隨著企業國際化的腳步，享受資源有效分配的利益外，國內各產業面臨經營風險有增無減，尤其是國內的企業以外銷導向為主，更是無法避免匯率波動風險所帶來的威脅，因此大多數企業均會透過操作衍生性金融商品避險，而本研究基於台灣企業的這些性質，希望更了解台灣企業使用衍生性商品避險之行為。本文研究期間為民國90至92年，以上市公司為研究對象，排除財務報表資料不齊全者後，共有595家樣本公司。目的就在於了解國內企業目前使用衍生性金融商品之概況，及探討企業從事衍生性金融商品避險活動之動機為何，具有何種特徵的公司傾向於採取衍生性金融商品避險策略，並研究避險對公司經營績效的影響。因此本研究主要分為二大部分：使用衍生性金融商品避險之決定因素和避險對公司經營績效的影響，除利用實證分析以外，還輔以個案研究，希望能對上述之研究目的更深層的了解。

本研究的實證結果顯示，就所有上市公司而言，財務危機發生成本的高低、匯率風險的暴險部位及變異、執行避險策略的成本和避險的替代方案是決定避險與否的重要因素。個案研究的分析結果發現，財務危機發生機率的高低、來自海外營運的暴險部位及變異、執行避險策略的成本以及代理成本是台積電決定避險與否的重要因素。另外，不管是實證分析或是個案研究的結果，皆顯示公司一旦決定利用衍生性金融商品避險之下，避險對公司經營績效是有正面的幫助。

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9.官坤林，台灣晶圓代工產業分析與競爭策略之研究，國立交通大學管理科學研究所碩士論文，2003年12月。
10.楊燿禎，管理者持股、風險與財務決策關聯性之研究，政治大學企業管理研究所碩士論文，2000年6月。
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13.台灣積體電路製造有限公司，民國90~92年度年報。

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