The Relationship between Derivative Financial Trading and Firm Value
| Autor: | Sheng-Kai Lin, 林聖凱 |
|---|---|
| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 102 Except for operational hedging, financial hedging is one of the strategies that firms usually use. To face the exchange rate which changes frequently in the global market, asymmetric hedging may generate loss. The data of this study is based on the listed corporations from 2009 to 2012 in the Taiwanese stock market, and I use the modified derivatives transactions format to separate speculating firms and hedging firms, in order to find the decision of derivatives usage, and relation between firm value and derivatives usage. First, I use the logistic regression to analyze the decision factor of derivatives usage. Second, I use the multiple regressions to analyze the relation between firm value and derivatives usage. According to the empirical results, when firms with low institutional investors’ holding rate and high foreign sales ratio have higher propensities to speculate with derivatives. Besides, when firms with large size, high foreign sales ratio, and high free cash flow have higher propensities to hedge with derivatives. In the respect of relation between firm value and derivatives usage, I find that there is negative relation which has statistical significance between speculating company and market value. Instead, there are insignificantly positive relation between hedging firms and market value. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|