A Study on the Effect that Corporate Characteristics and Transactions Motive Influence on the Risk Trading
| Autor: | LIN CHUN-CHANG, 林俊昌 |
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| Rok vydání: | 2016 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 104 The main purpose of this research is to use the trading data of corporate foreign exchange derivatives between 2013 and 2015 as the sample, to understand different corporate trading strategies, and to analyze the correlation between different corporate characteristics and derivatives trading, and the important factors which will affect derivatives payoff. The study shows that to hedge currency trading risks, corporates mainly use FX forward as the main instrument. In terms of currency derivatives, domestic enterprises mainly use USD/TWD, while OBUs use USD/JPY, trading in EUR, USD and JPY which has higher liquidity. In terms of corporate organizational forms, listed companies have a higher need in hedging than trading when dealing foreign exchange options, but a higher need in trading than hedging when dealing FX forward. Regradless whether a transaction is for hedging or trading, OTC companies deal with foreign exchange options than FX forward.SMEs have smaller notional amounts in trading, and have a higher need in hedge than trading FX forward, and higher need in trading than hedge when dealing foreign exchange options. OBUs have higher average notional amounts in a single trading, and have a higher need in hedging than in trading when dealing foreign exchange options, and a higher need in trading when dealing FX forward and structured products. Overall, SMEs have the best performances, then followings are Listed Companies, OBUs, and OTCs. In terms of foreign currency derivatives, options outperform FX forward, and structured products have the worst performances. In terms of transaction motives, the performances of the needs for trading are better than hedging. According to Logistic regression analysis, different corporate characteristics which influence the payoff of foreign currency derivatives are (1)For Listed companies, management education level, current ratio, risk tolerance, and types of financial derivatives (2)For OTCs, types of financial derivatives (3)For SMEs, industries, transaction motives, ownership holding percentage, current ratio, return on assets (ROA), risk tolerance, and credit ratings (4)For OBUs, transaction motives, ownership holding percentage, debt asset ratio, inventory turnover, and risk tolerance The transaction motives which influence the on payoff of foreign currency derivatives (1)For hedging : capital net worth, organizations, management education level, ownership holding percentage, interest protection multiples, inventory turnover, return on assets (ROA), risk tolerance and credit ratings. (2)For trading : organization, industries, interest protection multiples, risk tolerance, and types of derivatives. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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