近年來，全球外匯市場波動加劇，匯率變動對出口導向型產業的財務表現具有深遠影響。本研究以2012年至2024年台灣上市櫃電子業公司為研究對象，探討新台幣兌美元與歐元之匯率波動對台灣電子業財務績效之影響，樣本數為40，726筆。 實證分析結果指出，美元與歐元匯率水準值波動對EPS、ROE與ROA皆呈現顯著負相關，表示新台幣貶值時，進口成本的增加與外幣負債評價損失將會實質壓抑整體的獲利表現。子產業迴歸結果顯示，半導體業與光電業等資本密集產業對美元波動高度敏感；電腦及週邊設備業與電子通路業則因具備較成熟的避險機制或價格轉嫁能力，對EPS表現不顯著，但對ROA及ROE呈現顯著負相關；綠能環保與數位雲端等新興內需型產業則展現極高的匯率免疫性。本研究實證結果可供台灣上市櫃電子企業在制定跨國營運策略與外匯風險管理時作為參考依據。;In recent years， volatility in the global foreign exchange market has intensified， and exchange rate fluctuations have exerted a profound impact on the financial performance of export-oriented industries. Focusing on Taiwanese listed and over-the-counter (OTC) electronics companies from 2012 to 2024， this study investigates the effects of the New Taiwan Dollar (TWD) exchange rate volatility against the US Dollar (USD) and the Euro (EUR) on the financial performance of Taiwan′s electronics industry， utilizing a total sample size of 40，726 observations. Empirical analysis results indicate that fluctuations in USD and EUR exchange rate level values are significantly and negatively correlated with EPS， ROE， and ROA. This suggests that when the TWD depreciates， the resulting increase in import costs and valuation losses on foreign currency liabilities substantially suppress overall profitability. Sub-industry regression results further reveal that capital-intensive sectors， such as the semiconductor and optoelectronics industries， are highly sensitive to USD volatility. The computer and peripheral equipment industry and the electronic components distribution industry， owing to mature hedging mechanisms or price pass-through capabilities， show non-significant effects on EPS but exhibit significant negative correlations with ROA and ROE. Meanwhile， emerging domestic-demand-oriented sectors， such as green energy/environmental protection and digital cloud services， exhibit a high degree of exchange rate immunity. The empirical findings of this study provide a valuable reference for Taiwanese listed and OTC electronics enterprises in formulating multinational operational strategies and managing foreign exchange risks.
