請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/53883完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 李存修(Tsun-Siou Lee),陳思寬(Shi-Kuan Chen) | |
| dc.contributor.author | Chih-Hsiung Shyu | en |
| dc.contributor.author | 徐智雄 | zh_TW |
| dc.date.accessioned | 2021-06-16T02:32:20Z | - |
| dc.date.available | 2017-08-31 | |
| dc.date.copyright | 2015-08-31 | |
| dc.date.issued | 2015 | |
| dc.date.submitted | 2015-07-29 | |
| dc.identifier.citation | 參考文獻
中文部分 專書： 巫和懋與夏珍 (2002) 賽局高手：全方位策略與應用.，時報文化出版企業股份有限公司。 英文部分 Books： Bodie, Z. K. A. (1992). Essentials of investments. Bartlett, C. A., and Ghoshal, S. (2000). Transnational management (Vol. 4). Boston, MA: McGraw Hill. Dixit, A. K., and Skeath, S. (1999). Games of strategy. New York: Norton. Ross, S. A. (2007). Corporate finance: Core principles and applications. Irwin/McGraw-Hill. Ross, S. (2011). Core principles and applications of corporate finance. New York: McGraw-Hill/Irwin. Journal: Adam, T. R., and Fernando, C. S. (2006). Hedging, speculation, and shareholder value. Journal of Financial Economics, 81(2), 283-309. Adler, M., and Dumas, B. (1984). Exposure to currency risk: definition and measurement. Financial management, 41-50. Allayannis, G., and Weston, J. P. (2001). The use of foreign currency derivatives and firm market value. Review of financial studies, 14(1), 243-276. Allayannis, G., Ihrig, J., and Weston, J. P. (2001). Exchange-rate hedging: Financial versus operational strategies. American Economic Review, 391-395. Arize, A. C., Osang, T., and Slottje, D. J. (2000). Exchange-rate volatility and foreign trade: evidence from thirteen LDC's. Journal of Business and Economic Statistics, 18(1), 10-17. Bartov, E., Bodnar, G. M., and Kaul, A. (1996). Exchange rate variability and the riskiness of US multinational firms: evidence from the breakdown of the Bretton Woods system. Journal of Financial Economics, 42(1), 105-132. Bartram, S. M. (2008). What lies beneath: Foreign exchange rate exposure, hedging and cash flows. Journal of Banking and Finance, 32(8), 1508-1521. Bartram, S. M., and Bodnar, G. M. (2007). The exchange rate exposure puzzle.Managerial Finance, 33(9), 642-666. Bartram, S. M., and Karolyi, G. A. (2006). The impact of the introduction of the Euro on foreign exchange rate risk exposures. Journal of Empirical Finance,13(4), 519-549. Bartram, S. M., Brown, G. W., and Minton, B. A. (2010). Resolving the exposure puzzle: The many facets of exchange rate exposure. Journal of Financial Economics, 95(2), 148-173. Batten, J., Mellor, R., and Wan, V. (1993). Foreign exchange risk management practices and products used by Australian firms. Journal of International Business Studies, 557-573. Belk, P. A., and Glaum, M. (1990). The management of foreign exchange risk in UK multinationals: An empirical investigation. Accounting and Business Research, 21(81), 3-13. Bodnar, G. M., and Gebhardt, G. (1999). Derivatives Usage in Risk Management by US and German Non‐Financial Firms: A Comparative Survey. Journal of International Financial Management and Accounting, 10(3), 153-187. Bodnar, G. M., and Gentry, W. M. (1993). Exchange rate exposure and industry characteristics: evidence from Canada, Japan, and the USA. Journal of international Money and Finance, 12(1), 29-45. Booth, L., and Rotenberg, W. (1990). Assessing Foreign Exchange Exposure: Theory and Application Using Canadian Firms*. Journal of International Financial Management and