南華大學機構典藏系統:Item 987654321/17129
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    Please use this identifier to cite or link to this item: http://nhuir.nhu.edu.tw/handle/987654321/17129


    Title: 企業外匯曝險與銀行貸款利率的關聯性研究：台灣上市(櫃)公司貸款資料的實證分析
    Other Titles: The Association between Firm's Foreign Exposure and the Bank Loan Rate: Emirical Study on Loan-Level Data from Public-Listed Firms in Taiwan
    Authors: 黃立江
    Huang, Li-Chiang
    Contributors: 財務金融學系財務管理碩士班
    陳昇鴻
    Sheng-Hung Chen
    Keywords: 衍生性金融商品避險;外匯曝險;企業貸款利率;金融危機
    Derivatives Hedging;Foreign exchange Exposures;Loan Rate;Financial Crisis
    Date: 2014
    Issue Date: 2014-11-21 15:25:23 (UTC+8)
    Abstract: 　　本研究探討1991年至2012年間台灣上市(櫃)企業外匯曝險對貸款利率的影響，也深入分析正與負外匯曝險對貸款利率產生不對稱的影響性。實證結果指出企業的匯率曝險對銀行貸款利率具有顯著的影響性，特別是正外匯曝險會顯著地提升企業的放款利率，而負外匯曝險則會顯著地降低企業的貸款成本。當企業的國外收益愈高且面對正外匯曝險時，則會顯著提升企業貸款利率；反之，面對負的外匯曝險，則會顯著降低企業貸款成本。企業在亞洲金融危機期間面對正外匯曝險時，則會顯著提升貸款利率；反之，負外匯曝險則會降低企業貸款成本。當企業使用交換與一般選擇權衍生性金融商品避險且面對企業正外匯曝險時，則會顯著提升其貸款利率；反之，則顯著降低其貸款成本。
    　　Using data on public-listed firms in Taiwan over 1991 to 2012, this thesis empirically investigates the impacts of foreign exchage exposures on loan rate, particularly examing the asymmetric effects of both positive and negative foreign exposres on firm’s loan rate. Empirical results indicate that firm’s foreign exposures have significant impacts on bank loan rate while positive (negative) foreign exchage rate exposures have positive (negative) effects on loan rate. Firms with higher foreign income and positive (negative) foreign exchange exposures would be likely to have higher (lower) loan rate. Firms with positive (negative) foreign exchange exposures during Asian financial crisis would be more likely to have higher (lower) loan rate. While firms with positive (negative) foreign exchange exposures use swap and general option derivatives to hedge, they would be likely to have higher (lower) loan rate.
    Appears in Collections:[Department of Finance, The M.A. Program of  Financial Management] Disserations and Theses

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