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Title: 匯率變動影響散裝航運公司營運績效之實證分析
An Empirical Analysis on the Impact of Exchange Rate Volatility on Operational Performance of Bulk Shipping Corporations
Authors: 鍾政棋;梁金樹;林晏伊
Chen-Chi Chung;Gin-Shuh Liang;Yen-Yi Lin
Contributors: 國立臺灣海洋大學: 航運管理學系
Keywords: 匯率;散裝航運公司;營運績效
Exchange rate;Bulk shipping corporation;Operational performance
Date: 2012-06-16
Issue Date: 2016-01-08T06:27:45Z
Publisher: 第十五屆科技整合管理研討會論文摘要集
Abstract: 摘要:航運業屬於國際運輸服務業,不論是運費或租金之收入,航運公司主要係以美元計收,各項營運成本與變動成本,如港埠或燃料成本等,均是以當地貨幣支付。因此,匯率變動對航運公司營運績效影響是重要的研究議題。本文基於散裝航運公司立場,以我國上市的七家散裝航運公司為研究對象,透過複迴歸分析進行匯率變動對航運公司營運績效之實證分析。本文研究發現,每家航運公司營運模式、船隊規模及避險策略不同,使匯率變動對營運績效影響程度亦不同。對航運公司而言,多角化經營將對匯率風險規避產生正面影響。研究結果可以提供散裝航運公司作為營運決策之參考。
Abstract:The shipping industry is an international transportation service. For shipping corporations, the freight rates and charter hires are usually fixed in US dollars while the operating costs and variable costs are paid in local currencies. In other words, the volatility of exchange rates makes the shipping corporations be exposed to exchange rate risk. This paper primarily analyzes the impact of exchange rate volatility on the operational performance of listed bulk shipping corporations in Taiwan by multiple regression models. It is found that the impact on each company’s performance varies with different operating models, scale of fleet and hedging strategies. For bulk shipping corporations, diversification strategies may have a positive impact on facing exchange rate risks. The results may provide a good reference on operational decision making for bulk shipping corporations.
Relation: pp.1-13
Appears in Collections:[Department of Shipping and Transportation Management] Lecture & Seminar

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