外匯風險管理之個案研究_以Y公司為例

Abstract

Y公司設立於1954年，主要經營生產及銷售之業務包括：有關石油化學工業纖維原料、半成品纖維及其製品；聚酯瓶及聚酯薄膜；各種天然、人造、合成纖維紗、混紡紗及假撚絲；紗、絲及布匹之印染加工；各種棉布、人造纖維布、合成纖維布、混紡布、毛巾及被單；紡織成衣及針織成衣；廣視角膜、抗眩膜及抗反射膜等光學補償膜材料等。

本研究透過個案實例瞭解Ｙ公司營運狀況與外匯管理需求，探討Ｙ公司如何運用對匯市變化的專業判斷，並適度運用金融商品進行避險、建構完整且有效的外匯操作策略。透過Ｙ公司近年來操作案例，分析Ｙ公司應用各種金融商品的避險方式與其避險成果與有效性。

從個案探討中發現，Y公司近年來採多元化的金融商品交易進行外匯避險，從財務報表所呈現的損益來看，除2012年台幣對美元匯率急升的影響外，其餘年度皆為正報酬；Y公司外匯損益佔稅後淨利與營收淨額比重不大，不致於對公司財務報表造成重大影響。Y公司配合外幣部位的變化，運用適當的避險工具進行操作，採用了正確的避險策略來強化財務報表的績效，同時也顯示財務部門對外匯市場環境的了解及專業，對匯率走勢的正確判斷。

Company Y, which was incorporated in 1954, manufactures and sells polyester materials, semifinished products and finished goods such as cotton, synthetic or blended fabrics, towels and bed sheets, and woven and knitted garments; PET (polyethylene terephthalate) bottles and PET sheets; and natural, synthetic or blended yarns and polyester textured yarns. It also does yarn, silk and cloth printing and dyeing as well as manufactures wide-view film, antiglare film, antireflection film and other optical films.

Throughout this case study, in order to understand the operating conditions and the demand for foreign exchange management of company Y, also explore how company Y use professional judgment in the change of foreign exchange market, and use of financial instruments to hedge appropriately, also construct a complete and effective strategy. Throughout the past operation data analysis company Y’s application and its hedge results and effectiveness.

From the case study, Y company adopted a wide range of financial products trading foreign exchange hedging in recent years. From the results of the financial statements, in addition to 2012 the NT dollar appreciate, the rest of the year are positive rewards. Y company foreign exchange loss/gain account for the net benefits and net revenue share is small, do not have a significant impact on the financial statements of the company. Y company cooperate with the changes in foreign currency parts,and use appropriate hedging instruments made a better performance of the financial statements of the company’s profit, it also show that the correct judgment of the movements of the company’s financial judgment exchange rate.