公司治理與避險效果

Abstract

1997年亞洲金融風暴後，公司治理在亞洲地區受到廣泛的注意，OECD在1999年發布OECD公司治理原則。台灣在1998年後，公司治理也漸漸受到政府的重視，2006年正式將公司治理規範納入公司法，希望能增強台灣企業的競爭力和減少企業舞弊。除了公司治理的重要性之外，因為台灣多為出口導向型的企業，如何避險成為企業重要的財務議題。本文探討公司治理因子對於衍生性金融商品避險策略的影響，以及公司治理是否會影響衍生性金融商品避險和股價報酬波動性之間的關係，研究議題為: 一、公司治理與衍生性金融商品避險之關係 二、公司治理是否會透過衍生性金融商品避險策略對股價報酬波動產生影響 研究發現，公司治理的確會影響公司使用衍生性金融商品避險的策略，外資法人持股、最終控制股東現金權和董監事持股比率對於避險比率都有顯著正向的影響。但是公司治理並不會影響避險策略和股價報酬波動之間的關係，也就是說公司治理不會以衍生性金融商品避險策略為管道，影響股價報酬的波動性。不過公司治理會影響股價報酬波動性，可能是經由其他方式影響。本研究補強了過去文獻較少提及的公司治理對於股價報酬波動的影響，也將公司治理、避險策略和股價報酬波動的關係做更深入的研究。

After the Asia Financial Crisis of 1997, corporate governance has become an important issue in Asia. In 1999, OECD launched “OECD Principles of Corporate Governance” and declared that the competitiveness of Asian enterprises will lie on corporate governance. After 1998, Taiwan revises the Company Act in order to strengthen corporate governance and decrease corporation collapse due to accounting frauds. In addition to the importance of corporate governance, the hedging strategy is essential to Taiwanese companies because of the export orientation of the economy. Thus, this paper discusses these two issues: 1. The relationship between corporate governance and derivatives hedging 2. The effects of corporate governance on the relationship between derivatives hedging and stock return volatility The results of this study show that corporate governance will affect derivatives hedging. The foreign institutional ownership, cash flow right, and ¬director ownership have significant positive effects on hedge ratio. However, although corporate governance can influence derivatives hedging strategies, it does not significantly change the relationship between derivatives hedging and stock return volatility. This study contributes to the literature by examining the impact of corporate governance on derivatives hedging, and whether corporate governance affects stock return volatility through its impact on derivatives hedging.