本研究利用修正後的公開發行企業從事衍生性商品交易之資訊申報作業中，關於非銀行票券業公司之申報分類，將上市公司分為避險公司與非避險公司，探討公司避險決策與公司股權價值之關聯性，以及影響公司避險決策之公司特性因素。根據迴歸分析之實證結果得知，在考慮影響公司股權價值之控制變數後，本研究發現公司若有進行避險，該迴歸係數為正且達統計上顯著性，表示若公司有從事避險活動，則公司市值可以提高，兩者呈同向變動。
另根據羅吉斯迴歸實證結果來看，本研究發現營業收入淨額做為公司規模大小的衡量變數，實證結果顯示營業收入淨額與避險之間呈正向關係，表示公司越大避險動機越高。研究發展費用率做為成長性投資機會的衡量變數，和避險呈同向變動關係，表示公司成長機會越高其避險動機越大。法人持股比例作為資訊不對稱之衡量變數（法人持股比例越高表示資訊不對稱程度越小），實證結果顯示法人持股比例與公司避險決策呈同向關係，與學者理論不一致，根據Fok et al.（1997）的研究，認為機構法人受委託人之託，較有動機和誘因扮演對公司的監督角色，公司從事避險活動以減少公司的價值波動，增加公司的價值。董監事持股比率做為經理人和股東之代理成本的衡量變數（董監事持股比例越高表示代理成本越小），實證結果顯示董監事持股比率和避險呈反向變動關係，與學者理論不一致，根據Amihud and Lev（1981）的訊號假說推測，認為董監事持股比例較高的公司，由於公司屬於自有而比較不需要向外部股東負責，因此避險的動機會比較小。至於負債比率和避險之間呈反向關係，與理論不一致，可能是因為負債包含對內及對外發行之可轉換公司債，可轉換公司債為避險之替代方案，而海外發行的債更是自然避險的工具，因此若公司可轉換公司債或海外發行的債佔負債總額的比率相當高時，極有可能出現負債比率與避險行為呈負相關的現象。 / In this study, I use the derivative transactions report of public offering enterprise to divide the corporate into hedging Corporate or non-hedging corporate. And collect the financial data from June 2009 to December 2011 to explore the correlation of the hedging decision with the corporate equity value, as well as the factors which affect the corporate hedging decision.
According to the empirical results of the regression analysis that control other equity value relevant variables, the coefficient of hedging variable in this regression is positive and has statistical significance. If the corporate has engaged in hedging activities, the corporate value can be improved. Both have the same direction of changes.
Besides, the corporate characteristics that affect the corporate hedging decision including: Net operating income as company size proxy variable has a positive relationship with the hedging decision. That is to say the larger the companies are, the more chances the companies using derivatives for hedging. The more the research and development the companies have, the more chances companies use derivatives for hedging. The more equity the institutions have, the less information asymmetry, but less chances companies have to use derivatives for hedging. Directors holding ratio as one of agency costs proxy variables, and the larger the ratios are, the less chances the companies engaging in hedging. There is a inverse relationship between hedging and debt ratio.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0099357028 |
| Creators | 張旅揚 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
Page generated in 0.0075 seconds