衍生性金融商品具有低交易成本、高報酬的特性，可以用於規避風險，也可以用於投機，已經是一種常見金融工具。本研究預期若企業使用衍生性金融商品之動機為避險，則會使企業的信用風險會下降；反之，若企業使用衍生性金融商品之動機為非避險，則會使企業的信用風險上升。本研究以追蹤資料進行檢測，並分別以TCRI及平均信用利差衡量信用風險。本研究發現：(1)以TCRI衡量信用風險，企業避險動機衍生性金融商品使用程度越高時，信用風險越低。(2)以平均信用利差衡量信用風險時，企業非避險動機衍生性金融商品程度使用越高時，企業的信用風險越大。(3)由會計資訊決定的TCRI對於企業的避險活動較為敏感，而由市場資訊決定的信用利差則是對企業的非避險（投機）活動較為敏感。過本研究之執行，可以瞭解衍生性金融商品對企業信用風險的影響，給予投資人、信用評等機關及主管機關評估企業信用風險參考指標。

Derivatives have the characteristics of low transaction costs and high returns. They can be used to hedge and can also be used for speculation. They are already a common financial instrument. This research predicts that if the motivation for the use of derivatives is to hedge, the credit risk of the company will decrease; conversely, if the motivation for the use of derivatives is non-hedging, the credit risk of the company will increase. This research uses panel data for testing, and measures credit risk with TCRI and average credit spreads, respectively. This study found that: (1) Using TCRI to measure credit risk, the higher the degree of use of derivative financial products for corporate hedging motives, the lower the credit risk. (2) When the average credit spread is used to measure credit risk, the higher the use of derivatives for non-hedging motives, the greater the credit risk of the company. (3) TCRI determined by accounting information is more sensitive to corporate hedging activities, while credit spreads determined by market information are more sensitive to corporate non-hedging (speculative) activities.

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