[[alternative]]Diversification Strategies, Foreign Currency Derivatives Usage, and Exchange Rate Risk: Empirical Evidence from Taiwanese Corporations

[[abstract]] 本研究以2005年至2011年間台灣上市(櫃)企業為研究對象，實證探討企業同時採用多角化策略包括國際化與產品多元化與使用衍生性金融商品避險對於公司外匯風險暴險的影響性。實證結果指出當企業使用外匯衍生性商品，且同時進行外匯衍生性避險與國際多角化可顯著地降低企業的外匯曝險。此外，企業具有高的外銷比率與速動比率時，會提升公司外匯風險曝露；相反地，若公司為較高衍生性金融商品的使用程度與長期負債比率且公司規模愈大者，更可顯著地降低公司外匯風險曝露。[[abstract]] This paper empirically investigates the impacts of diversification strategies and foreign currency derivatives usage on firm’s exchange rate exposures using 832 public-listed firms in Taiwan over the period 2005 to 2011. The empirical results indicate that firms using foreign currency hedging and adopting international diversification strategy could mitigate the exchange rate exposures while utilizing the foreign currency derivatives. Moreover, firms with higher ratio of exporting and liquidity would increase exchange rate exposures; inversely, firms with higher degree of using foreign currency derivatives, higher ratio of long term debts, and larger scale would significantly decrease exchange rate exposures