一般企業財務避險策略之建構－ 以電力製造業為例

Abstract

企業經營者採取不同的避險策略將對企業造成截然不同的結果與影響，本研究以國內企業經營者的角度，深入探討企業面臨財務風險時，應如何依據公司自身的營運與產業特性，建構出合適的財務避險策略，而達到管理財務風險之目的。本研究以台灣電力公司為例作為說明，詳細分析電力製造業的營運特性，並為其建構財務避險策略。 另一方面，隨著會計實務之變革，明年初起將實施的財會準則第三十四號公報對於企業之避險行為也會有重大之影響，這些與避險活動相關之會計處理也是本研究十分關注之議題。因此，本研究除了從企業經營者之角度探討一個企業應如何建構避險策略之外，也將上述所建議之避險策略更進一步落實於會計處理的新規範之中。

Different financial hedging strategy will have diverse impact on business entities. This thesis draws on the method of industry analysis and risk management and aims to think in the view of the total value of a business, and tries to establish financial hedging strategies for the business. In order to illustrate, this thesis takes Taiwan Power Company for example. Moreover, with the big change in accounting standards, hedging activities of business will be influenced by these new accounting rules. This thesis also takes into account the new accounting standard of No.34 that will be introduced in the very next year. In sum, this thesis aims to give management some suggestions on financial risk management, and tries to establish financial hedging strategies for businesses. Finally, this thesis will apply the new accounting standard to these financial hedging strategies and illustrations.