An Examination of European Firms’ Derivatives Usage: The Importance of Model Selection
研究欧洲非金融企业使用外汇和利率衍生品的影响因素，发现外汇衍生品使用受规模经济和外汇敞口驱动，而利率衍生品使用受债务规模和性质影响，且使用决策与使用程度的影响因素不同。
Abstract This paper investigates the determinants of foreign currency (FX) and interest rate (IR) derivatives usage for European non‐financial firms. We employ a Tobit model and a two‐part model which allows the determinants of the usage decision to differ from the extent of usage decision. We find FX derivatives usage is motivated by economies of scale and FX exposure, while IR derivatives usage is motivated by the magnitude and nature of firms’ debt. We also find that for IR derivatives the determinants of the usage decision differ from the determinants of the extent of usage decision.