在企業進行跨國貿易與生產運營的過程當中，企業經常面臨因匯率波動而產生的不確定性，例如當本國貨幣貶值時，以外幣計價的原物料就可能面臨成本提高的情況；或是當本國貨幣升值時，企業將海外營收兌換為本國貨幣時則可能面臨鉅額的匯兌損失。因此，為了管理匯率不確定性對於企業日常營運的負面影響，許多跨國企業會透過金融避險與營運避險的方式來管理匯率波動導致的不確定性 。 然而在過去研究跨國企業匯率風險管理決策的文獻中， 大多著重探討金融避險與營運避險決策使用時的情境因素，與彼次間的替代性、互補性等等，缺乏從管理階層的角度出發，探究企業經理人在制定匯率風險管理決策時的影響因素。因此，本研究以代理理論與高層理論最為理論根基，以探討經理人的風險承擔動機與管理經驗將如何影響跨國企業的匯率風險管理決策與績效表現。
本研究鎖定有使用股票選擇權作為經理人報酬，且在海外設有子公司之美國跨國企業，最後在排除金融機構與公用事業後，隨機選取 150 間美國跨國企業作為研究樣本，並完全透過次級資料進行量化分析以確保研究結果的客觀性。在經由 Pearson 相關分析與迴歸分析檢驗經理人風險承擔動機、管理經驗、金融避險使用程度、營運避險使用程度，以及企業績效之間的影響關係，其實證研究分析結果顯示（一）經理人風險承擔動機對金融避險使用程度具顯著性；（二）經理人管理經驗對金融避險使用程度具顯著性；（三）經理人風險承擔動機對營運避險使用程度不具顯著；（四）經理人管理經驗對營運避險使用程度具顯著性；（五）金融避險使用程度對企業績效具顯著性；（六）營運避險使用程度對企業績效具顯著性。

The purpose of this study is to investigate the factors that influence the corporate manager when making foreign exchange managements, and how financial hedging and operational hedging can affect firm performance. Prior research on the foreign exchange management of multinational corporations (MNCs) have primarily focused on examining the contextual factors influencing the use of financial and operational hedging strategies, as well as their substitutive and complementary relationships, but lack in research from the perspective of the corporate manager. Therefore, this study would adopt agency theory and upper-echelons theory to explore how managerial risk-taking incentives and managerial experience impact MNCs’ foreign exchange management and firm performance.
We approach secondary data methodology to ensure the objectivity of the research finding. A total 150 valid samples companies were collected, as the result shoes: (1) Managerial risk-taking incentives significantly affect the extent of financial hedging usage. (2) Managerial experiences significantly affect the extent of financial hedging. (3) Managerial risk-taking incentives do not have significant effect on the extent of operational hedging usage. (4) Managerial experiences significantly affect the extent of operational hedging usage. (5) The extent of financial hedging usage significantly affects firm performance. (6) The extent of operational hedging usage significantly affects firm performance.

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