研究以2016年至2019年非金融保險業台灣上市公司承作衍生性金融商品
的情況，分析上市公司在操作衍生性金融商品時，其依據商品類型與功能之間的
選擇，並了解目前企業操作衍生性金融商品主要操作策略。本研究應用 Heckman
二階段迴歸分析法於實證分析上，發現企業進行避險活動與公司特質有關聯性，
如預期財務危機成本、公司規模、權益問題、成長性投資機會、資訊不對稱等。
企業在從事衍生性金融商品投資上，應對企業本身財務特質進行評估，以作為避
險決策的參考。同時應考量不同性質的避險工具用於適合的風險種類中，避險效
果才可以充分達成，使得避險效益極大化。本研究亦發現成長投資機會愈高、公
司規模越大和財務危機成本越大的企業，會傾向使用衍生性金融商品進行避險。
至於產業別的影響，研究發現電子與電機機械業對承作衍生性金融商品交易之避
險行為較其他產業積極。

Based on the situation that Taiwan Listed Companies in the non-financial
insurance industry undertook derivative financial products from 2016 to 2019, this
study analyzes the choices of listed companies based on the types and functions of
products when operating derivative financial products, and understands the main
operating strategies of enterprises operating derivative financial products at present.
This research applies the Heckman two-stage regression analysis method to the
empirical analysis, and finds that the risk avoidance activities of enterprises are
related to the characteristics of the company, such as the expected financial crisis cost,
the company size, the equity issue, the growth investment opportunity, and the
information asymmetry. When engaging in the investment of derivative financial
products, enterprises should evaluate their own financial characteristics as a reference
for risk avoidance decisions. At the same time, it is necessary to investigate the
different nature of risk avoidance tools used in the appropriate risk categories, so that
the risk avoidance effect can be fully achieved and the risk avoidance benefit can be
maximized. This study also finds that the higher the growth investment opportunities,
the larger the company size and the greater the cost of financial crisis, the enterprises
tend to use derivative financial products to avoid risks. As for the impact of industry,
the study finds that the electronic and electrical machinery industry has more positive
risk aversion behavior than other industries.