| Summary: | 碩士 === 國立彰化師範大學 === 財務金融技術學系 === 106 === In recent years, under the dramatic changes in the financial environment, corporate management has become one of the focuses of the company. The use of derivative financial products for risk aversion is an important issue. Derivative financial instruments with low transaction costs and due to the characteristics of high-paying, has become popular hedging or investment instruments, derivative financial products but the operation is risky, we must better understand and know the dangers are, not in order to maximize the benefit of blind operation.
This study is based on the past domestic and foreign scholars' research on the motivation and decision-making factors for companies to use derivative financial products, and added additional measurement variables of
earnings management to explore the criticality of earnings management decision-making and enterprises' use of derivative financial products to hedge.
This study conducted empirical tests on listed companies in Taiwan's non-financial insurance industry from 2009 to 2016 as the research object. The empirical results show that: When the firm's actual earnings management
is higher, exchange rate risk is more exposed, the manager’s shareholding ratio is higher, and more issuance can be used to convert corporate bonds, the more it will tend to use derivative financial products to hedge; The higher the degree of discretionary earnings management and the more options the manager holds, the less likely it is to operate derivative financial products for hedging purposes. This study also finds that among all hedge companies, the proportion of electronics-related industries is the largest. It is confirmed that
industries with high correlation between operating activities and imports and exports need to avoid the risks caused by exchange rate fluctuations, and therefore adopt risk aversion.
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