On the Determinants of Corporate Hedging
利用调查数据与COMPUSTAT数据，分析企业使用远期、期货、互换和期权等套期保值工具的决定因素，发现面临更凸税收函数、固定索赔覆盖较少、规模更大、投资机会集中增长期权更多、套期保值替代品更少的企业更倾向于套期保值。
ABSTRACT Finance theory indicates that hedging increases firm value by reducing expected taxes, expected costs of financial distress, or other agency costs. This paper provides evidence on these hypotheses using survey data on firm's use of forwards, futures, swaps, and options combined with COMPUTSTAT data on firm characteristics. Of 169 firms in the sample, 104 firms use hedging instruments in 1986. The data suggest that firms which hedge face more convex tax functions, have less coverage of fixed claims, are larger, have more growth options in their investment opportunity set, and employ fewer hedging substitutes.