本研究計畫旨在探討身兼衍生性金融商品（financial derivatives）之造市者 （market-maker）與最終使用者（end-users）的金融產業，是否透過衍生性金融商品管 理其營運風險之外，亦從事盈餘管理以平穩化盈餘。具體而言，本文探討商業銀行操 作衍生性金融商品，究竟是應用於風險管理或是盈餘管理目的，或是兩者兼具？近年 相關文獻開始關注探討銀行產業操作衍生性金融商品對風險的影響，但結果尚不一 致；而檢視銀行產業操作衍生性金融商品與盈餘管理關聯性的文獻也未有一致的結 論。本文同時探就兩者，藉此釐清商業銀行操作衍生性金融商品目的與效益。 The purpose of this proposal is to examine whether commercial banks, that act as both derivatives market-maker and end-users, tend to utilize financial derivatives to limit their operational risk exposures or to manage earnings for the purpose of income smoothing? On the other hand, this research discusses whether commercial banks that use derivatives are for operational risk management purposes, earnings management purpose or both purposes in other cases. Recent studies have begun focusing on the impact of financial derivatives on risk management of the bank industry. However, the results have been inconsistent not only for risk issues studies but also in earnings management researches. Thus, this study is going to investigate the purposes of commercial banks to use financial derivatives and the benefit of the usage.
