台積電避險策略的初探

Abstract

中文摘要 台積電作為專業積體電路製造服務行業的先行者和領頭羊，它走的每一步都值得我們去關注和分析，再加上近年來匯率變動對跨國企業的影響愈發地大了，台積電是如何避險的以及它的避險成效都讓我們感到好奇，所以我們以此為目的做探尋，也結合對匯率影響因素的分析推測未來台積電的避險策略會走向何方。通過對台積電官網資料的查詢我們可得知它是通過設立子公司並對其以增資的方式發行美金債券來進行避險，而我們又用TEJ數據資料庫分析匯率變動對台積電的影響，同時比較台積電和聯電兩者匯損，瞭解台積電發行美金債券的作用之大，但因為2016-2017年以來台幣對美元大幅升值，台積電的外幣兌換淨益還是有所減少。而面對未來的預期，我們認為台幣還會持續升值一段時間，並預期台積電未來對子公司的增資可能會更高。

Abstract TSMC, a forerunner and leader in the field of professional IC manufacturing services, deserves our attention and analyses for every step they have made. Coupled with ever-increasing influence of exchange rate on multinational enterprises in recent years,we raise concerns on what kinds of measures that TSMC takes for hedging and effect that the measures bring, which are considered as two crucial purposes of our research. In addition, associating analyses of factors influencing the exchange rate, we also speculate on the future of TSMC’s hedging strategy. According to TSMC's official website, it sets up a subsidiary and issues US-dollar bonds for hedging. Besides, by utilizing the TEJ database to analyze the impact of exchange rate changes on TSMC and comparing TSMC and UMC’s exchange loss, we totally understand the importance of TSMC bonds. However, influenced by substantial appreciation of the Taiwan dollar against the U.S. dollar since 2016-2017, TSMC's foreign exchange net profit has decreased recently. As for future expectations, we expect Taiwan dollar will continue to appreciate for a period of time, and TSMC's future capital increase to its subsidiaries may be higher.