本研究主要探討英國人壽保險業者使用衍生性金融商品對公司經營績效及公司清償能力的影響，結果顯示出衍生性金融商品的使用對公司績效有正向影響，但對公司清償能力有負向影響。本研究進一步了解公司在抉擇沿用衍生性金融產品與決定公司清償能力程度時，是否此兩項決定有同時互相影響，而研究結果顯示，衍生性金融產品及公司清償能力有雙方面的負向影響。

This study uses the data of UK life insurance companies to analyze the relation of derivative usage and firm performance, from both financial operation aspect as well as the solvency level. The results show that the derivative usage has a negative impact on solvency level and a positive impact on firm performance. The data is further analyzed to determine whether solvency level and derivative usage are managed by firm managers on a simultaneously basis. We find a negative relation between the two variables, which matches previous study on leverage and derivative usage.

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