影響多國籍企業使用衍生性金融商品之因素—實質營運所扮演的角色

本研究主要探討影響台灣多國籍企業運用外匯、利率衍生性金融商品避險之因素及其績效，且著重於實質營運程度的探究。研究結果發現，在外匯風險方面，多國籍企業海外銷售比率的愈高，反而減少多國籍企業外匯風險暴露與運用衍生性商品避險的程度，且多國籍企業運用外匯衍生性商品避險，更加劇外匯風險暴露的程度。其中原因可能源於多國籍企業多以自然避險策略規避外匯風險。而在利率風險方面，企業負債比率越高，面臨的利率風險暴露愈高，且使用衍生性金融商品避險程度也愈高，此結果支持財務危機破產成本之理論；此外，本研究發現多國籍企業使用利率衍生性金融商品避險確實可有效降低利率風險，避險績效優於外匯風險。

The objective of this paper is focus on the determinants and performance of Taiwan MNCs using foreign exchange and interest rate derivatives. This study explores the role of real operations on this issue. The major findings include two parts. One is foreign exchange risk exposure, the more foreign sale ratio of MNCs, contrarily decrease significantly the foreign risk exposure and the degree of using FX derivatives. Additionally, the more using FX derivatives induce higher FX exposure. A possible explanation is MNCs heavily depend on natural hedge. The other one is interest rate risk exposure, the higher debt ratio on MNCs, the higher interest rate risk exposure and the degree of using interest rate derivatives. These results consist with bankrupt cost theory. Besides, the hedge performance of using interest rate derivatives is better than FX derivatives.