파생상품 사용이 한국기업의 정보비대칭에 미치는 영향

In this paper, we examine the relationship between derivatives usage and information asymmetry of the Korean firms, using analysts’ forecast errors and forecast standard deviation of earnings per share(EPS) in the Korean securities markets as proxies for information asymmetry. During the sample period from 2003 to 2009, we find that the information asymmetry variable has a negative relationship with the derivatives usage. This means that the risk management using derivatives can be an effective way to resolve the information asymmetry of the firm in Korean markets. We divide the total sample into the group 1 using currency forward and futures contracts and the group 2 using currency options and swaps for risk management. The results for two subsamples show that the negative relationship between the derivatives usage and the information asymmetry is strong and significant in group 1, while there is an insignificant or positive relationship in group 2. Considering the simple structure of forward and futures contracts and the relatively complex structure of currency option and swap contracts, these outcomes imply that a risk management using complex derivatives products such as KIKO could increase the level of information asymmetry instead of reducing the information asymmetry.