Empirical Research on Influence of China Listed Companies Using the Derivative Financial Instruments on Its Own Value

The exchange rates and interest rates fluctuations are being aggravated by the floating exchange rates system and the interest rates liberalization, increasing corresponding risk that enterprise facing up to, which accelerates the enterprise's need of using derivative financial instruments for risk management. According to the general study of western scholars, enterprises which use derivative financial tools can effectively improve the value of the company. Especially under the background of economic globalization, more and more Chinese enterprises began to use derivatives, in the process of trade, to evade the risk of exchange rates and interest rates fluctuations. Based on 46 China Shanghai a-share listed companies, empirical research finds that using derivatives have observably positive impact on the value of listed companies, but the effect was extremely limited, which is different with the analysis of the western scholars that companies using derivatives can significantly enhance the value of the company. The reason of cross light is that Chinese listed companies will be influenced by some disadvantages on the subjective and objective when they use derivative financial tools, affecting the effects of the value of company by using of derivative financial instruments, because of this, this paper puts forward the corresponding policy recommendations.