動會對國內外進出口商品價格造成直接的影響，且對公司目前與未來的現金流量造成衝擊，顯示匯率變動對公司營業策略與經營績效有一定的影響力。過去探討公司特性變數對外匯曝險影響的研究，皆以最小平方法來衡量，隨研究模型不同，決定因素對曝險值影響面向也有著分歧的結果，統整過去文獻在探討公司特性變數對曝險值之影響所使用的模型，包括絕對值曝險、原始值、區分高科技與傳統產業以及切割正、負向曝險。先前研究沒有辦法討論在不同曝險程度下，分析公司特性變數對外匯曝險的影響面向，因此本文以台灣多國籍企業為對象，利用分量迴歸獲取不同外匯曝險程度，進而討論特性變數面向的轉變，以及比較高低曝險差異之研究結果。歸納出公司短期週轉能力愈強，能夠使得外匯曝險降低。另外，公司未來成長機會增加，高科技產業較傳統產業願意利用避險來降低外匯曝險。分量迴歸差異比較有著更為一致的結論，高低曝險程度比較下，公司規模愈大避險效果愈好，短期流動部位愈大避險效果愈好，破產機率愈大必須承受的曝險也愈高，未來成長機會愈高必須承受的曝險愈大，在將樣本進行切割之後發現傳統產業涉外程度愈高其避險的效果相較於高科技產業好；另外以進口為主之多國籍企業其高曝險程度相較於低曝險程度的避險效果好。[[abstract]]The variation of foreign exchange rate will direct impact not only the price of international products but the cash flow for a multinational firm The variation of foreign exchange rate is an important factor within operating strategy and performance for firms According to passing investigates with reference to exchange rate exposure with characteristics used ordinary least square there are different researches results form setting different research models Integrating models from previous studies sort absolute and original exposure value model distinct high technology and traditional industries exposure value model positive and negative exposure value model Previous researches cannot analysis between exposures with characteristics from the difference degree of exposure This paper therefore examines the degree of foreign exchange exposure of Taiwan multinational corporations as well as against the trade weight index in turn discusses the front change of characteristics as well as compare with the result of difference between high-low exposures Empirical evidence showed that the stronger ability of short term turnover can reduce exposure On the other hand the higher opportunity to improve firm value in the future high technology industry would like to use hedge to reduce exposure The differences between high-low exposures get more consistent empirical results Comparing with high-low exposure the hedge effect get more advantage when firm size getting bigger the stronger ability of short term turnover the higher opportunity to improve firm value in the future and the more probability to bankruptcy also have to take more exposure the hedge effect get more advantage for traditional industry ; Specially Import for main operating business of multinational companies the hedge effect get more advantage for high exposur