海外投資之匯率風險管理

A Study on the Risk Management in Exchange rate of Oversea Investment

海外投資是一種資本跨越國界移動使用的型態，長久以來，國際經濟理論早已證實，生產資源的自由移動，對於移出、移入之國家均有裨益。尤有進者，海外投資尚可以突破貿易障礙，達到實質輸出的目的，可有效的運用外匯存底，實現自由化、國際化的發展目標外，尚可增進投資國與被投資國之國民總生產，因而增進兩國或兩地區間之經濟福利水準，以及兩國或兩地區間之政治、外交與友誼關係。惟海外投資經濟活動，難免會遭遇到投資國與被投資國間風俗、習慣、法令規章、經濟政策、財政政策之差異以及市場調查不易等困難，此外尚面臨政治危險、法律風險、信用危險、匯率變動風險等不利之因素，因而可能影響海外投資之經濟活動的裹足不前，對前述之不利因素，必須尋求解決之措施，始能期待該項經濟活動之推展，進而達成預期之經濟政策目標。因此，資本發達且經濟發展較為先進的國家或地區，基於鼓勵企業對外投資的政策，為協助私人企業從事海外投資與解決其難題，莫不致力協助私人企業從事做好風險管理，藉以紓解投資企業所面臨的風險與困難，俾利海外投資經濟活動之順利進行。本文旨在探討海外投資之匯率風險可行的控制型風險管理與財務型風險管理策略。

Oversea investment is defined as an investment in which the investor acquires a substantial controlling interest in a foreign firm or set up a subsidiary in a foreign country. Oversea investment can make the investor get more returns than in domestic. Moreover, it can increase home country as well as host country economic welfares and growth rates. There exist some problems and risks by the investors when they going to get oversea investment such as financial problems and credit risk, politic risk, law risk, change in exchange rate risk. The purposes of the study are: (1) To evaluate the basic principle for oversea investment (2) To analyze the risk management in exchange rate which the investor have to do when they are to keep oversea investment moving.