CAJ | 학술논문

金融衍生工具使用效果与公司价值之间的关系，一直是学术界和实务界共同关心的问题之一。已有研究虽文献丰富，但并未形成一致的研究结论。本文以现金流的调控效应为研究视角，通过实证研究发现，企业运用金融衍生工具能够减少现金流的波动幅度，增强现金流的稳定性，并由此提升公司的价值和业绩；而且非国有企业由于其所受的干预和监管较少，在金融衍生工具的使用和选择上具有较多的自主性，从而与国有企业相比具有更好的使用效果。
금융연생공구사용효과여공사개치지간적관계，일직시학술계화실무계공동관심적문제지일。이유연구수문헌봉부，단병미형성일치적연구결론。본문이현금류적조공효응위연구시각，통과실증연구발현，기업운용금융연생공구능구감소현금류적파동폭도，증강현금류적은정성，병유차제승공사적개치화업적；이차비국유기업유우기소수적간예화감관교소，재금융연생공구적사용화선택상구유교다적자주성，종이여국유기업상비구유경호적사용효과。
The relationship between the effect of financial derivatives and firm value has been one of the issues of common concern for the academic community and practitioners as well .Although there is abundant research literature , no consistent conclusions have been reached yet .From the perspective of the regulatory effect on cash flow , the empirical study of this paper finds that businesses can use derivatives to reduce cash flow volatility , enhance cash flow stability , and thus improve the company's value and performance .With less intervention and regulation , non-state-owned enterprises gain better results in the use of the derivatives than state-owned enterprises .