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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 曾智揚 | zh_TW |
| dc.contributor.advisor | Chih-Yang Tseng | en |
| dc.contributor.author | 李佳霖 | zh_TW |
| dc.contributor.author | Chia-Lin Lee | en |
| dc.date.accessioned | 2024-06-17T16:07:26Z | - |
| dc.date.available | 2024-06-18 | - |
| dc.date.copyright | 2024-06-17 | - |
| dc.date.issued | 2024 | - |
| dc.date.submitted | 2024-05-30 | - |
| dc.identifier.citation | 黃女瑛.(2010, May 26).茂迪向台積電學匯率避險.Digitimes. https://www.digitimes.com.tw/tech/dt/n/shwnws.asp?id=0000184167_t1s06fwe75cwe96vv14av
陳健宏. (2012, May 22). 企業報導>避險操作佳 唯有華航賺錢. Moneyweekly. https://www.moneyweekly.com.tw/Magazine/Info/%E7%90%86%E8%B2%A1%E5%91%A8%E5%88%8A/5686 Alkeback, P. and N. Hagelin (1999). Derivative usage by nonfinancial firms in Sweden with an international comparison, Journal of International Financial Management and Accounting, 10(2), 105-120. Allayannis, G., & Ofek, E. (2001). Exchange rate exposure, hedging, and the use of foreign currency derivatives, Journal of international money and finance, 20(2), 273-296. Ahmed, S., Judge, A., & Mahmud, S. E. (2018). Does derivatives use reduce the cost of equity? International Review of Financial Analysis, 60, 1–16. Bartram, S. M. (2019). Corporate hedging and speculation with derivatives, Journal of Corporate Finance, 57, 9–34. Bartram, S. M., Brown, G. W., & Conrad, J. (2011). The effects of derivatives on firm risk and value, Journal of Financial & Quantitative Analysis, 46(4), 967–999. Block, S.B. and T.J. Gallagher (1986). The use of interest rate futures and options by corporate financial managers, Financial Management, 15(Autumn), 73-78. Bondnar, G.M., G.S. Hayt, R.C. Marston, and C.W. Smithson (1995). Wharton survey of derivatives usage by US non-financial firms, Financial Management, 27(4), 104-114. Bondnar, G.M., G.S. Hayt, R.C. Marston, and C.W. Smithson (1998). Wharton survey of financial risk management by US non-financial firms, Financial Management, 27(4), 70-91. Booth, J.R., R.L. Smith, and R.W. Stolz (1984). The use of interest futures by financial institutions, Journal of Bank Research, 15(1), 15-20. Block, S.B., & Gallagher, T. J. (1986). The Use of Interest Rate Futures and Options by Corporate Financial Managers, Financial Management, 15(3), 73–78. Carter, David, Daniel Rogers, and Betty Simkins(2006). Does hedging affect firm value? Evidence from the US airline industry, Financial Management 35, 53-86. Carter, David, Daniel Rogers, and Betty Simkins(2006). Hedging and value in the US airline industry, Journal of Applied Corporate Finance 18, 20-34. Dolde, W. (1993). The trajectory of corporate financial risk management, Journal of Applied Corporate Finance, 6(3), 33-41. Dinh, T., & Seitz, B. (2020). The Information Content of Hedge Accounting: Evidence from the European Banking Industry, Journal of International Accounting Research, 19(2), 91-115. Erik P. Gilje and Jérôme P. Taillard (2017). Does Hedging Affect Firm Value? Evidence from a Natural Experiment, The Review of Financial Studies, Vol. 30, No. 12, 4083-4132. Frestad, Dennis & Beisland, Leif. (2015). Hedge Effectiveness Testing as a Screening Mechanism for Hedge Accounting: Does It Work?, Journal of Accounting, Auditing & Finance,30, 35-56. Géczy, C., B. Minton, and C. Schrand (1997). Why firms use currency derivatives?, Journal of Finance, 52(4), 1323-1354. Huang, P. K., Lin, Y. C., and Chang, S. C., 2022. Does Hedging Really Increase Family Firms’ Value?, Sun Yat-sen Management Review, Vol. 30, No. 3, 515–554. Hughen, L. (2010). When do accounting earnings matter more than economic earnings? Evidence from hedge accounting restatements, Journal of