Accounting, 2(1), 1-22. Bradley, K., and Moles, P. (2002). Managing strategic exchange rate exposures: evidence from UK firms. Managerial Finance, 28(11), 28-42. Brown, G. W. (2001). Managing foreign exchange risk with derivatives. Journal of Financial Economics, 60(2), 401-448. Caldentey, R., and Haugh, M. B. (2009). Supply contracts with financial hedging. Operations Research, 57(1), 47-65. Carter, D., Pantzalis, C., and Simkins, B. J. (2001). Firmwide risk management of foreign exchange exposure by US multinational corporations. Available at SSRN 255891. Chen, C. C., and So, R. W. (2002). Exchange rate variability and the riskiness of US multinational firms: evidence from the Asian financial turmoil. Journal of Multinational Financial Management, 12(4), 411-428. Choi, J. J. (1986). A model of firm valuation with exchange exposure. Journal of International Business Studies, 153-160. Choi, J. J., and Elyasiani, E. (1997). Derivative exposure and the interest rate and exchange rate risks of US banks. Journal of Financial Services Research, 12(2-3), 267-286. Choi, J. J., and Jiang, C. (2009). Does multinationality matter? Implications of operational hedging for the exchange risk exposure. Journal of Banking and Finance, 33(11), 1973-1982. Choi, J. J., and Prasad, A. M. (1995). Exchange risk sensitivity and its determinants: a firm and industry analysis of US multinationals. Financial Management, 77-88. Chow, E. H., Lee, W. Y., and Solt, M. E. (1997). The economic exposure of US multinational firms. Journal of Financial Research, 20(2), 191-210. Chowdhry, B., and Howe, J. T. (1999). Corporate risk management for multinational corporations: financial and operational hedging policies. European Finance Review, 2(2), 229-246. Chue, T. K., and Cook, D. (2008). Emerging market exchange rate exposure.Journal of Banking and Finance, 32(7), 1349-1362. Crabb, P. R. (2002). Multinational corporations and hedging exchange rate exposure. International Review of Economics and Finance, 11(3), 299-314. Cushman, D. O. (1983). The effects of real exchange rate risk on international trade. Journal of international Economics, 15(1), 45-63. Cushman, D. O. (1985). Real exchange rate risk, expectations, and the level of direct investment. The Review of Economics and Statistics, 297-308. Dhanani, A. (2003). Foreign exchange risk management: a case in the mining industry. The British Accounting Review, 35(1), 35-63. Dohring, B. (2008). Hedging and invoicing strategies to reduce exchange rate exposure-a euro-area perspective (No. 299). Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission. Doidge, C., Griffin, J., and Williamson, R. (2006). Measuring the economic importance of exchange rate exposure. Journal of Empirical Finance, 13(4), 550-576. Dominguez, K. M., and Tesar, L. L. (2006). Exchange rate exposure. Journal of International Economics, 68(1), 188-218. Dornbusch, R. (1976). Expectations and exchange rate dynamics. The Journal of Political Economy, 1161-1176. Dornbusch, R. (1985). Exchange rates and prices. Dufey, G., and Srinivasulu, S. L. (1983). The case for corporate management of foreign exchange risk. Financial Management, 54-62. Erb, C. B., Harvey, C. R., and Viskanta, T. E. (1996). Political risk, economic risk, and financial risk. Financial Analysts Journal, 52(6), 29-46. Fauceglia, D., Shingal, A., and Wermelinger, M. (2012). 