本文想以現金流量法和股價法估計以 2000 多家美國非金融公司外匯曝險的程度。在過去 Bartram (2007) 以美國非金融公司為樣本，期間為 1976/1 到2000/5，得到在此兩種估計的方法之下，在短期來說，公司有顯著差異的比例非常低，並歸納出兩種方法短期間是可以相互替代。
但在2008金融海嘯之後，除了世界各國的經濟結構有所改變之外，也有許多文獻指出股價與匯率走勢不同於以往，本文想要探討這兩種估計匯率的方法在金融危機後在短期是否仍有可相互替代的關係，以美國2000多家上市企業包含金融與非金融產業，研究期間為 2000/01 到 2012/12，以 Jorion (1990) 股價模型和 Stulz (1997) 現金流量模型衡量其外匯暴露風險，並做比較。

This paper estimates the foreign exchange rate exposure of 2000 U.S. financial firms and nonfinancial firms on the basis of stock prices and corporate cash flows..
Bartram (2007) estimates the foreign exchange rate exposure of 6917 U.S. nonfinancial firms on the basis of stock prices and corporate cash flows for the period 1976/1-2000/5. The percentage of firms for which stock price and earnings exposures are significantly different is relatively low at short horizons. And summary the impact of exchange rate risk on stock prices and cash flows is similar in short horizons and determined by a related set of economic factors Finally, We are particularly interested in the period after the US Lehman Shock in this study, want to find out whether the impact of exchange rate risk on stock prices and cash flows is similar or not. This paper estimates the foreign exchange rate exposure of 2000 U.S. financial firms and nonfinancial firms for the period 2001/1-2012/12 on the basis of Jorion (1990) stock price model and Stulz (1997) corporate cash flows model.

1緒論 1
1.1 研究動機 1
1.2 研究目的 5
1.3 研究方法 5
2 文獻回顧 6
2.1 匯率風險 6
2.2 匯率風險衡量 11
2.3 影響匯率風險因素 12
3.研究設計 13
3.1 基本模型 13
3.2 樣本的選取 14
4 實證研究 14
4.1 現金流量與股價對外匯的曝險程度 14
4.2 不同貨幣對各產業影響程度 18
5結論與未來研究 21
參考文獻 23

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