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Student Number 984308006
Author Chun-heng Lin(林俊亨)
Author's Email Address No Public.
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Department Executive Master of Finance Management
Year 2010
Semester 2
Degree Master
Type of Document Master's Thesis
Language zh-TW.Big5 Chinese
Title 企業避險及財務操作之實例探討
Date of Defense 2011-07-05
Page Count 44
Keyword
  • company
  • Abstract In recent years, deregulation has become the mainstream in the financial market worldwide. It brings out the liberalization. This mainstream opinion is in line with the opinion of most of the classical economists, however, spawned many new challenges, such as the free flow of capitals. Some capitals are mainly for speculation, which increase the volatilities and hence the risks in financial market whether financial institutions or companies have to be very careful in hedging, as well as avoiding risk exposure.
    The latest example happened in September 2007. This is one of the largest economic financial crisis. The scale of the financial tsunami is hard to imagine, including developing and developed countries, as well as the emerging economies. The impact of the financial crisis was the deteriorating fiscal situation of the leading governments, the shutdown of the companies and business, which also caused the problem of unemployment. However, we have found the main reason caused the financial crisis are the excessive use of financial engineering and high return of investment in derivatives. Furthermore, they ignored the extremely high risk behind its high-reward package. I would say that this is the core reason which gave rise to this centurial financial tsunami.
    The economy of Taiwan has been affected by the international macro-economic and other policies. Therefore, how to effectively control the financial operation in order to avoid risk has turned to be a very important task in this issue. The following chapters will introduce the common strategies and methods of hedging in the market. I will devise the products into exchange rates, interest rates and commodities and will be explored in depth.
    Table of Content 中文摘要 I
    英文摘要II
    圖表目錄III
    目錄  IV
    第壹章 緒論     1
    第一節 研究背景與動機1
    第二節 研究目的6
    第三節 研究架構7
    第貳章 文獻回顧8
    第一節 企業外匯避險相關文獻8
    第二節 外匯選擇權與新奇選擇權相關文獻9
    第三節 交換交易相關文獻11
    第四節 亞式選擇權之文獻探討13
    第参章 企業財務操作案例之探討16
    第一節 新台幣價差交易17
    第二節 外匯選擇權交易19
    第三節 無本金交割遠期外匯選擇權(Non Delivery Option簡稱NDO)22
    第四節 組合式換匯換利交易30
    第五節 亞式商品選擇權33
    第肆章結論與建議41
    參考文獻43
    Reference 一、國內部分:
    1.張傳章 (2005),期貨與選擇權,雙葉書廊有限公司。
    2.謝美玉 (2002),企業的匯率風險管理與策略,國立中山大學國際高階經營碩士學程專班91 學年度碩士論文。
    3.林宗耀與廖俊男(2011),評論「匯率升貶的魚與熊掌」,台灣銀行家5月號。
    4.Shani Shamah(2005),台灣金融研訓院編譯委員會編譯,外匯交易概論/A Foreign Exchange Primer,台灣金融研訓院。
    5.台灣金融研訓院編輯委員會(2010),結構型商品理論與實務,台灣金融研訓院。
    6.何樹勳(2010),匯率商品交易實務,銀行業核心人才金融商品交易人員進階培訓班講義。
    7.謝劍平(2007),期貨與選擇權:財務工程的入門捷徑,智勝文化。
    8.陳威光(2001),衍生性金融商品-選擇權.期貨與交換,智勝文化。
    9.謝劍平(2006),現代投資銀行,智勝文化,頁429-449,頁467-484。
    10.劉威漢(2004),財金風險管理:理論、應用與發展趨勢。
    11.林少斌(1999) ,操作衍生性金融商品之省思,華信金融季刊,p.105-125。
    12.柯瓊鳳(1999) ,從操作衍生性金融商品失利個案探討資訊揭露課題,台北銀行月刊,p.69-82。
    13.萬哲鈺(2000),國際金融,雙葉書廊。
    14.許強(2002),外匯投資100招,非凡出版社。
    15.吳俊德、何樹勳、許強合著(1993),外匯暨資金管理:理論與實務,華泰書局。
    16.童政彰(2004),外匯交易實務,台灣金融研訓院外匯交易實務訓練班講義。
    17.李存修(2004),選擇權交易之理論與實務,財團法人中華民國證券暨期貨市場發展基金會。
    18.陳國裕(2006),台 灣 企 業 外 匯 風 險 管 理 之 研 究,國立中央大學財務金融學系在職專班95學年度碩士論文。
    19.張錦源、康惠芬(1998) 國際匯兌,五南圖書出版有限公司。
    20.邱金花(2004),企業從事利率交換之績效評估-以個案公司為例,銘傳大學管理科學研究所碩士論文。
    21.黃健榮(2001),利率交換衍生商品之應用及相關問題探討,大華債券期刊第6期, P.1-11。
    22.劉建法(2001),國內銀行操作利率交換商品與其公司特質之實證研究,中央大學財務管理研究所碩士論文。
    23.陳佳欣(2001),我國企業承做利率交換交易與公司特質關係之實證研究,中央大學財務管理研究所碩士論文。
    24.盧素珍(1999),國內銀行操作衍生性金融商品財務報導之實證研究,國立成功大學會計研究所碩士論文。
    25.楊家詩(1998),「我國企業外匯風險之探討及外匯風險避險績效評估 」, 中正大學財務金融研究所未出版碩士論文。
    二、國外部分
    1.Black and Scholes , 1972, “The Pricing of Options and Corporate Liabilities"
    2.Cheuk, T., and Vorst, T., 1996, “Complex Barrier Options”, Journal of Derivatives,pp8-22
    3.Espen Gaarder Haug, 1998, “The Complete Guide to Option Pricing Formulas" ,
    McGraw-Hill
    4.Eiteman, David K., Stonehill , Artbur I. and Moffett, Mibael H. (2003) MultinationalBusiness Finance , Pearson Addison Wesley
    5.Mundell, R. A., (1963), “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates,” Canadian Journal of Economics and PoliticalScience, 29, 475-485.
    6.Pelsser (1997) "Pricing Double Barrier Options: An Analytical Approach," Tinbergen Institute Discussion Papers
    7.Reiner and Rubinstein(1991)"Breaking Down the Barriers", Risk 4, pp. 28-35
    8.Reiner and Rubinstein (1991) "Unscrambling the Binary Code" ,Risk 4
    9.Zhang (1998) "Exotic Options", 2nd Edition, World Scientific
    10.Garman and Kohlhagen(1983) "Foreign Currency Option Values." J. International Money and Finance 2, p231-237
    Advisor
  • Chuang-Chang Chang(張傳章)
  • Files
  • 984308006.pdf
  • disapprove authorization
    Date of Submission 2011-07-26

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