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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/55108
Title: | 非金融企業外匯風險管理組織設計與策略建構研究:
CG公司個案研究 Enterprise FX Risk Management Organization Establishment and Strategy Construction in Non-Financial Company: CG Company Case Study |
Authors: | Che-Yu Lee 李哲宇 |
Advisor: | 林修葳 |
Keyword: | 外匯風險,匯率風險,外匯風險管理策略,風險管理組織, Foreign exchange risk,exchange risk,exchange hedge strategy,risk management organization, |
Publication Year : | 2014 |
Degree: | 碩士 |
Abstract: | 1980年代後全球興起貿易及金融自由化浪潮,各國不斷放鬆各類市場及法規的管制,讓非金融企業也曝露在全球化造成的多樣化金融風險中,這些都迫使企業必須清楚了解金融風險在企業經營扮演的角色,更無法承擔忽略金融風險帶來的後果。在這金融風險之中,匯率起伏是不論企業營運是否涉及跨國業務都必須面臨主要的潛在風險,也是企業經營涉及最為廣泛的風險管理項目。
本研究以個案分析方式,探討非金融中小企業在面對匯率風險時,如何透過改變組織設計與重新建構績效評核與獎酬制度等管理制度,以提升企業整體匯率風險管理效果。此外,本研究也同時探討非金融中小企業如何從較為封閉的用人哲學過渡到利用調整薪酬、組織架構、管理制度與借重外部專業經理人進行企業再造時,對於風險管理組織的影響。最後,針對個案公司實際執行避險策略時,所採取的經營性與金融性避險工具進行研究,尤其是個案公司偏重使用依照產業收支型態進行的經營性避險工具。 本研究發現風險管理文化的形塑是風險管理成敗的基石,而組織設計及管理制度建立是成敗的支柱,組織運作良窳繫於執行的人,人的執行好壞在於組織制度的設計。數量化的技術只是一種工具,良好的風險管理制度與組織文化的構建,才是是否可以發揮工具的重大關鍵。此外,風險資訊傳遞與內部溝通是確保風險管理運行的先行指標,資訊與溝通隱含於企業內部控制活動中,類似人體的血液循環系統,並影響內部管理制度的有效性。而監督與反饋檢討是確保風險管理運行的關鍵指標。最後,風險辨認、評估與應對是風險管理戰術運用,須因時因地制宜。 以上研究結論與國際組織COSO所揭櫫的企業風險管理整合性框架中的組成要素相吻合。企業風險管理是一個長期性的持續的工作,尤其是2008年金融海嘯後,外部信評公司揚棄過去偏重財報資料方式,加強重視屬質資料,尤其將企業風險管理(ERM)列入信評重要考量,值得專業經理人關注。 Accompanying the liberalization trend for global trade and finance in 1980s, governments of major economies deregulated financial market. Such action leads non-financial enterprises to greater exposure to various financial risks, forcing them to seriously consider how much consequence they may bear with. Foreign exchange risk (also known as FX risk) is quite typically the major potential risk, regardless of whether or not a firm is a multinational enterprise. This thesis paper aims to explore how Case Company, which is in the non-financial small and medium-sized enterprise (SME) category, enhances managerial effectiveness in enterprise FX risk in the light of organization reconstruction and compensation scheme while facing FX fluctuation. This essay also aims to investigate the role play of new coming managers during organization reconstruction and how the reform procedure influences the enterprise FX risk management organization establishment. Finally, it analyzes the decision-making factors when deploying an FX hedging strategy, especially the operational hedging tools that best fit the business practice in cash inflow and outflow. This study concludes that risk management culture is the cornerstone for effectiveness in risk management. The establishment in management and organization designation is the pillar to success. The risk quantities tech is merely a tool to use. The key to sound risk management is positioning a right person in implementation and solid enterprise risk management culture. Moreover, information and communication are leading indicators to carry out risk management, and also influence the internal control. Monitor and feedback are the carry-on measures to risk control. Finally, identification, measurement and confrontation serve as the tactics to risk management. An effective management team should take actions that suit local conditions. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/55108 |
Fulltext Rights: | 有償授權 |
Appears in Collections: | 臺大-復旦EMBA境外專班 |
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ntu-103-1.pdf Restricted Access | 1.68 MB | Adobe PDF |
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