台電公司財務避險措施之研議

Abstract

台電公司長期以來未能調高電價，加以資本支出日增以及生產成本提高，93年度股東權益報酬率降至1.33％，已創歷史低點，94年度可能首創虧損紀錄。因此，本研究思索可否鎖住成本，達成穩定盈餘目標之財務避險措施。

本研究的方法及目的說明如下： 1. 蒐集台電公司財務資料及相關文獻，以認識台電公司財務狀況及辨識利率、匯率、燃料價格變動風險。 2. 進行敏感度分析，以了解對台電損益之影響程度。 3. 蒐集近年國內衍生性工具交易情況，並彙整應遵循之相關法規，以及深入訪談相關人員，期以提供適當的避險措施及相關風險管理制度，供台電參考。

本研究結果，建議台電公司之財務避險措施說明如下： 1. 長期債務利率變動風險：除採取自然避險之外，伺機使用衍生性工具「利率交換」避險。 2. 外購器材、燃煤所需外幣匯率變動風險：除採取自然避險之外，伺機使用衍生性工具「遠期外匯」避險。 3. 發電燃料價格變動風險：現階段搭配長期合約避險，惟長期而言，仍應考慮使用衍生性工具避險。 4. 相關風險管理制度之設計，以避險小組隸屬財務副總經理為宜。

Taiwan Power Company (TPC) has been restrained from raising electricity price for a long time. In addition, the capital expenditures are increasing and production cost is also rising recently. Return on shareholder’s equity has decreased to 1.33％ in 2004, a record low. TPC may have negative earnings for the first time in 2005. Therefore, this study explores the hedge alternatives that might assist TPC to lock cost and achieve the goal of stable earnings.

The research methods and purpose of this study are as below： 1. Collecting TPC’s financial statements and literatures to understand TPC’s financial situation and to recognize the volatility risks of interest rate, foreign exchange rate and fuel price. 2. Carrying out sensitive analysis to see how TPC’s profit and loss is affected. 3. Collecting recent local trading situation of derivatives and concerned accounting regulations which should be abided by, and interview people with expertise to suggest both proper financial hedge alternatives and risk management for TPC’s reference-need.

The conclusive remarks and suggestions are as follows：

1. As to interest-rate risk of long-term loans, TPC should adopt natural hedge and, according to circumstances, hedging with interest-rate swaps. 2.For foreign exchange- rate risk concerning abroad-procurement of equipment and fuel, TPC should adopt natural hedge and, according to circumstances, hedging foreign exchange risk with forward contracts, also a derivatives. 3. Regarding to risk of generation fuel price at present stage, TPC’s hedge could be tied to long-term contract, but it should consider the use of derivative for hedging in the long run. 4. In relation to design of concerned risk management system, it will be sensible for TPC to subordinate a task team for hedging under TPC’s financial vice-president.