'Natural Hedging'of Exchange Rate Risk: The Role of Imported Input Prices. Available at SSRN 2084190. Fung, W., and Hsieh, D. A. (2000). Performance characteristics of hedge funds and commodity funds: Natural vs. spurious biases. Journal of Financial and Quantitative Analysis, 35(03), 291-307. Gatignon, H., and Anderson, E. (1988). The multinational corporation's degree of control over foreign subsidiaries: An empirical test of a transaction cost explanation. Journal of Law, Economics, and Organization, 305-336. Glaum, M. (2002). The determinants of selective exchange risk management–evidence from German non‐financial corporations. Journal of Applied Corporate Finance, 14(4), 108-121. Goswami, G., and Shrikhande, M. M. (2001). Economic exposure and debt financing choice. Journal of Multinational Financial Management, 11(1), 39-58. Guay, W., and Kothari, S. P. (2003). How much do firms hedge with derivatives?.Journal of Financial Economics, 70(3), 423-461. Ghemawat, P. (2001). Distance still matters. Harvard business review, 79(8), 137-147. Hagelin, N. (2003). Why firms hedge with currency derivatives: an examination of transaction and translation exposure. Applied Financial Economics, 13(1), 55-69. Hagelin, N., and Pramborg, B. (2004). Hedging foreign exchange exposure: risk reduction from transaction and translation hedging. Journal of International Financial Management and Accounting, 15(1), 1-20. Hagelin, N., and Pramborg, B. (2006). Empirical evidence concerning incentives to hedge transaction and translation exposures. Journal of Multinational Financial Management, 16(2), 142-159. Hakkarainen, A., Joseph, N., Kasanen, E., and Puttonen, V. (1998). The foreign exchange exposure management practices of Finnish industrial firms. Journal of International Financial Management and Accounting, 9(1), 34-57. He, J., and Ng, L. K. (1998). The foreign exchange exposure of Japanese multinational corporations. The Journal of Finance, 53(2), 733-753. Hofmann, E. (2011). Natural hedging as a risk prophylaxis and supplier financing instrument in automotive supply chains. Supply Chain Management: An International Journal, 16(2), 128-141. Holthausen, D. M. (1979). Hedging and the competitive firm under price uncertainty. The American Economic Review, 989-995. Hooper, P., and Kohlhagen, S. W. (1978). The effect of exchange rate uncertainty on the prices and volume of international trade. Journal of International Economics, 8(4), 483-511. Itagaki, T. (1981). The theory of the multinational firm under exchange rate uncertainty. Canadian Journal of Economics, 276-297. Jacque, L. L. (1981). Management of foreign exchange risk: a review article.Journal of International Business Studies, 81-101. Jeanne, O. (2000). Foreign currency debt and the global financial architecture. European Economic Review, 44(4), 719-727. Jorion, P. (1990). The exchange-rate exposure of US multinationals. Journal of business, 331-345. Karimunda, M. (2009). Financial Hedging Strategies: A study of the practice in four major Swedish banks. Kim, W., and Sung, T. (2005). What makes firms manage FX risk?. Emerging markets review, 6(3), 263-288. Kim, Y. S., Mathur, I., and Nam, J. