新台幣近年之大幅波動及市場上應用衍生性金融商品避險盛行，匯率對企業價值的影響與以往不同。本研究之研究目的討論為台灣地上市之資訊電子公司價值與匯率變動之間的關係，分析其股價匯率變動之關連性，並兼論採行匯率衍生性金融商品是否能降低匯率曝險。本研究採用迴歸模型，並做兩階段之分析，第一階段建立個別風險暴露模型並比較不同期間公司之匯率風險差異。第二階段，針對影響匯率風險之因素。實證結果顯示在亞洲金融風暴過後之第二子期間(1997年8月~2005年12月)其匯率風險顯著之樣本比率較第一子期間(1989年4月~1997年7月)高。而負債比率、速動比率、公司規模以及是否採用匯率衍生性金融商品對於顯著樣本中之匯率曝險影響不顯著，且解釋能力亦不高，表示有其他更多之因素影響匯率風險因子，並非單純可用財務數據來量化。

Nowadays, the volatility of the NT dollar, the prevalence of derivatives, and the influence of foreign exchange rates on corporate value is much different from before. The purpose of this thesis is to analyze the foreign exchange exposure of listed Taiwanese information and electronic companies and try to determine whether using foreign exchange derivatives can reduce foreign exchange exposure or not. We use a regression model and provide a two stage examination. In the first stage, we try to find each company’s foreign exchange exposure and compare the differences between two time periods. In the second stage, we focus on the factors which influence foreign exchange exposure. We find evidence that in the second time period, which begins after the Asian financial crisis and continues to Dec. 2005, that the sample ratio of foreign exchange exposure significance was higher than in the first time period (Apr. 1989 to Jun. 1997). We also find that the debt ratio, quick ratio and company size do not significantly affect foreign exchange exposure. Likewise, using foreign exchange derivatives does not significantly reduce foreign exchange exposure. This result means that there are more factors that influence foreign exchange risk and that foreign exchange risk can not be easily explained by an analysis of financial data alone.

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