探討金融危機期間台灣企業外匯曝險之決定因子

本研究主要在探討2008年美國次級房貸危機期間，對我國企業外匯曝險程度之影響，及影響外匯曝險程度之橫斷面因子為何。研究結果顯示，2008年危機中具正外匯曝險之企業受到的衝擊最大，且企業僅在面臨台幣貶值與匯率大幅變動時，才會呈現顯著負的外匯曝險。從外匯曝險決定因子的多元迴歸分析中發現，公司規模是影響企業外匯曝險的主要因子，無論是正外匯曝險或負外匯曝險，大公司之外匯曝險皆顯著低於小公司。最後，危機時外匯曝險的升高，顯著增加了企業的個別風險。

This research aims at investigating U.S. subprime mortgage crisis’s influences on the degree of Taiwan company’s exchange rate exposing risks and discussing the cross-sectional factors that affected the degree of Taiwan company’s exchange rate exposing risks. Research results showed that during the crisis in 2008, companies that had positive foreign exchange exposing risks were impacted the most and only while facing NT dollar depreciation and significant changes in the exchange rate company then showed negative foreign exchange exposing risk. The multiple regression analysis on foreign exchange exposing risk's decisive factors discovered that company scale was the major factor that affected company's foreign exchange exposing risks, regardless for positive exposing risk or negative exposing risks. Big company's foreign exchange exposing risks were significantly smaller than small company. Finally, during the crisis, the increase of foreign exchange exposing risk significantly increased company's individual risks.