【精品文档】383关于我国上市企业衍生金融工具风险控制管理有关 的外文文献翻译成品：中国上市公司使用衍生金融工具对其自身价值影响的实证研究（中英文双语对照）

此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！ 外文标题：Empirical Research on Influence of China Listed Companies Using the Derivative Financial Instruments on Its Own Value 外文作者：Chaojin Xiang and Chong Bi 文献出处: Proceedings of the Ninth International Conference,2018 (如觉得年份太老，可改为近2年，毕竟很多毕业生都这样做) 英文4207单词，27502字符(字符就是印刷符)，中文6670汉字。（如果字数多了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的。） Empirical Research on Influence of China Listed Companies Using the Derivative Financial Instruments on Its Own Value Abstract: 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. Keywords: Derivative financial tools ·Value of company ·Risk management 1Introduction The gold standard collapsed along with the opening of the Bretton Woods Conference in 1970s, some of the developed countries represented by the United States and Western Europe have adopted floating exchange rates system. After entering the 80s, America began to relax restrictions on interest rates, thus interest rates entered a stage of liberalization. Floating exchange rates system and the interest rates liberalization make the corresponding risks increasingly apparent in the whole financial system. Especially under the background of the deepening global economic integration process, these significant risks further threaten enterprise operation stability. Therefore, demand of strengthening the enterprise’ ability of risk control has become more and more urgent. Fluctuations of exchange rates and interest rates sped up the development of derivatives hedging the risk of exchange rates and interest rate, which provides more options for the companies when dealing with such risks