The Underinvestment Problem and Corporate Derivatives Use
分析投资不足问题如何影响企业套期保值政策，发现企业衍生品使用与增长机会正相关，且现金较少时更显著，支持衍生品用于缓解投资不足的观点。
We analyze the underinvestment problem as a determinant of corporate hedging policy. We find evidence of a positive relation between a firm’s derivatives use and its growth opportunities, as proxied by several alternative measures. For firms with enhanced investment opportunities, derivatives use is greater when they also have relatively low cash stocks. Firms whose investment expenditures are positively correlated with internal cash flows tend to have smaller derivatives positions, which suggests potential natural hedges. Our findings support the argument that firms’ derivatives use may partly be driven by the need to avoid potential underinvestment problems.