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本文蒐集1995年到2014年共計39家航空公司的避險數據，旨在檢視燃油避險、外匯避險和利率避險對於公司價值的影響。實證結果與多數文獻的結果一致，燃油和外匯避險對於公司價值多有顯著的正面影響。北美洲地區是唯一外匯避險有顯著負面影響的子樣本。至於利率避險在總樣本和多數的子樣本中對公司價值有顯著負面的影響。因此，本文認為避險與公司價值無絕對的關係，主要仍是取決於公司所面臨的風險。另外，經理人持股對於隔年燃油避險比率有正向關係，但不顯著。而不論燃油和外匯避險對於聯貸利率皆無顯著的關係。
Using a sample of 39 airline companies around the world over period 1995 to 2015 to examine whether jet fuel hedging, currency hedging and interest rate hedging increase the firm value of airline companies. We find that jet fuel and currency hedging is significantly positively related to their firm value holds in various sub-samples and total sample, but North American area is only one sub-sample which have negative relationship between currency hedging and firm value. However, interest rate hedging have significantly negatively impact on various sub-samples and total sample. Based on our result, there is no absolutely negative or positive relationship between hedging and firm value, it depend on which risk the firm faced and should be hedged.
Furthermore, CEO shares holding have non-significant positively relationship with hedge ratio. Our result also show there are no effect of hedging on reducing interest rate of syndicate loan.
第一章 緒論...............................................1
第二章 文獻回顧........................................... 4
第一節 避險行為和公司價值的關聯.............................4
第二節 避險行為對利率的影響.................................6
第三節 經理人的激勵制度對避險行為的影響.....................6
第三章 樣本資訊..........................................7
第一節 避險行為影響航空公司價值的變數.......................8
第二節 避險行為影響聯貸利率的變數..........................13
第四章 研究方法及實證結果.................................15
第一節 燃油避險行為對公司價值的影響.......................15
第二節 經理人持股對燃油避險比率(Hedge Ratio)的影響..........20
第三節 避險行為對聯貸利率的影響...........................22
第五章 結論..............................................25
圖表......................................................27
參考文獻...................................................50
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