파생상품과 재보험을 이용한 위험관리전략과 기업가치에 관한 연구

This study analyzes the impact of hedging through derivatives and reinsurance cessions on the firm value of insures, and whether the associated accounting treatments enhance the value relevance of accounting information. By examining these two risk management strategies the study assesses their effectiveness in terms of firm value and the quality of accounting information. The results are as follows: First, higher levels of reinsurance cession significantly increase firm value, while no significant relationship was found between the use of derivatives for hedging purposes and firm value. Second, the explanatory power of accounting information for firm value improved significantly after applying hedge accounting for derivatives, and similarly, after reinsurance cessions, the explanatory power also increased significantly. This study suggests that, in terms of enhancing firm value, risk management through reinsurance cessions, which can directly affect operational cash flows, is more important than financial hedging using derivatives. Additionally, both hedge accounting and reinsurance accounting have positive effects on improving the quality of accounting information for insures.