金融衍生产品对上市公司风险管理影响实证研究

An Empirical Study on the Impact of Financial Derivatives to the Risk Management of Listed Companies

论文选取有色金属矿产行业以及能源交通运输行业229家上市公司作为样本,以上市公司是否使用衍生产品为解释变量,同时引用一系列控制变量,通过实证分析上市公司使用衍生产品是否会有效降低公司风险。实证过程涉及参数检验、非参数检验、相关性分析和回归分析,实证结果显示我国上市公司使用衍生产品会降低公司风险,这与西方主流的财务管理理论相一致而与我国学者以前的研究相反,由此推测我国上市公司运用衍生产品的能力逐渐娴熟。

This paper selects 229 listed companies in nonferrous metal industry, mineral industry and energy industry, transportation industry as samples and uses derivatives as explanatory variables, also cited a series of control variables. Through the empirical analysis to determine whether the listed companies use derivative products can reduce the risk of the company effectively. The process involves parameter test, non-parametric test, correlation analysis and regression analysis. The empirical results show that China＇s listed companies use derivative products will reduce the risk of the company, which is consistent with the mainstream of western financial management theory and research and contrary to the empirical results of scholars in China. It is speculated that China＇s listed companies＇ using derivative products are becoming skilled gradually.