本論文以1996年至2012年間台灣地區上市(櫃)公司為研究對象，實證探討公司治理對外匯曝險的影響，也特別分析公司不同外小比率高低及產業別的差異性。實證結果指出企業具有較大規模董事會與較高獨立董事比率，會有面對較高的匯率曝險；此外，較高董事持股與大股東持股的公司，會顯著降低外匯曝險的程度。特別是，外銷比率低於70%的公司，當有較大規模董事會規模與較高獨立董事比率實，會面對較高的外匯曝險。再者，外銷比率低於30%的公司，當公司存在較高董事持股與大股東持股時，會顯著降低企業的外匯曝險。尤其是，較高獨立董事比例會顯著增加電子產業企業的外匯曝險，且較高董事持股比例會顯著降低塑膠產業企業的外匯曝險。 Using the data on public-listed firms over 1996-2012 in Taiwan, this thesis empirically investigates the impacts of corporate governance on firm’s foreign exchange exposure. Empirical evidences indicate that firms with larger baord sizes would suffer higher foreign exchange exposure. Higher share holdings by boards and larger shareholders would significantly reduce firm’s foreign exchange exposure. Furthermore, firm’s exporting ration more than 70% would encounter higher foreign exchange exposure while for those less than 30% igher share holdings by boards and larger shareholders would significantly reduce firm’s foreign exchange exposure. Finally, higher independent board ratio would significantly enhance firms’ foreign exchange exposure in electronic sector while higher share holding by boards would significantly enhance firms’ foreign exposures in plastics sector.
