衍生工具的风险控制效应计量原理的探讨

Discussion on Measurement Principles of Risk Control Effect on Derivatives

衍生工具是一把"双刃剑",衍生交易的风险一直存在。通过选择37家具有代表性的样本公司,运用线性回归模型实证检验衍生工具的使用对跨国公司进行风险管理的直接效应,说明衍生工具的使用令其在投资过程中面临的风险有84.3%的降低效应;企业投资规模越大抗风险能力会相对较大。同时,利率和汇率的不利变动,对投资风险分别有25%和29.3%提升效应。我国企业必须正确认识衍生工具交易存在的风险,制定并实施严格的内部控制制度,建立一套完整有效的风险管理体系,从而才能在保障自身安全的前提下,运用衍生工具进行风险规避。

Derivative instrument is a ＂double-edged sword＂, and the risk of derivative trade exists everywhere. Selecting 37 representative sample companies, this paper tests the direct effect of derivative instrument to risk management in international companies by means of linear regression model, and shows that the application of derivative instrument can decrease 84.3% risk in investment, and the larger the scale of investment is, the larger the ability of resisting risk. Meanwhile, the disadvantageous change of interest and exchange rate will increase risk investment 25% and 29.3% respectively. Chinese enterprises should recognize the risk of derivative trade correctly, stipulate and implement strict internal control system, build a set of comprehensive and effective risk management system to prevent risk by derivative instrument based on self-security.