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of Corporate Finance, 12(4), 834-853. Kumar, N., and Puranam, P. (2011). THE GLOBE-Have You Restructured For Global Success?. Harvard Business Review, 123. Marshall, A. P. (2000). Foreign exchange risk management in UK, USA and Asia Pacific multinational companies. Journal of Multinational Financial Management, 10(2), 185-211. Marshall, A., and Weetman, P. (2007). Modelling transparency in disclosure: the case of foreign exchange risk management. Journal of Business Finance and Accounting, 34(5‐6), 705-739. Marston, R. C. (2001). The effects of industry structure on economic exposure.Journal of International Money and Finance, 20(2), 149-164. Martin, A. D., and Mauer, L. J. (2003). Transaction versus economic exposure: which has greater cash flow consequences?. International Review of Economics and Finance, 12(4), 437-449. Martin, A. D., and Mauer, L. J. (2005). A note on common methods used to estimate foreign exchange exposure. Journal of International Financial Markets, Institutions and Money, 15(2), 125-140. Meese, R. A., and Rogoff, K. (1983). Empirical exchange rate models of the seventies: Do they fit out of sample?. Journal of international economics, 14(1), 3-24. Miller, K. D. (1992). A framework for integrated risk management in international business. Journal of international business studies, 311-331. Miller, K. D., and Reuer, J. J. (1998). Firm strategy and economic exposure to foreign exchange rate movements. Journal of International Business Studies, 493-513. Moguillansky, G. (2002). Non-financial corporate risk management and exchange rate volatility in Latin America (No. 2002/30). WIDER Discussion Papers//World Institute for Development Economics (UNU-WIDER). Muller, A., and Verschoor, W. F. (2006). Foreign exchange risk exposure: Survey and suggestions. Journal of Multinational Financial Management, 16(4), 385-410. Muller, U. A., Dacorogna, M. M., Olsen, R. B., Pictet, O. V., Schwarz, M., and Morgenegg, C. (1990). Statistical study of foreign exchange rates, empirical evidence of a price change scaling law, and intraday analysis. Journal of Banking and Finance, 14(6), 1189-1208. Nguyen, H., and Faff, R. (2003). Can the use of foreign currency derivatives explain variations in foreign exchange exposure?: evidence from Australian companies. Journal of Multinational Financial Management, 13(3), 193-215. Obstfeld, M., and Rogoff, K. (1998). Risk and exchange rates (No. w6694). National bureau of economic research. Pantzalis, C., Simkins, B. J., and Laux, P. A. (2001). Operational hedges and the foreign exchange exposure of US multinational corporations. Journal of International Business Studies, 793-812. Papaioannou, M. G. (2006). Exchange rate risk measurement and management: Issues and approaches for firms. Peree, E., and Steinherr, A. (1989). Exchange rate uncertainty and foreign trade.European Economic Review, 33(6), 1241-1264. Pramborg, B. (2005). Foreign exchange risk management by Swedish and Korean nonfinancial firms: A comparative survey. Pacific-Basin Finance Journal, 13(3), 343-366. Rawls, S. W., and Smithson, C. W. (1990). Strategic risk management. Journal of Applied Corporate Finance, 2(4), 6-18. Reeb, D. M., Kwok, C. C., and Baek, H. Y. (1998). Systematic risk of the multinational corporation. Journal of International Business Studies, 263-279. Sarantis, N. (2006). On the short-term predictability of exchange rates: A BVAR time-varying parameters approach. Journal of Banking and Finance, 30(8), 2257-2279. Shapiro, A. C., and Rutenberg, D. P. (1976). Managing exchange risks in a floating world. Financial Management, 48-58. Smith, C. W., and Stulz, R. M. (1985). The determinants of firms' hedging policies.Journal of financial and quantitative analysis, 20(04), 391-405. Spano, M. (2004). Determinants