公司对冲是金融公司和非金融公司内部很重要的行为。在Modigliani and Miller(1958)的假设下,公司对冲是一项多余的政策,然而,不完全市场的存在能解释公司对冲的原因,诸如税收、财务困境、债务的代理成本、外部融资成本、管理激励等。从理论和实证两个方面回顾了非金融公司对冲与管理激励之间的关系。 Corporate hedging is a very important activity within finance and non-financial companies. Corporate hedging is a redundant policy under the assumption of Modigliani and Miller (1958). However, the existence of an incomplete market can explain why companies hedged, such as taxes, financial distress, agency costs of debt, external financing costs, management Incentives and so on. Reviews the relationship between non-financial company hedging and management incentive from the theoretical and empirical aspects.