University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

University of Macau / Faculty of Education

University of Macau / Faculty of Social Sciences. / Department of Government and Public Administration

University of Macau / Faculty of Social Sciences / Department of History

University of Macau / Faculty of Arts and Humanities. / Department of Chinese

Thesis (M.A.)--香港中文大學. / Manuscript. / Includes bibliographical references(leaves 314-326). / Thesis (M.A.)--Xianggang Zhong wen da xue. / Chapter 一 --- 緒論 / Chapter 二 --- 官辦時期 / Chapter ´¡　 --- 漢陽鐵廠創辦的目的和經過 / Chapter 1 --- 張之洞創辦漢陽鐵廠的目的 / Chapter 2 --- 鐵廠創辦的經過 / Chapter ´Ł　 --- 燃料問題 / Chapter ´Ø　 --- 機器問題 / Chapter ´Ð　 --- 廠址問題 / Chapter 三 --- 官督商辦時期 / Chapter ´¡　 --- 鐵廠改歸官督商辦的經過 / Chapter ´Ł　 --- 燃料問題的解決´Ð萍鄉煤礦的開採 / Chapter ´Ø　 --- 與日本簽訂預借生鐵礦石價值合同的經過和影響 / Chapter ´Ð --- 機器設備的改良和擴充 / Chapter ´Þ --- 新廠址的建議 / Chapter 四 --- 商辦時期 / Chapter ´¡　 --- 清末 / Chapter 1 --- 漢治萍煤鐵廠研的合併 / Chapter 2 --- 股本的籌集 / Chapter 3 --- 經營概況 / Chapter ´Ł　 --- 民初 / Chapter 1 --- 中中合辦的問題 / Chapter 2 --- 省有問題 / Chapter 3 --- 國有問題 / Chapter 4 --- 官商合辦的問題 / Chapter ´Ø　 --- 歐戰時期 / Chapter 1 --- 歐戰對漢治萍公司的影響 / Chapter 2 --- 廿一條與漢治萍公司 / Chapter ´Ð　 --- 歐戰以後 / Chapter 1 --- 漢治萍公司的波落 / Chapter 2 --- 波落後的漢治萍公司 / Chapter 五 --- 漢治萍公司失敗的原因 / Chapter ´¡　 --- 計畫不周 / Chapter ´Ł　 --- 經營不善 / Chapter ´Ø　 --- 用人不當 / Chapter ´Ð --- 環境不良 / Chapter ´Þ --- 成本高昂 / Chapter 六 --- 總結

University of Macau / Faculty of Social Sciences and Humanities / Department of History

本篇論文以新光鋼鐵作為企業外匯避險實務之研究對象，從公司之經營策略及財務特性進行分析，並針對公司之長期避險策略與理念進行研究。 深受鋼鐵產業之產業特性影響，公司本業受景氣波動影響程度大。此外，為配合公司轉型，新光鋼鐵財務特性亦出現營運週期增加、存貨占公司資產比例偏高、速動比率偏低的現象，在因為企業轉型而使營運風險漸增的情形下，如何有效穩定公司現金流、降低風險為新光鋼鐵首要任務。新光鋼鐵銷貨成本約有六成以外幣結算，其中又以美元為大宗；對於毛利率偏低的產業而言，美元的變化對公司營運表現顯得格外重要，因此新光鋼鐵以長期匯率變化及市場觀察經驗，研擬出「比例式變動法」之動態避險準則，降低外匯變化對於公司營運之衝擊。本論文除介紹此動態避險準則外，同時亦著重公司長期體悟之避險心境法則。論文中以台灣過去所遭遇較嚴重之金融衝擊事件作為避險績效討論，分別為1997年亞洲金融風暴、2000年網路科技泡沫化、2008次級房貸事件及2013美國QE進場。在此重要事件中，新光鋼鐵因採取積極之避險策略，成功降低公司現金支付美元負債之支出，對企業維持長期競爭優勢具有一定幫助。從數據分析中發現，新光鋼鐵避險策略長期而言仍受匯率走勢之影響，然而在短期及市場極端狀況發生時，避險效果明確。對於多數台灣中小企業而言，避險之財務觀念仍未普遍，新光鋼鐵之避險邏輯及策略著實對於一般企業之風險控管運作，具有啟示效用。 / This study takes Hsin Kuang Steel for example to understand how corporates run foreign exchange hedging strategy. Hsin Kuang Steel operating business is severely affected by economic changes. Besides, as the company transforms the way they do business in recent years, the financial characteristics has changed, such as the increase in business cycle and inventory to asset ratio. In addition, they usually pay in US dollars, so it’s primary mission is to decrease its foreign exchange risk and stabilize cash flows. The company takes advantage of “dynamic hedging strategy” to hedge to minimize the effect of foreign exchange. We use 4 financial events to describe how effective the dynamic hedging strategy works, and also apply the multiple regression to test the the effectiveness of the hedging practice. During Asian Financial Crisis in 1997, Dot-com Bubble in 2000, Financial Crisis in 2008, and US Quantitative Easing in 2013, dynamic hedging strategy plays an important role in decreasing the cash outflow of US dollar debt. From the multiple regression analysis, we find that though Hsin Kuang Steel has high exposure to US dollars, the stock return has nothing to do with US exchange fluctuation both in short-term.