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系統識別號 U0026-2106201014523100
論文名稱(中文) 匯率貶值與公司特性對台灣上市製造業公司營運表現之探討
論文名稱(英文) The Impacts of Currency Depreciation and Firm's Characteristics on the Operational Performances ---In the case of Taiwan's firms.
校院名稱 成功大學
系所名稱(中) 經濟學系碩博士班
系所名稱(英) Department of Economics
學年度 98
學期 2
出版年 99
研究生(中文) 梁立人
研究生(英文) Li-Ren Liang
學號 u5697109
學位類別 碩士
語文別 中文
論文頁數 86頁
口試委員 口試委員-劉亞明
口試委員-陳政芳
指導教授-蔡群立
中文關鍵字 公司特性  財務限制  出口  投資  匯率  資產負債表效果  一般動差估計法 
英文關鍵字 firm-level  financial constraints  export  capital expenditure  exchange rate  balance sheet effect  GMM 
學科別分類
中文摘要 一般有關探討匯率貶值文獻,主要著重於匯率波動對總體經濟面產出、投資、出口與對股價的影響,相對較少探討匯率貶值直接與公司營運之關聯性,但近年來也已經有一些文獻,開始使用公司的個體資料,以探討匯率貶值對公司出口、銷售的分析,此研究主要發現匯率的貶值對公司的出口與銷售是顯著的正相關,且藉由出口銷售的增加,可提升公司得成長;但在另一方面的研究,則認為公司進行投資時,經由投資借款產生的負債,在匯率貶值下將會造成該公司利息成本提升,且因為財務限制的也會顯著提升公司營運的風險,而降低公司得成長。
台灣的匯率制度在1990年至2000年期間,匯率波動程度高且貶值次數頻繁,最高貶值幅度曾高達24%,從公司的個別基本統計資料發現,從1990年開始,許多公司出口比重、營收及資產等,與匯率貶值有顯著的關係,但目前比較少研究著重於匯率對台灣個別產商營運的探討。因此,本研究希望使用台灣上市公司的資料,以探討不同公司的財務限制以及公司的特性,以分析匯率貶值對公司營運的影響。
本研究使用1991年至2008年間,509家台灣上市製造業公司的個別資料,並且依照23個出口國以及10種產業的出口比重,估計出實質有效匯率,以觀察廠商在面臨匯率貶值影響下的營運表現。本文將使用兩階段動態GMM模型,依照不同的公司特性─財務槓桿、公司規模、獲利能力等,分析匯率貶值對公司銷售、資產、市值、投資之影響。
英文摘要 Most of literature study How depreciation of exchange rates affect macro side, such as outputs, investments, exports and stock prices. Relatively, there is a little literature presenting that how depreciation of exchange rates are correlated with operating companies. In recent papers, they analyze the effect of depreciation of exchange rates on exports and sales by using firm’s data. The object of this paper is to investigates if depreciation of exchange rates are positively correlated with exports and sales significantly; and if there is negative relation between market capitalization, asset , net income and depreciation of exchange rate.

Taiwan adopted a flexible exchange regime. Since 1989 we found exchange rates fluctuates in ranged highest to 24% between1990 and 2000. Exports ratio, operating income and assets are significantly correlated with depreciation of exchange rates presented form basic statistic micro data of companies from 1990. There is few literature that studies the effect of exchange rates on industrial firm’s data in Taiwan. Therefore, those tried to analyze the effect of depreciation of exchange rates on operating companies using listed company data which is categorized to different financial constrains and characteristic of companies.

In this paper, effective real exchange rates are calculated from 23 export countries and 10 industries exports ratio by using micro data form 509 listed manufacturing industries over the period 1991 to 2008. We investigate the depreciation of exchange rate on the operating performance by using effective real exchange rates. We classify characteristic of companies according to financial leverage, scales of company and profitability to analyze that how depreciation of exchange rates affect sales, assets, market values and investments using two- stage dynamic GMM model.
論文目次 目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究方法與架構 9
第二章 相關文獻回顧 12
第一節 匯率變動與出口、投資 12
第二節 公司資料的使用 16
第三章 實值匯率與公司資料敘述分析 20
第一節 資料來源與研究對象 20
第二節 實質匯率的變動 22
第三節 個別公司之敘述統計 30
第四章 實證模型與結果分析 39
第一節 一般動差估計法計量模型 41
第二節 實證模型 43
第三節 公司營運表現實證結果 47
第四節 考量公司特性實證結果 53
第五章 結論 78
參考文獻 82
參考文獻 一、 中文部分
1. 王泓仁(2005):〈台幣匯率對我國經濟金融活動之影響〉,《中央銀行季刊》,第二十七卷第一期。
2. 徐千婷(2006):,〈匯率與總體經濟變數之關係〉,《中央銀行季刊》,第二十八卷第四期。

二、 西文部分
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