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基于面板数据效应模型,本文研究了相关因素对商业银行配置衍生金融工具的驱动效应。结果发现,美国商业银行的投资套利工具效应与节税工具效应是显著的;而国内商业银行套期保值效应与衍生金融市场参与能力效应是显著的。这说明体制环境不同、经营模式不同的中美商业银行,其配置衍生金融工具的动因也不同。最后在中美比较的基础上,给出了我国金融机构参与衍生金融市场的几点建议。
Based on panel data effect model, this paper studies the driving effect of related factors on the configuration of derivative financial instruments in commercial banks. The results show that the effect of investment arbitrage tools and tax-saving tools in U.S. commercial banks are significant, while the hedging effect of domestic commercial banks and the ability of participating in derivative financial markets are significant. This shows that the motivations of China-US commercial banks with different institutional environments and different business models to deploy derivative financial instruments are also different. Finally, on the basis of the comparison between China and the United States, this paper gives some suggestions on how our country’s financial institutions can participate in the derivative financial markets.