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 b il : on in capital to its overseas unit to shore up its currency hedging operatio ns : its biggest such move to counter a volatile local exchange rate. : TSMC Global Ltd., a wholly-owned unit of the world’s largest contract chipm ak : , has approved a plan to increase its capital by issuing $10 billion worth n ew : hares to its parent to help it reduce foreign exchange hedging costs, the co mp : 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 appreciat e. : he moves grant TSMC Global — the vehicle responsible for managing overseas in : stments and hedging — more capital flexibility in managing exchange rate ri sk : The capital injection is for general investments, mainly bank deposits and b on : , 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 t he : nit to help with hedging costs, the statement said. : Recent strength in the Taiwan dollar has caused worries in Taipei about the ec : omy’s heavy reliance on exports. In May, the currency notched its biggest s in : e-day gain since the 1980s, spurring calls from the central bank to curb spe cu : 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 sover ei : strategist at Robeco based in Singapore. “Issuing new shares, and bringing i : an immediate cash injection, may help companies manage the margin requiremen ts : 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 islan d? : biggest company and exporter because the majority of its production is dome st : . A stronger Taiwan dollar hurts exporters because the US dollars they earn fr : 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 loca l : 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 Christ op : r Wong, senior foreign-exchange strategist at Oversea-Chinese Banking Corp L td : “It can also fund their US asset and expansion plans with less FX conversio n : 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 19 80 : 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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