營建材料供應商使用財務避險工具之決策與實證研究;An empirical study toward hedging decision for construction material suppliers

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题名:	營建材料供應商使用財務避險工具之決策與實證研究;An empirical study toward hedging decision for construction material suppliers
作者:	周信安;CHOU,HSIN-AN
贡献者:	營建管理研究所
关键词:	灰色系統理論;營建材料供應商;避險;決策;關聯分析;Grey theory;construction material supplier;rational analysis;risk hedging;decision making
日期:	2016-01-26
上传时间:	2016-03-17 20:50:07 (UTC+8)
出版者:	國立中央大學
摘要:	營建材料供應商在國際市場中通常需要面對原物料價格上的風險。根據過去的研究運用衍生性金融商品能減少企業的財務風險，但其中缺乏與財務因子相關性的解釋。本研究的目標是運用灰色系統理論排序篩選出的財務比率的相關性與提供使用者實證的避險決策。首先由國內外學者的研究中篩選出財務比率，收集從2005年至今所有的上市營建材料供應商財務季報與使用衍生性金融商品的情況。全部包含了1131季的財務報表其中收集了財務五力的28個財務比率從29家上市公司。運用灰關聯分析獲得其相關性的排名，我們發現使用衍生性金融商品可能沒有較高的關聯對於追求企業的安定能力，但有較高的成長力、生產力、流動力與收益力。由灰決策分析提供了28個財務比率的建議範圍以防止使用衍生性金融在避險中不必要的損失。;Construction material suppliers usually need to face considerable material price escalation or de-escalation in international markets. Based on previous studies, which supported the feasibility of using derivatives to hedge financial risks but were lack of explaining relationships among financial factors they used, the research objectives are to clarify the rational ranking among selected financial ratios and to provide practitioners with empirical hedging decision using gray theory. After determining financial ratios used as input factors from previous studies, we collected all quarterly financial statements from all listed construction material suppliers that have ever adopted derivatives since 2005. A total of 1131 quarterly financial statements were collected and 28 ratios in 5 categories from 29 listed companies are identified. Applying grey relational analysis and to obtain the rational ranking, we find that use of derivatives may be not high related in pursuing corporate stability but high rational in growth ability, productivity, liquidity, and profitability. The grey decision analysis also shows the suggested ranges for these 28 financial ratios that provide practitioners with a guideline, preventing not necessary loss in derivative use for risk hedging.
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