本研究旨在探討公司財務槓桿與匯率變動之關聯性，電子資訊科技產業作為台灣出口外銷最高的產業，營收及資本資出多為美元計價，因此對匯率變動較為敏感，而匯率波動的因素眾多，政府干預作為其中因素之一，可使用外匯存底來影響匯率。而匯率變動也會影響到公司的資產負債表，本幣升值導致外幣負債下降，公司淨值提升。本研究以2009年至2022年間台灣的電子工業上市及上櫃公司為樣本，樣本數為31,694筆，以公司財務槓桿做為應變數，觀察新台幣兌美元匯率之變動，研究方法採用普通最小平方法，並進行多項迴歸分析。
實證分析結果指出新台幣兌美元之匯率變動率對公司財務槓桿呈現顯著負相關，表示新台幣升值時，公司的外幣債務在本地貨幣計價下的價值減少，負債規模下降，財務槓桿上升。本研究實證結果可以供台灣上市櫃電子資訊科技產業在評估資本結構時作為參考，而政府在制定匯率政策時，也可進一步考慮對公司財務槓桿的影響。

This study examines the relationship between corporate financial leverage and exchange rate fluctuations, focusing on listed and OTC electronics firms in Taiwan. Given that this industry prices its revenue and capital primarily in US dollars, it is highly sensitive to exchange rate changes. Government interventions, such as the use of foreign exchange reserves, can influence these rates, affecting company balance sheets. A stronger domestic currency decreases the value of foreign currency liabilities, thus increasing net worth.
Using a sample of 31,694 observations from listed and OTC electronics firms in Taiwan from 2009 to 2022, the study employs OLS and multiple regression analyses. The empirical results show a significant negative correlation between the fluctuation rate of the New Taiwan Dollar (NTD) against the US dollars (USD) and corporate financial leverage. This indicates that an appreciation of the NTD reduces the value of foreign currency debt, leading to a lower debt size and higher financial leverage. These results provide valuable insights for the electronics industry in assessing capital structure and for the government in considering the impact of exchange rate policies on corporate financial leverage.

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