電子零件業外匯風險管理的個案研究

Abstract

本研究透過個案實例瞭解A公司營運狀況與外匯管理需求，探討A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A公司近五年來操作案例並結合財務報表呈現，分析A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，A公司近年來採多元化的金融商品交易進行外匯避險，從財務報表的結果上來看，除99年底受台幣對美元急升影響外，其餘年度皆為正向報酬，代表了A公司採用了適當的避險策略達成風險控管的經營目標，同時也加強財報的績效表現。A公司配合外幣部位的變化，運用了適當的避險工具進行操作外，同時也顯示財務人員對匯率走勢的正確判斷。從本研究發現，適當的避險策略除了可以滿足公司風險管控的需求外，也可讓公司的財務報表獲利有更佳的表現，皆有賴於公司財務人員的正確判斷與操作經驗。

Throughout this case study, in order to understand the operating conditions and the demand for foreign exchange management of Company A, also explore how Company A 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 five years operation data and combined financial statements, analysis company A’s application and its hedge results and effectiveness.

From the case study, company A adopted a wide range of financial products trading foreign exchange hedging in recent years. From the results of the financial statements, in addition to year end of 2010 the NT dollar appreciate, the rest of the year are positive rewards, on behalf of company A using appropriate hedging strategy to reach the business objectives, and also strengthen the performance of the financial report. Company A cooperate with the changes in foreign currency parts, and use appropriate hedging instruments, it also show that the correct judgment of the movements of exchange rate. The study found that the appropriate hedging strategy in addition to meet the company's risk management needs, but also made a better performance of the financial statements of the company's profit. It all depends on the correct judgment of the company's financial judgment and operating experience.