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本文首先回顾了企业使用衍生产品的动机的相关理论,在此基础上以沪深两市采掘行业上市公司为研究样本,对使用衍生产品是否影响公司业绩进行了实证检验。结果发现,衍生产品的使用对采掘业上市公司业绩并无影响,其原因在于中国企业受制于国内欠发达的衍生品市场,企业参与套期保值的程度有限,无法通过使用衍生产品来实现提升公司业绩的目的。对此,本文提出了相关的政策建议。本文的主要创新之处在于,将使用衍生产品是否影响公司业绩的实证检验拓展到更宽广的行业范围,从而形成对已有实证研究的补充。
This paper firstly reviews the related theory of the motivation of using derivative products in the enterprise. Based on this, taking the listed companies in the mining industry in Shanghai and Shenzhen stock market as the research sample, this paper empirically tests whether the use of the derivative products affects the company’s performance. The results showed that the use of derivative products had no effect on the performance of EIRE’s listed companies. The reason is that Chinese enterprises are subject to the domestic underdeveloped derivatives market, the degree of enterprises participating in hedging is limited, and the use of derivatives can not be used to upgrade the company The purpose of performance. In this regard, this paper put forward the relevant policy recommendations. The main innovation of this paper lies in that the empirical test whether the derivative products affect the performance of a company is extended to a wider range of industries and thus complements the existing empirical research.