上市公司使用金融衍生产品动机的实证研究

An Empirical Study of Motivation of Listed Companies to Use Financial Derivatives

对中国上市公司的实证研究表明:公司规模越大,越倾向于使用金融衍生产品。大公司更加愿意使用衍生产品的原因主要在于规模效应,其具有信息和成本方面的规模经济。目前阶段中国上市公司使用衍生产品还处于初级阶段,公司使用衍生产品进行套期保值的数量和程度都不高,并且操作水平或风险控制存在问题,经常遭遇重大损失,多数公司还没有意识和能力进行有效的风险管理活动,因此西方财务理论的相关结论在目前中国并不成立。

The empirical study of China＇s listed companies shows that large companies are more inclined to use financial derivatives because they pay attention to the scale effect of information and cost in scale economy. At present, China＇s listed companies＇ use of derivative products is still at the initial stage ： the number and extent to hedge are limited ; there exist some problems in operating level or risk control so that some companies often suffer great losses; and most companies still lack the awareness and ability to effectively manage risks. Therefore, the related conclusions based on the Western financial theory don＇t prevail in.China.