家族企業如何影響公司衍生性金融商品交易？

How Do Family Businesses Affect Derivative Usage?

本文探討家族企業對公司衍生性商品使用的影響，並進一步分析影響公司衍生性商品使用及其使用目的之決定因素。本文以2016–2018年符合財團法人中華民國證券暨期貨市場發展基金會（簡稱：證基會）公司治理評鑑標準之上市櫃公司為樣本。實證結果顯示，家族企業使用衍生性商品的機率較低；進一步觀察使用目的，家族企業與非家族企業在使用目的上，並無顯著之差異。此外，本文另有二項發現：第一，在出口比率與衍生性商品使用之相關性顯示，出口比率愈高的企業，愈可能因避險目的而使用衍生性商品。第二，產業類別會影響衍生性商品使用，相對於傳統產業，新興產業愈有可能因交易目的而使用衍生性商品。本文的實務意涵在於家族企業的公司治理宣導，以及中小企業與新興產業衍生性商品使用推廣建議可採合作或聯合模式。

This study investigates the impact of family businesses on derivative usage. Furthermore, this study also examines the determinants of firms’ derivatives usage and their purpose. Using the Corporate Governance Evaluation of Securities and Futures Institute (SFI) from 2016 to 2018 in Taiwanese listed firms, our results support the probability of family businesses using derivatives is low, and when further observing the purpose of use, there is no significant difference in the purpose of use by the family business and non-family businesses. In addition, there are two other findings in this study. First, the correlation between export ratio and the use of derivatives shows the companies with higher export ratio are more likely to use derivatives for hedging purposes. Second, the industrial category will affect the use of derivatives, compared to traditional industries, the emerging industries are more likely to use derivatives for non-hedging purposes. The implications of this study are the corporate governance in the family business, as well as the improvement of the derivative using for hedging by cooperation or union methods in small and medium-sized enterprises and emerging industries.