Re: [新聞] 台積電注資百億美元以對抗匯率波動

以下數字都是簡化的

簡單說就是原本開價10億元美元的訂單
原本兑台幣是32元好了

現在預判可能台幣升值會到25（假設）
報價一樣10億美元
預期的台幣價差去買美元跌的期貨
把少賺的錢從期貨拿回來

有趣的是期貨也是賭美元賺美元
拿到一堆美元再換回台幣
所以要精算

※ 引述《y598763 (diamond)》之銘言：
: 1.原文標題：TSMC to Inject $10 Billion Capital to Unit to Counter FX Swings: 2.原文連結：https://yhoo.it/4nz1lwS
: 3.內容：
: (Bloomberg) -- Taiwan Semiconductor Manufacturing Co. is set to inject $10 bil
: on in capital to its overseas unit to shore up its currency hedging operations
: its biggest such move to counter a volatile local exchange rate.
: TSMC Global Ltd., a wholly-owned unit of the world’s largest contract chipmak
: , has approved a plan to increase its capital by issuing $10 billion worth new
: hares to its parent to help it reduce foreign exchange hedging costs, the comp
: y said in a statement. It’s the third such deal since 2024, and by far the
la
: est. They occurred during periods when the Taiwan dollar tended to appreciate.
: he moves grant TSMC Global — the vehicle responsible for managing overseas
in
: stments and hedging — more capital flexibility in managing exchange rate risk
: The capital injection is for general investments, mainly bank deposits and bon
: , according to a separate statement from Taiwan’s Department of Investment
Re
: ew. The purpose was for TSMC to shift its own foreign exchange holdings to the
: nit to help with hedging costs, the statement said.
: Recent strength in the Taiwan dollar has caused worries in Taipei about theec
: omy’s heavy reliance on exports. In May, the currency notched its biggest sin
: e-day gain since the 1980s, spurring calls from the central bank to curb specu
: tion. The cost of hedging swings has surged this year, with one-year implied v
: atility for the local currency hitting the highest since 2011 on Wednesday.: “Generally speaking, the heightened forex volatility would mean that banks
ma
: be adjusting their margin requirements,” said Philip McNicholas, Asia soverei
: strategist at Robeco based in Singapore. “Issuing new shares, and bringing i
: an immediate cash injection, may help companies manage the margin requirements
: n both existing and new hedges.”
: “The US dollar cash can also be useful for companies’ overseas operations,
w
: ch could also require consistent hedging,” McNicholas added.
: TSMC, the main chipmaker to Apple Inc. and Nvidia Corp., is by far the island?
: biggest company and exporter because the majority of its production is domest
: . A stronger Taiwan dollar hurts exporters because the US dollars they earnfr
: sales abroad would translate into less of the local currency, or they would n
: d to raise their prices overseas and risk denting demand.
: In June, Chief Executive Officer C. C. Wei told shareholders the company’s
op
: ating margin has fallen several percentage points because of a stronger local
: rrency.
: “Typically, one of the means of such a move is for natural hedging, where a c
: porate can match US dollar revenue with US dollar liabilities,” said Christop
: r Wong, senior foreign-exchange strategist at Oversea-Chinese Banking Corp Ltd
: “It can also fund their US asset and expansion plans with less FX conversion
: sk.”
: 以下GPT翻譯
: 台積電注資百億美元以對抗匯率波動
: （彭博社報導）—— 台灣積體電路製造公司（TSMC）計劃向其海外子公司注資 100 億
美
: ，以強化其貨幣避險操作，這是該公司迄今為止因應本地匯率波動所採取的最大規模資本
: 動。
: 全球最大的晶圓代工廠台積電表示，其全資子公司 TSMC Global Ltd. 已核准發行價值 1
: 億美元的新股給母公司，以提升資本、降低外匯避險成本。這是自 2024 年以來的第三?
: 類似交易，規模也是最大的一次。這些交易多發生在新台幣升值期間。透過此舉，TSMC G
: bal——負責管理海外投資與避險的實體——將擁有更大的資本彈性以因應匯率風險。
: 根據台灣投資審議委員會的另一份聲明，此次注資將用於一般性投資，主要包括銀行存款
: 債券。聲明指出，台積電此次操作的目的，是將其自有的外匯持有轉至該單位，以協助降
: 避險成本。
: 近期新台幣升值引發台北方面對於出口依賴過重的憂慮。今年 5 月，新台幣出現自 1980
: 年代以來最大單日漲幅，促使中央銀行呼籲抑制市場投機行為。今年以來匯率避險成本飆
: ，新台幣一年期隱含波動率於週三達到自 2011 年以來最高水準。
: 「一般而言，匯市波動加劇會使銀行調整保證金要求，」Robeco 新加坡分部的亞洲主權?
: 略師 Philip McNicholas 表示。「發行新股並立即注入現金，或有助於企業管理現有及?
: 增避險的保證金需求。」
: McNicholas 補充說：「美元現金也對企業的海外營運有幫助，因為這些營運通常也需要?
: 定的避險策略。」
: 台積電是蘋果公司與輝達（Nvidia）最主要的晶片製造商，也是台灣最大企業與出口商，
: 為其大部分產能設於本島。當新台幣升值，出口商的美元營收在換算成新台幣後變少，或
: 提高海外售價而影響需求。
: 台積電執行長魏哲家於 6 月向股東表示，因新台幣升值，公司營業利潤率已下滑數個百?
: 點。
: 華僑銀行（OCBC）資深外匯策略師黃儲誠（Christopher Wong）表示：「企業進行此類操
: 的一種常見目的，是實現『自然避險』，也就是將美元收入與美元負債相匹配。這也能幫
: 他們以較小的外匯轉換風險來資助其美國資產與擴張計劃。」
: 4.心得評論：隨著台幣匯率直直升，台積電也趁勢兌換美元進行避險，這樣對於穩定匯率
: 知道有沒有幫助？

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