企業為降低公司價值波動，除對風險控管更加重視外並運用衍生性金融商品進行避險。然而此種高槓桿且相當程度風險之商品特性，運用錯誤將導致巨額損失與財務危機，因此內部控制成為公司避險使用之重要關鍵因素。本研究利用207 家非金融保險業且具有內部控制資料的台灣上市公司進行實證，就公司避險決策使用與公司特質關你來探討影響內部控制與避險決策之關鍵因素。
研究發現顯示:
1.公司避險決策使用深受預期稅賦、財務危機、代捏成本、風險暴露、內部控制及公司特質影響。
2.內部控制完善者亦傾向屬於高科技類股、集團企業成員及已經有採用避險決策者。 In order to decreasing fluctuation of coporate value, enterprises pay attention to risk management and use derivative financial instruments to hedge. Since derivative financial instruments are high-leverage and fairly risky, incorrect using could cause hung losses or distress. The internal control system for derivatives is very important when companies hedge by them. By using a sample of207 non-fmancial and insurance public corporate with internal control data in Taiwan stock exchange during 1997-1999 to address the relationship hedging strategy and characteristics of corporate, to know the determinants of internal control and hedging instrument by choosing.
The conclusions of this study are following:
l.The determinants of companies using derivative fmancial instruments are affected significantly by expected tax, financial distress, agency cost, risk exposure, internal control system and some other characteristics of corporate.
2.Compony with perfect internal control systems are more likely to be the group enterprises, high-technical industry and to hedge.
