近年來我國銀行承作衍生性金融商品業務量大幅躍升，截至2005年12月底。衍生性金融商品名目本金餘額已高達新臺幣30兆201億元。當前政策決策者及主管機關面臨的最大關注是衍生性金融商品使用量的上升，造成個別銀行及整個銀行體系風險增加的可能性。
本文旨在探討銀行以最終使用者或中介者身分使用衍生性金融商品與其財務特徵間的關係。利用1998年3月底到2005年9月底臺灣地區全體本國銀行47家之資料，依循Sinkey and Carter(2000)所使用的方法，分別針對銀行所有衍生性金融商品的使用量、利率衍生性金融商品的使用量以及匯率衍生性金融商品的使用量與其財務特徵間的關係，進行差異性t檢定及Tobit迴歸分析。
研究結果發現：使用衍生性金融商品的銀行，其資產規模較大，此結果支持使用衍生性金融商品存在著相關成本的動機，顯然只有那些擁有足夠規模及業務的銀行能調整其資源從事衍生性金融商品業務。淨值占資產比率越低的銀行，衍生性金融商品的使用量越多，此結果並沒有支持銀行從事衍生性金融商品交易必須有較強的資本部位法規的假說。資產品質越佳的銀行，衍生性金融商品使用量越大，證據顯示主管機關對資產品質較差的銀行使用衍生性金融商品限制較嚴格政策的有效性。
研究結果並顯示衍生性金融商品的使用者，其淨值報酬率較高；淨利息邊際率越高的銀行，其衍生性金融商品的使用程度越大，這可能與銀行使用衍生性金融商品鎖住利差有關；再則，淨非利息邊際率越高的銀行，其衍生性金融商品的使用程度越大。
最後，流動性資產比率較高的銀行，其所有衍生性金融商品的使用程度會越少，此結果支持Nance et al.(1993)的替代避險假說。效率越低的銀行，其衍生性金融商品的使用程度越高，可能是因為大型銀行使用衍生性金融商品較多，造成的偏誤結果。而工商企業放款成長率越低的銀行，其衍生性金融商品的使用越多，結果顯示衍生性金融商品的使用取代傳統放款業務的現象。
本研究實證資料顯示國內銀行使用衍生性金融商品與其財務特徵間的關係，與國外文獻實證結果有許多一致之處，意味著國內銀行衍生性金融商品使用在合理範圍之內，也顯示國內衍生性金融商品的監理情況良好，主管機關政策與執行基本上是正確且與國際接軌，這提供國內主管機關未來對衍生性金融商品市場發展的管理與政策擬訂的依據。
銀行以最終使用者或中介者身分使用衍生性金融商品的財務特徵，對主管機關、銀行投資者以及其他對衍生性金融商品市場發展有興趣者，應有相當參考價值。而本研究針對臺灣地區銀行使用衍生性金融商品之財務特徵，研究結果亦對學術參考文獻有相當之貢獻。

Bank participation in derivative markets has risen sharply in recent years. With outstanding derivatives amounting to NT$ 30.02 trillion in Taiwan at the end of December, 2005, the possibility that the rising use of derivatives has increased the risk of individual banks and of the banking system as a whole is a major concern facing policymakers and bank regulators.
Using data for 47 domestic banks from March 1998 to September 2005, our empirical analysis utilizes differences in means and Tobit regression analysis to investigate the relationship between the extent of derivatives usage by domestic banks and certain financial characteristics. We employ the notional amounts of outstanding derivative to capture the extent of derivatives activities, and breakdown into three separate regression models: total derivatives, interest rate derivatives and foreign exchange derivatives.

Firstly, this study finds that user banks are larger, suggesting the existence of cost-related motives for using derivatives. Clearly, only those banks with sufficient scale and scope of activities are able to justify the resources necessary to participate in derivatives activities. Next, user banks, compare to nonuser banks, are associated with riskier capital structures (less equity capital), without supporting the regulatory hypothesis in which banks must have stronger capital positions to engage in derivative activities.

Moreover, those banks with relatively stronger asset quality are bigger users of derivatives, indicating that the effectiveness of regulatory policies regarding those banks with weak asset quality are subject to more restrictions by regulators when they attempt to use derivatives.

The study also finds that user banks, compared to nonuser banks, are associated with higher return on equity. And those banks with higher net interest margins and higher net non-interest margins appear to be bigger users of derivatives.

Finally, evidence also shows that those banks with higher liquid assets ratio appear to use derivatives less intensively. The result supports the alternatives-to-hedging hypothesis. Besides, banks with less efficiency tend to use derivatives more intensively. And those with lower commercial and industry loan growth rate tend to use derivatives more intensively. This implies that banks may use derivatives as a substitute for their lending activities.

The characteristics of banks that use derivatives as either end-users or intermediaries may be valuable information to bank regulators, bank investors, and others who are concerned with the development of derivatives markets.

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