碩士 / 國立中興大學 / 高階經理人碩士在職專班 / 96 / Abstract
S company has been established for more than 50 years in Taiwan. It was started from a small formulation plant, but now is developed as a vertically integrated agrochemical company involving in manufacturing and distributing agrochemicals. Its unique direct sales channel has a market share around 22% with a turnover around NTD2.6 billion in 2006 in Taiwan market. In addition to its domestic sales, S company is also very aggressive in developing its overseas markets and has established its China, Thailand and Brazil sales channels and one overseas plant in China. Its product has been exporting to around 60 countries with a turn over around NTD2.5 billion in 2006.
In consideration with the trend of globalization and limited market capacity for further development in Taiwan, the company has plan to develop China, Thailand and Brazil markets and set up overseas subsidiaries accordingly. However, it is facing increasing operational risks with the establishment of overseas subsidiaries and the increase of overseas sales. This thesis is to study and analyze its operational risk in overseas subsidiary in the overseas expansion strategy.
This thesis takes the method of case study in analyzing its Brazilian subsidiary. The research information is collected from public information and several times’ internal interview. The study is launched from analyzing the types of operational risk, next evaluating the risk exposure, and studying the selection of hedging tools and the decision of hedging ratio. This research concludes that the transaction exposure, the risk of account receivable and account payable, resulting from foreign exchange exposure is measurable because the trading amount is affirmed and it can be hedged through currency market, forward market, and option market. In the meantime, its counterparty is willing to take the risk. There are many existed derivatives in hedging credit risk, but it is difficult to find the counterparties and the further negotiation with the counterparties is absolutely necessary and the cost may be high. However, the establishment of internal controlling and auditing system can minimize the risk exposure through selecting the customers with good credit.
The thesis is to study the operating exposure in an overseas subsidiary and analyze the types of risk exposure and the application of hedging tools. The author expects that this research can be referenced to the companies pursuing internalization development.
| Identifer | oai:union.ndltd.org:TW/096NCHU5457003 |
| Date | January 2007 |
| Creators | Lee Szu-Chiang, 李泗瑲 |
| Contributors | Sheng-Yung Yang, 楊聲勇 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 57 |
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