of hedging and its effects on investment and debt. Journal of Corporate Finance, 10(1), 175-197. Viaene, J. M., and De Vries, C. G. (1992). International trade and exchange rate volatility. European Economic Review, 36(6), 1311-1321. Weiss, D., and Maher, M. W. (2009). Operational hedging against adverse circumstances. Journal of Operations Management, 27(5), 362-373. Williamson, R. (2001). Exchange rate exposure and competition: evidence from the automotive industry. Journal of financial Economics, 59(3), 441-475. Wong, K. P. (2007). Operational and financial hedging for exporting firms.International Review of Economics and Finance, 16(4), 459-470. Wong, M. F. (2000). The association between SFAS No. 119 derivatives disclosures and the foreign exchange risk exposure of manufacturing firms.Journal of Accounting Research, 387-417. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/53883 | - |
| dc.description.abstract | 摘要
匯率波動所帶來的交易風險、轉換風險及經濟風險，會嚴重影響到跨國公司的經營績效及競爭力。交易風險及轉換風險可以財務曝險部位來計算，但是經濟風險則不易量化，因為其包含短期及長期的經營風險。針對交易風險以及轉換風險，一般以對沖的策略來因應。跨國公司之財務部門在金融市場上操作對沖，以規避匯率波動所造成的風險，但是在短期操作對沖有可能得到負面的結果，而且對沖所產生的財務成本會變成跨國公司額外的成本負擔。所以對沖的有效性與及時性往往不能滿足跨國公司有效管理匯率波動風險的需求。經濟風險則必須回歸到經營競爭策略之及時調整才能有效管理匯率波動所造成的短期及長期之經營風險。 本研究首先討論，在單一國家匯率貶值，多個國家匯率貶值及多個國家匯率不確定的三種狀況下，跨國公司以成本結構、市場價格、通路管理以及政府對匯率的政策走向等四個構面，來制定因應匯率波動的價格策略，並且以賽局理論的架構來探討，以競爭對手的思維來制定價格策略及決定執行模式。 其次，本研究探討，在匯率不確定的狀況下，跨國公司與競爭對手採用不同功能性貨幣的競爭分析。當跨國公司具有匯率優勢時，所應採取的價格策略及執行策略模式，而相對的，跨國公司在面臨匯率劣勢時，所應該採取的策略及其執行模式。我們仍然以賽局理論的架構來為跨國公司提供最合適的策略及在市場上與競爭對手競爭的模式。 期望本研究所提出之匯率波動風險下，跨國公司的價格策略架構、競爭分析模型及執行方式，能為跨國公司有效管理匯率波動所造成的經營風險有所貢獻。 關鍵字：匯率波動，轉換風險，交易風險，經濟風險，對沖，營運對沖，財務對沖，合約對沖，賽局理論，價格策略，營運綜效，可信的承諾，邊緣策略運用。 | zh_TW |
| dc.description.abstract | Abstract
The fluctuation of foreign exchange rate could pose as a risk to not only a transnational enterprise’s financial well-being, but also the enterprise’s competitiveness. The fluctuation of foreign exchange rate could impact one single country, or multiple countries or regions， simultaneously. These risks include translation risk, transaction risk, and economic risk. The risks of translation and transaction can be measured by financial exposure, but economic risk is difficult to quantify because it includes both short term and long term operation factors. The method in which a transnational enterprise employs to manage the impact of foreign exchange rate risks is critical to the successfulness of the enterprise in a highly competitive environment. Usually, most transnational enterprises apply hedging policies operated by their treasury departments in the financial market. However, the effectiveness of hedging is doubtful because it could still have negative results in the short term and it could increase the fixed financial cost of the enterprises. In this research, we would like to discover structured methodologies for a multinational enterprise to effectively manage the uncertainties caused by foreign exchange rate fluctuations and as a result improve its competiveness. Firstly, we analyze how to formulate and implement a price strategy under a declining trend in the exchange rates in a single country as well as multiple countries. This includes 4 key aspects: cost structure, market price, channel management, and government policy. Secondly, we invent strategies of competition for a transnational company to compete with its rivals under the dynamic fluctuations of foreign exchange rates. We apply the principles of game theory in this research