Abstract: The relationship between the effect of derivatives and firm value has been one of the issues of common concern for the academics and practitioners. Although research literature has been rich, but did not form the same conclusions. In this paper, the regulatory effect of cash flow for the study of perspective, the regression model of empirical studies have found that businesses can use derivatives to reduce cash flow volatility, and enhance cash flow stability, and thus enhance the company's value and performance. And non-state-owned enterprises than the state-owned enterprises have better use of results because of its less intervention and regulation.

摘要： 金融衍生工具使用效果与公司价值之间的关系，一直是学术界和实务界共同关心的问题之一。已有研究虽文献丰富，但并未形成一致的研究结论。本文以现金流的调控效应为研究视角，通过实证研究发现，企业运用金融衍生工具能够减少现金流的波动幅度，增强现金流的稳定性，并由此提升公司的价值和业绩；而且非国有企业由于其所受的干预和监管较少，在金融衍生工具的使用和选择上具有较多的自主性，从而与国有企业相比具有更好的使用效果。