Business Finance & Accounting, 37(9/10), 1027–1056. Jensen, M.C. and W.H. Meckling (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3(4), 305-360. Jorion, P. (1990). The exchange-rate exposure of U.S. multinationals, Journal of Business, 63(3), 331-345. Jun Chen, Tao-Hsien Dolly King (2014). Corporate hedging and the cost of debt. Journal of Corporate Finance, Volume 29, Pages 221-245. Kim, E.H. (1978). A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 33(1), 45-63. Mayers, D. and C. Smith (1982). On the corporate demand for in insurance, Journal of Business, 55(2), 281-296. Myers, S.C. (1977). The determinants of corporate borrowing, Journal of Financial Economics, 5(3), 147-175. Nance, D.R., C.W. Smith, and C.W. Smithson (1993). On the determinants of corporate hedging, Journal of Finance, 48(1), 267-281. Pakkanen Sara (2021). Surviving the bear attack : Did hedgers effectively hedge during the COVID-19 market crash?. Tamer Elshandidy and Albert Acheampong (2021). Does hedge disclosure influence cost of capital for European banks?, International Review of Financial Analysis, 78. Viktoria Müller (2020). Hedge Accounting and its Consequences on Portfolio Earnings – A Simulation Study, Accounting in Europe, Taylor & Francis Journals, vol. 17(2), pages 204-237. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92730 | - |
| dc.description.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. | zh_TW |
| dc.description.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. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-06-17T16:07:26Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-06-17T16:07:26Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | Acknowledgment ii
Abstract iii Table of Contents iv List of Tables and Figures v 1. Introduction 1 1.1 Background 1 1.2 Research Aims and Objectives 3 1.3 Structure of the Case Study 4 1.4 Importance and Significance of the Study 5 2. Literature Review 7 2.1 Relevant Literature on Hedge Accounting 7 2.2 Relevant Literature on Financial Products 9 2.3 Research on Hedging Losses for Financial Instruments Usage 13 3. Case Study Background 15 3.1 TSMC Background 15 3.2 China Airlines Background 16 3.3 Comparison 17 3.4 Hedging Performance 17 4. Analysis Approach and Results 20 4.1 Analysis Approach 20 4.2 TSMC’s Hedging Losses 21 4.3 China Airlines’ Hedging Losses 26 4.4 Summary 33 5. Conclusion 34 5.1 Research Conclusion and Implications 34 5.2 Scope and Limitations 35 5.3 Areas for Future Research 36 References 37 | - |
| dc.language.iso | en | - |
| dc.subject | 衍生性金融商品 | zh_TW |
| dc.subject | 避險損失 | zh_TW |
| dc.subject | 台灣金融市場 | zh_TW |
| dc.subject | 避險會計 | zh_TW |
| dc.subject | hedge accounting | en |
| dc.subject | hedging losses | en |
| dc.subject | derivatives | en |
| dc.subject | Taiwan financial markets | en |
| dc.title | 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 | zh_TW |
| dc.title | Why Do Experienced Hedgers Report Hedging Losses? The Cases of TSMC and China Airlines | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 112-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 吳淑鈴;黃祥宇 | zh_TW |
| dc.contributor.oralexamcommittee | Shu-Ling Wu;Xiang-Yu Huang | en |
| dc.subject.keyword | 避險會計,避險損失,衍生性金融商品,台灣金融市場, | zh_TW |
| dc.subject.keyword | hedge accounting,hedging losses,derivatives,Taiwan financial markets, | en |
| dc.relation.page | 39 | - |
| dc.identifier.doi | 10.6342/NTU202401031 | - |
| dc.rights.note | 同意授權(限校園內公開) | - |
| dc.date.accepted | 2024-05-30 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 企業管理碩士專班 | - |
| dc.date.embargo-lift | 2029-05-30 | - |
| 顯示於系所單位： | 管理學院企業管理專班(Global MBA) | |
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