上市公司衍生品运用的财务效应研究——基于金属非金属行业的经验数据

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1、THEFINANCIALEFFECTOFCHINESELISTEDCOMPANIES’USEOFDERIVATIVES：BASEDONEMPIRICALDATAFROMMETALANDNON—METAL姗USTRYABSTRACTSincethe1970s，thecollapseoftheglobalfixedexchangeratesystemandviolentchangesoftheglobalcommodityprices，interestrateandexchangeratemaketheenterprisesproducethesafe·havenmotivean

2、ddemand．intheprogressofscienceandtechnology,lessregulationofthefmancialmarkets，derivativessuchasfutures，options，swaps，havearapiddevelopment．Alongwiththedevelopmentofglobaleconomicintegration，Chinesecompanies’concernaboutderivativesusageinriskmanagementisalsogrowing．2008financialcrisissparke

3、dthedebateofderivativesusage．Financialcriseshavebroughtvaluablelessonsfortheinitialphaseofderivativesmarketsinourcountl哆,whichmakeUSthinkdeeplyaboutthefutureofOurcountryderivativesmarketdevelopmentandregulatorypolicy．IIIⅢOm7，叭0删0㈣7f㈣0㈣2叭Y矗～■一Inthisbackground，thepapertriestodotheempiricalres

4、earchaboutthefinancialeffectofthelistedcompanies’theuseofderivatives．Firstly,theoriesandempiricalstudiesaboutenterprises’useofderivativesarereviewed．Secondly,thefinancialeffectproducedbytheuseofderivativesisdiscussed．Thirdly,usingthepaneldataofannualreportsfrom2007to2010oflistedcompaniesinm

5、etalandnon-metalindustryfromShanghaiandShenzhenStockExchangeassamples，throughregressionanalysismodelbystatisticssoftwareSPSS，thepapermakesallempiricalresearchaboutthefinancialeffectproducedbytheuseofderivatives．Theempiricalresultsshowthat：(1)Thenumberoflistedcompaniesinmetalandnon-metalindu

6、strywhichusederivativesforriskmanagementissmallandhedgescaleisnotbig．(2)Listedcompanies’useofderivativesforriskmanagementwillaffecttheassetliabilityratio：thecompaniesthatusederivativeshavehigherdebtlevel；thelargerthescaleoftheuseofderivatives，thehigherthedebtlevel．(3)Listedcompanies’useofde

7、rivativesforriskmanagementwillaffectthedividendpolicy：thecompaniesthatusederivativesdistributemoredividends；thelargerthescaleoftheuseofderivatives，themoredistributionofdividends．Finally,thepapersummarizesthefindingsandputsforwardthedirectionofthefuturere