| Table of figures and tables | 第1-5页 |
| Abstract(Chinese) | 第5-11页 |
| Abstract | 第11-12页 |
| Introduction | 第12-14页 |
| Chapter 1_US Pharmaceutical Industry Environment | 第14-20页 |
| Chapter 2_Firm value proxy-Tobin's Q | 第20-23页 |
| Chapter 3_Motives for Using Derivatives:Literature Review | 第23-28页 |
| ·_Cost of financial distress | 第23-24页 |
| ·_Reduction in incentives to underinvest | 第24-25页 |
| ·_Managerial incentives | 第25-26页 |
| ·_Tax | 第26页 |
| ·_Other motivations | 第26-28页 |
| Chapter 4_Data sources | 第28-32页 |
| Chapter 5_New issued accounting standards | 第32-36页 |
| ·_SFAS 157 | 第32页 |
| ·_SFAS 161 | 第32-36页 |
| Chapter 6_Construction of Variables | 第36-47页 |
| ·_Z-score | 第36-39页 |
| ·_Firm size(as measured by the natural logarithm of total assets) | 第39-40页 |
| ·_Cash flow(as measured by net income plus depreciation as a percentage of asset book value) | 第40-42页 |
| ·_Cash(defined as cash and cash equivalents at the end of fiscal year) | 第42页 |
| ·_Growth Opportunities(defined as R&D to sales) | 第42页 |
| ·_Leverage(defined as long term debt divided by equity) | 第42-43页 |
| ·_ROA(indicator of profitability) | 第43-44页 |
| ·_Multinationality(defined as outside-US sales to total sales ratio) | 第44-45页 |
| ·_Capital expenditure(as a percentage of asset book value) | 第45页 |
| ·_Tobin's Q | 第45页 |
| ·Notional amount of hedging | 第45-47页 |
| Chapter 7_Empirical Evidence | 第47-61页 |
| ·_What Explains Hedging in U.S.Pharmaceutical Industry? | 第47-54页 |
| ·_Does Hedging Add Value for the Pharmaceutical Industry? | 第54-61页 |
| Chapter 8_Conclusion and Summary | 第61-63页 |
| Appendix:Member Companies of PHRMA | 第63-65页 |
| Sample companies(including hedgers and non-hedgers) | 第63页 |
| Non-selected Companies | 第63-65页 |
| Reference | 第65-69页 |
| Acknowledgements | 第69-70页 |