to identify the optimal strategy in a competitive environment. This research will provide suggestions of how to establish competition strategies with an advantageous foreign exchange rate and also with a disadvantageous of foreign exchange rate for transnational enterprises. Hopefully, this research can provide useful models for transnational enterprises to manage risks caused by foreign exchange rate fluctuations and consequently improve their competitiveness. Keywords: Foreign Exchange Rate Fluctuation, Translation Risk, Transaction Risk, Economic Risk, Hedging Policy, Operating hedges, Financial Hedges, Contractual Hedges, Game Theory, Price Strategy, Operation Synergy, Creditable Commitment, Brinkmanship. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-16T02:32:20Z (GMT). No. of bitstreams: 1 ntu-104-P02746020-1.pdf: 4923797 bytes, checksum: 1e7cc585aa61d7fcb0665a229f383bfd (MD5) Previous issue date: 2015 | en |
| dc.description.tableofcontents | 目錄
第一章 緒論 1 第一節 研究背景 1 第二節 研究問題 3 第三節 研究目的 5 第四節 研究流程 6 第二章 匯率風險相關的文獻探討及產業分析 8 第一節 匯率變動對企業經營之影響 8 第二節 匯率相關之產業分析－以液晶電視為例 13 第三節 不同匯率風險之避險方式 16 第四節 匯率風險之避險策略 21 第五節 各種避險方式之比較 31 第三章 匯率變動下跨國企業之價格策略 37 第一節 匯率變動與價格策略之關係 37 第二節 匯率在單一國家貶值跨國公司及競爭對手的價格策略 50 第三節 多個國家匯率貶值，跨國公司及競爭對手的價格策略 61 第四節 多個國家匯率不確定狀況下，跨國公司之競爭價格策略 73 第四章 匯率不確定狀況及功能性貨幣不同狀況下之競爭分析 81 第一節 匯率預期不同狀況下之競爭分析 82 第二節 跨匯率預期均不正確狀況下之競爭分析 86 第三節 使用不同功能性貨幣的競爭分析 – 跨國公司面臨劣勢 89 第四節 使用不同功能性貨幣的競爭分析 – 跨國公司具有優勢 95 第五章 結論與建議 100 第一節 各種不同匯率狀況之價格策略的制定及實施 101 第二節 研究限制與未來研究方向 106 參考文獻 108 | |
| dc.language.iso | zh-TW | |
| dc.subject | 邊緣策略運用 | zh_TW |
| dc.subject | 匯率波動 | zh_TW |
| dc.subject | 轉換風險 | zh_TW |
| dc.subject | 交易風險 | zh_TW |
| dc.subject | 經濟風險 | zh_TW |
| dc.subject | 對沖 | zh_TW |
| dc.subject | 營運對沖 | zh_TW |
| dc.subject | 財務對沖 | zh_TW |
| dc.subject | 合約對沖 | zh_TW |
| dc.subject | 賽局理論 | zh_TW |
| dc.subject | 價格策略 | zh_TW |
| dc.subject | 營運綜效 | zh_TW |
| dc.subject | 可信的承諾 | zh_TW |
| dc.subject | Brinkmanship. | en |
| dc.subject | Financial Hedges | en |
| dc.subject | Contractual Hedges | en |
| dc.subject | Game Theory | en |
| dc.subject | Price Strategy | en |
| dc.subject | Operation Synergy | en |
| dc.subject | Creditable Commitment | en |
| dc.subject | Foreign Exchange Rate Fluctuation | en |
| dc.subject | Translation Risk | en |
| dc.subject | Transaction Risk | en |
| dc.subject | Economic Risk | en |
| dc.subject | Hedging Policy | en |
| dc.subject | Operating hedges | en |
| dc.title | 匯率風險下跨國企業之避險、定價與競爭策略：
賽局理論之應用 | zh_TW |
| dc.title | Hedging, Pricing and Competition Strategies for Multinational Corporations under Exchange Rate Risk: From the Perspective of Game Theory | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 103-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 廖咸興(Hsien-Hsing Liao) | |
| dc.subject.keyword | 匯率波動,轉換風險,交易風險,經濟風險,對沖,營運對沖,財務對沖,合約對沖,賽局理論,價格策略,營運綜效,可信的承諾,邊緣策略運用, | zh_TW |
| dc.subject.keyword | Foreign Exchange Rate Fluctuation,Translation Risk,Transaction Risk,Economic Risk,Hedging Policy,Operating hedges,Financial Hedges,Contractual Hedges,Game Theory,Price Strategy,Operation Synergy,Creditable Commitment,Brinkmanship., | en |
| dc.relation.page | 117 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2015-07-29 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業管理組 | zh_TW |
| 顯示於系所單位： | 國際企業管理組 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-104-1.pdf 未授權公開取用 | 4.81 MB | Adobe PDF |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。