跨國企業透過CCS降低舉債成本與避險之實證分析

Abstract

如果你今天經營著一個跨國企業，你會如何籌措資金?你會選擇向銀行貸款(間接融資)抑或是發行公司債(直接融資)?再者，如果選擇了發行公司債，是否有什麼金融工具能夠幫助你判別，發行何種幣別計價的債券可以為你達到節省發債成本以及避險的效果?Zhang(2017)即闡明了Cross Currency Swap ( CCS )有著上述的兩項功能。而由於各年期各國的利率環境有所不同(例如金融風暴造成美國的低利率，以及歐債危機造成歐洲的低利率)，故本研究試圖尋找出個別公司在哪些期間發行外國貨幣計價債券並進入CCS合約能相比於直接發行本國貨幣計價債券更加便宜，本研究也試圖去驗證是否確實有公司有在有利地利用CCS，在對的時間發行外國貨幣計價債券。 本研究主要覆蓋的時間區段為2010年初至2017年底，並先以國家別再以行業別區分公司，接著鎖定美國的金融保險業公司為首先的研究對象。在檢視美國金融保險業的代表性公司後，可以得到2012年的利差相對較低以及2015年利差達到更低的境界，並且直至現今，利差皆維持在低檔的結論；然而，在沒有足夠證據顯示金融保險業的公司有在有效地利用CCS的情況下，本研究將研究標的轉向Dow Jones的30個成員以及巴菲特所屬的Berkshire Hathaway這些較有可能利用衍生性商品進行節省成本與避險的公司，來驗證其中是否有哪些公司確實有在對的時間有效地利用CCS，並在最終得到共五家公司，尤其是Berkshire Hathaway，可能有在注意每日的CCS資訊，幫助公司能得到節省成本與避險的結論。

If you were the operator of multinational corporations, how would you raise your funds? Would you choose to borrow money from banks (Indirect finance) or issue corporate bonds (Direct finance)? If you choose the latter, then is there any financial instruments that can help you to distinguish issuing what kind of currency denominated bonds could have the effect of reducing the cost of debt and hedging risk? According to Zhang(2017), Cross Currency Swap has the aforementioned features. As a result of the interest rate environment varies from year to year, this study attempts to find out that, for individual companies, in which period issuing foreign currency denominated bonds could be cheaper than directly issuing domestic currency denominated bonds. Furthermore, this study also attempts to verify that whether there are companies in effect taking advantage of CCS, issuing foreign currency denominated bonds at the right time. The time range covered in this study is from 2010 to 2017. At first, this study distinguishes companies by country, then by industry, after that, picks American financial companies as the first research object. After looking into the representative companies of financial industry, we can have the outcome that 2012’s spreads is relatively low, 2015’s spreads is even lower, and until today, spreads maintains in low level. However, there isn’t enough evidence to prove that financial companies are taking advantage of CCS. Therefore, this study then changes the research object to the members of Dow Jones index and Berkshire Hathaway, owned by Warren Buffet, which are more likely to use derivatives to save costs and hedge risks, to verify that whether some of these objects have taken advantage of CCS at the right time. And obtains a positive answer in the end.