隨著全球化的進展，國際貿易日漸普及，跨國公司或是跨國合作也成為了公司擴張市場規模以及降低生產成本的一種主要方式。然而，由於國際市場間的聯繫日 趨緊密，國際金融市場的變動將大幅度影響公司的利潤與經營，因此近年來越來越多的學者與企業家注意到財務風險管理對於公司經營的重要性，並且認為公司進行 避險能夠增加公司的價值。
此篇論文主要探討避險與公司價值的關聯性，而此篇論文以公司有無使用衍生 性避險商品做為公司進行避險的代理變數，研究的架構以台灣上市櫃非金融產業公 司為樣本，以 2013 至 2017 年近五年資料為樣本區間，利用線性迴歸的統計方法來 探討公司價值與公司避險的關係。實證結果在考慮內生性問題並採用 2SLS 方法後發現兩者呈現負相關，因此改從股票市場進一步驗證，實證結果發現兩者間與前者結 果相同呈現負相關，因此無法證實公司進行避險能夠增加台灣上市櫃公司的公司價值。

As the process of financial liberalization and increase in international trade, enterprise in the world dedicated to expand globally. However, the result of internalization was dramatically influenced by the volatility of financial market around the world. Thus, more and more academic and entrepreneur noticed the importance of risk management.
The sample selection in the thesis was constrained to the nonfinancial listed companies during 2013 to 2017. Total sample companies summed up to 7914 after excluding the missing value. The methodology applied was the simple linear regression. To test the relation between hedge effect and firm value, the thesis found out that the firm value and hedge effect were negatively related after taking endogenous problem into consideration. And the thesis also validates the conclusion with stock market and proves that the hedge policy has negative relation with firm value. Thus, the conclusion of the thesis is that not all of the companies in Taiwan should take hedge policy.

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