公司治理、管理者动机与衍生金融工具使用

基于中国上市公司2007~2013年财务数据，研究公司治理对管理者使用衍生金融工具的影响，并结合中国制度背景，深入分析和检验企业产权、政策监管对公司治理效应的影响。实证结果表明，公司治理对管理者使用衍生金融工具的动机存在重要影响，公司治理水平越高，管理者越倾向于利用衍生金融工具避免财务困境风险；相反，管理者越倾向于利用衍生金融工具规避薪酬风险。研究还发现，公司治理的作用机制会受到所有权性质的影响，国有控制属性会弱化公司治理效应，对衍生金融工具交易的政策监管差异是重要原因。

Corporate Governance, Managerial Motives and Derivatives Usage

Using a sample of listed firms from 2007 to 2013,this paper examines the impact of the strength of governance on the policy of financial derivatives.Furthermore,this paper analy-zes and examines how ownership nature and policy supervision influence the effects of corporate governance.We find that strongly governed firms tend to use derivatives to avoid financial dis-tress;on the other hand,weakly governed firms appear to use derivatives mostly for avoiding risks related to managerial compensation.The relation between corporate governance and the pol-icy of financial derivatives is affected by the nature of controlling shareholder ownership.