李賢源臺灣大學：財務金融學研究所左敬業Tso, Ching-YehChing-YehTso2007-11-282018-07-092007-11-282018-07-092004http://ntur.lib.ntu.edu.tw//handle/246246/60738最近幾年中大型企業籌資已不再侷限於國內市場，企業基於其發展需要，審酌國內外經濟情勢、各種籌資工具之優劣點、並考量自身之財務結構及資金實際需求後，會適時辦理籌募資金之活動。以這幾年之趨勢，無疑地，海外可轉換公司債(ECB)已成為各企業募資時重要的工具之一，此項工具無論對國內總體經濟情勢或個別企業均產生了頗大的影響。 發行ECB之目的本為籌資，但因所募資金為外幣，在企業記帳基礎為新台幣的情況下，匯兌損益的產生在所難免。一般來說，企業對於外匯風險以及發行ECB後對匯兌科目之影響，均會注意及管理，並利用遠匯、選擇權等各種金融工具來從事ECB專案避險或以整體外幣資產及負債部位來做控管及調整。此外，主管機關也會要求企業在發行ECB時做好相關避險措施。 為深入了解企業在發行ECB時之避險實務及平常之外匯風險管理做法，本論文挑選了台達電子、仁寶電腦、瀚宇彩晶、瑞軒科技及矽統科技等五家分屬不同領域之電子公司，做面對面的訪談，以進一步歸納電子公司一般之做法。研究發現，有關ECB發行後之外匯避險或一般之外匯風險管理，各公司均有著墨，但似乎並無一定之準則，需視管理當局對風險之承受程度及對外匯管理之目標為何而定。根據研究結果In recent years, businesses of mid to large size have gone beyond domestic markets when considering capital raising options. Due to expansion necessity, businesses engage in various pre-planning events before timely executing capital raising activities. Such pre-planning events include conducting investigation on both domestic and international economic trends; considering pros and cons of various capital injection tools; taking into account of its own financial structure; and of course, the actual capital needed. Indisputably, recent trends have made “Euro Convertible Bond” (ECB) one of very popular and important tools when businesses consider capital injection. This trend does not only impact domestic economic condition as a whole, it also impacts individual businesses immensely. The main purpose of issuing ECB is to raise capital. However, because ECB raises capital in foreign currencies, exchange gains and losses are inevitable, as businesses’ financial and accounting systems are based in NTD. Generally speaking, businesses pay great attention and manage these types of foreign exchange risks and impact on overall foreign exchange very carefully. They would also utilize “forward exchange”, “options”, and other types of financial tools to minimize ECB risks, or using foreign asset and liability accounts to control and regulate the impact. In addition, governmental authorities would require businesses to well implement relevant risk-prevention measurements when issuing ECB. To better understand various risk-prevention measurements that businesses take when issuing ECB, and also their management on common foreign exchange risks, this thesis focuses on five different companies in electronic industry. One-on-one interviews were conducted with each of the companies to further recapitulate how companies in electronic industry handle ECB and foreign currency exchange issues. The five companies are Delta Electronic Inc., Compal Electronic Inc., HannStar Display Corp., AmTran Technology, and Silicon Integrated Systems Corp.. According to research, most companies do implement some kind of preventive measurements on ECB and foreign exchange dealings. However, there is still lacking of common guidelines. Specific types of implementation actions businesses take depend on their level of risk endurance, and also the goals on foreign exchange management.第一章 緒論 第一節 研究動機-----------------------------------------------------------------1 第二節 研究目的、範圍與限制-------------------------------------4 第三節 相關文獻探討---------------------------------------------7 第四節 論文研究架構圖-------------------------------------------9 第二章 海外可轉換公司債的介紹及目前發行之現況 第一節 何謂海外可轉換公司債------------------------------------10 第二節 海外可轉換公司債的產品特性------------------------------10 第三節 企業發行海外可轉換公司債的優缺點---------------------------12 第四節 海外可轉換公司債發行現況-------------------------------------15 第三章 發行海外可轉債企業面臨之匯率風險及應對策略 第一節 利率、匯率及股價的變動-----------------------------------17 第二節 企業的匯率風險-----------------------------------------21 第三節 企業一般採行之匯率避險工具------------------------------24 第四節 針對ECB等專案籌資工具的匯率避險工具--------------------27 第五節 主管機關對企業發行ECB後應否避險之態度------------------31 第四章 不同企業發行海外可轉債之外匯風險管理實務 第一節 台達電子---------------------------------------------------------------33 第二節 仁寶電腦---------------------------------------------------------------38 第三節 瀚宇彩晶------------------------------------------42 第四節 瑞軒科技---------------------------------------------------------------49 第五節 矽統科技---------------------------------------------------------------53 第六節 五家電子公司訪談內容之整理-------------------------57 第五章 結論與建議 第一節 結論------------------------------------------------59 第二節 後續研究建議----------------------------------------60 參考文獻------------------------------------------------------62 附錄-----------------------------------------------------------64522656 bytesapplication/pdfen-US選擇權海外可轉換公司債遠匯匯兌科目Euro Convertible Bondexchange gainslosses are inevitableforward exchangethesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60738/1/ntu-93-R90723002-1.pdf