本研究於民國85年發出290份問卷調查臺灣上市公司的外匯操作方式，共回收62份有效問卷，主要的發現歸納為五點。第一，多數樣本公司重視外匯避險，而進出口金額愈高的公司從事外匯避險的傾向也愈高，民國86年新臺幣因東南亞金融危機而貶值後，一些原先未採取避險措施的企業也開始注意外匯風險管理。第二，採取避險措施的上市公司多半是希望減少盈餘波動，但部份經理人是害怕受到責難。第三，臺灣上市公司熶重視外匯交易暴露，也關心換算暴露，而採用的避險方式仍以傳統外匯工具為主，但也有部份企業採用衍生性金融商品，可預見上市公司未來將以較多元化的方式來避險。第四，多數上市公司並未設立明確的外匯管理政策，平時外匯管理工作由財務部門負責，遇到特殊狀況時，才以例外管理的方式向最高決策者請示。最後，多數公司認為外匯管理的困難為預測匯率，判斷匯率走勢則多半以銀行所提供的資訊為主。

This study conducted a survey how TWSE firms deal with foreign exchange rate exposures. Of 290 questionnaires mailed in 1996, 62 usable responses were returned and revealed several findings. First, the more the international trade of a firm, the higher its tendency to hedge. Second, the main reason for managers to hedge is to avoid carnings volatility. Nevertheless, a significant number of managers are afraid of blame. Third, most firms do care about transaction and translation exposures. Most managers adopt traditional tools, such as forward contracts, to avoid exposures. Fourth, most firms do not establish specific hedging policies. Financial department works on normal exchange operations and asks top management’s decision if exchange rates widely fluctuate. Finally, most firms take banks’ suggestions for exchange rate trends since they deem that forecasting of exchange rates is difficult.