為何經驗豐富避險者仍會報導避險損失？ 以台積電及華航為例

Abstract

This study examines the hedging behaviors and outcomes of Taiwan Semiconductor Manufacturing Co. and China Airlines under the hedging accounting framework from 2013 to 2022, focusing on their strategies to manage financial risks. The study analyzes their hedging losses in currency exchange, interest rates, stock market, and commodity prices, highlighting the wide application of proactive timing-selective approaches to enhance hedging effectiveness and financial performance. The research also explores the impact of the COVID-19 pandemic on hedging activities, showing varied results for the two companies. Through backward examination, the result reveals that utilizing the timing-selective method to diversify risk, still might generate hedging losses. In the event of a severe pandemic outbreak, such as the COVID-19 pandemic, a sudden shift in market sentiment can result in significant hedging losses if managers fail to respond effectively with appropriate hedging strategies. This study examines hedging practices, identifies the causes of hedging losses, and offers insights for financial managers and counterparties.

This study examines the hedging behaviors and outcomes of Taiwan Semiconductor Manufacturing Co. and China Airlines under the hedging accounting framework from 2013 to 2022, focusing on their strategies to manage financial risks. The study analyzes their hedging losses in currency exchange, interest rates, stock market, and commodity prices, highlighting the wide application of proactive timing-selective approaches to enhance hedging effectiveness and financial performance. The research also explores the impact of the COVID-19 pandemic on hedging activities, showing varied results for the two companies. Through backward examination, the result reveals that utilizing the timing-selective method to diversify risk, still might generate hedging losses. In the event of a severe pandemic outbreak, such as the COVID-19 pandemic, a sudden shift in market sentiment can result in significant hedging losses if managers fail to respond effectively with appropriate hedging strategies. This study examines hedging practices, identifies the causes of hedging losses, and offers insights for financial managers and counterparties.