碩士 / 中國文化大學 / 財務金融學系 / 103 / In response to the trend of the rapid international financial integration, it is a common practice for Taiwan’s enterprises to operate financial derivatives for hedging. However, most of the previous literature focuses on foreign exchange risk, while sel-dom discusses the interest risk of high level of correlation with operating costs. Hence, this study will discuss about vertical integration and virtual integration business models of Taiwan semiconductor industry choosing hedging tools when facing interest risk. There are four steps in my research. First, through literature review to sum up the in-fluence on the factor of choosing hedging instruments for interest rate by managers and using analytical hierarchy process (AHP) to build the framework of two-business mod-el. To continue, using Multinomial Logistic to empirical the hedging products to in-fluence by the factor. Moreover, integrated Multinomial Logistic and AHP to select the optimum hedging product when facing interest risk in Taiwan semiconductor industry. Finally, comparing two empirical results of two-business model and finding the differ-ence. It is expected that the findings of this research can provide a mode of Multinomial Logistic-AHP application procedures in academic. In practical, providing a complete evaluation tools for relevant enterprises and investors with a reference in making deci-sions for using financial products for hedging purposes.
| Identifer | oai:union.ndltd.org:TW/103PCCU0304017 |
| Date | January 2015 |
| Creators | Huang, Ping-Hui, 黃炳輝 |
| Contributors | Wang, Yi-Hsien, Lin, Wan-Rung, 王譯賢, 林宛蓉 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 73 |
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