Derivatives Usage and Financial Risk Management in Large and Small Economies: A Comparative Analysis
通过调查新西兰与美国、英国、德国企业的衍生品使用模式、原因和风控流程，发现新西兰企业套期保值比例增长，且使用动机与大型经济体企业相似。
The objective of this paper is to expand and update previous New Zealand — based surveys in order to compare and contrast risk management practices of firms in the small, foreign trade‐dependent economy of New Zealand to those of firms in the considerably larger, more developed US, UK, and German markets. This survey examines patterns of usage, reasons and objectives for derivatives use, and reporting and control procedures and finds that the practice of hedging with derivative instruments among New Zealand firms appears to be evolving as global markets become more integrated. We find that the percentage of firms involved in hedging, both large and small, has grown since the last New Zealand surveys, and that New Zealand firms have many of the same reasons and objectives for using derivatives as firms in the much larger American and European economies. We also find that the focus on control and reporting derivatives transactions in New Zealand is similar to that of firms in the other countries and appears to have strengthened since previous surveys.