中文摘要：

本文利用我国制造业上市公司2007--2011年共计4623组观测数据，通过建立面板数据模型进行实证分析，发现使用衍生品对企业价值产生了15％的溢价。而不同类型衍生品合约的价值效应存在明显差异，其中外汇衍生品的影响显著为正，商品衍生品则显著为负，而利率衍生品的影响不显著。

英文摘要：

Based on the observation data with total 4623 groups of listed manufacturing companies in China during 2007-2011 period, by using panel data model to conduct empirical analysis, this paper finds that the derivatives usage creates 15% premium for the firm value. In addition, it finds that there are significant differences in the firm value effect for different types of deriva- tives. The detail is that the effect of foreign exchange derivatives on the firm value is significantly positive, the effect of commodity derivatives is significantly negative and the effect of interest rate derivatives is not significant.