衍生产品使用对公司价值和业绩影响的实证检验

本文在回顾企业使用衍生产品相关理论的基础上，分析了中国上市公司使用衍生产品现状，并以深沪两市有色金属加工或生产行业上市公司为研究样本，实证检验中国上市公司使用衍生产品进行风险管理是否提高了公司价值和业绩，结果发现中国企业使用衍生产品并没有像西方理论所认为的那样可以提升公司价值，其原因在于国内企业使用衍生产品的负面影响抵消了其正面作用，所以无法起到提升公司价值的作用。在此基础上，文章提出了相关的政策建议。

Empirical Study of How Use of Financial Derivatives Impact Corporate Value and Performance

Based on a theoretical review of corporate use of derivatives, this paper makes an analysis of the status quo of corporate China. Taking as samples listed companies of non-ferrous and manufacturing industries, empirical study was made on whether use of derivatives could enhance corporate value or performance. The findings were use of derivatives hardly improves corporate value, contrary to the western theories. The side effect overtakes the positive effect. Policy suggestion was given accordingly.