The Impact Of Usage Of Derivatives On Corporate Financing Policy And Operation Performance

With the acuity change of commodity price, interest rate and exchange rate in the world, it brought hedging motivation and demand for enterprises. Because the derive tools can be used in not only hedging risks but also using level to operation and with a lower cost of trading, enterprises in different countries used them increasingly in past twenty years. Further more, being the development of unity of worldwide economy, Chinese enterprises paid more attention to using derive tools in risk management.In this background, the paper researched the theories and demonstrations about the influences of finance and politics for enterprises which handled with financial derive products. Firstly, it analysed connotation of financial products and results in a national economy. At meaning time, it reviewed the most theories and demonstrations about the reasons why those enterprises used derive tools, operation results influences after they used different derive tools. According to this research results about the financial derive markets in west countries and the situation which enterprises there used deprive tools, the problems in theoretics area about companies'fianacial politics, fianacial values, shareholedrs because of being used derive tools. Then, the paper analysed the management system of government to financial derive tools in our countiy, collectivity situation about financial derove tools and using results which the enterprises used derive tools. About 111 observed stylebooks had been choosed and proved that motivation which companies used derive tools in chinese financial market, financial results and influences. Demonstration researches indicated that the partly results in china in some cascases such as"purposes and results"supported the west conclusions in developed country. At last, to summrize the above research results, the paper from three aspects just like market construction, administration of government and enterprises provided some advises including relaxing politics of government, strengthing financial derive market and encouraging enterprises to use derive tools in order to hedge risks during the operation process.During the writing process, the writer tried his best to base on west classic fianacial theories to set up paper'study frame and applied measure analytic methods to study the purposes and effections about the enterprises using derive tools. Beside this, the paper hoped to give some advices to government, the financial market and the enterprises applied derive products. But being of writer'studying methods and material were limited, the paper'conclusions may be deficience and there are some places to study through. Firstly, the writer did not summarize the national and international literatures rather than arranged them especially in second charter. Secondly, during the demonstration analyses, because the enteriprises used derive tools and breeds were so little that stylebooks which used in demonstration were not enough and at last the reliability of conclusions in this paper may be inadequate.