我国上市公司衍生工具运用动机的实证研究

An Empirical Study on Incentives for Derivatives Usage of China Listed Companies-Based on Structural Equation Model

本文以我国非金融上市公司2007年和2008年年报为研究样本,运用结构方程模型,对衍生工具在我国上市公司风险管理中运用的动机进行了理论分析和实证检验。研究表明,西方理论界提出的风险管理的动机理论可以部分地适用于解释我国上市公司的行为。我国上市公司运用衍生工具的动机因素是有限的和混合的,体现了股东财富最大化和管理者效用最大化理论下的双重衍生工具运用动机,但更多体现了管理者效用最大化理论下的衍生工具运用动机。本文还发现,公司治理结构通过对股东和管理者施加影响从而对上市公司运用衍生工具决策产生一定的影响。

This paper provides evidence on the incentives of corporate risk management decisions through hedging based on structural equation model. Data on hedging are obtained from 2007 and 2008 annual reports for CHINA non financial listed firms. Our evidence does show that western incentives theory of risk management can be used to explain the behavior of China listed companies at some degree. The incentives of derivatives usage for risk management by China listed companies are limited and mixed, both shareholder wealth maximization and managerial function maximization are supported to some degree, however, both of them are incomplete. Corporate governance has some effects on derivative instruments usage through stockholders and managers.