企業使用衍生性金融商品之動機與選擇

The Motives and Choices of Corporate Derivatives Usage

本研究針對508家台灣上市櫃公司在財務會計準則第34號公報正式實施後，於2006年第1季至2008年第4季共12季期間，操作衍生性金融商品之動機與金融商品之選擇進行實證研究。以Logit與Probit迴歸模式探討影響企業操作衍生性金融商品的因素，並以Multinomial Logistic迴歸模式檢視企業選擇操作線性或非線性、利率型或匯率型衍生性金融商品的影響因素。本研究更進一步探討企業操作衍生性金融商品與公司價值及公司風險間的關係。研究結果顯示，投資支出、法人持股比率、其他替代方案愈多而經理人持股比率愈低，公司愈可能使用衍生性金融商品作為避險工具。當投資支出比率愈高、經理人持股比率與法人持股比率愈低，公司愈可能使用線性衍生性金融商品作為避險工具。然而，公司使用衍生性金融商品與公司價值間呈無顯著的關係，而與公司風險間為顯著負向的關係。

This study focuses on the choices and motives of corporate derivatives use with the sample of 508 Taiwan listed companies from first quarter in 2006 to fourth quarter in 2008, after Financial Accounting Standard No. 34 implementation. This study examines the motives of to companies to use the derivatives and to choose the linear or non-linear derivatives by Logit, Probit regression and Multinomial Logistic regression models. Furthermore, this study investigates the relationships between corporate value and risk, when the companies use derivatives. The results show the companies with more investing expenditure, higher institutional holding, more substitute projects of hedging and less insider holding, the companies will tend to use derivatives as the hedging tools. The relationship between derivatives use and corporate value is not significantly correlated, but the relationship between derivatives use and corporate risk is negatively significantly correlated.