本文目的以1998-2011年台灣銀行業爲研究對象，探討衍生性金融 商品對銀行風險的影響，以及進一步探討何種銀行治理機制能有效 地影響衍生性金融商品對銀行風險的影響效果。本研究的衍生性金 融商品強調的是利率及匯率衍生性金融商品，此外，我們也強調運 用交易目的及非交易目的（避險目的）之衍生性金融商品資料。銀 行風險變數強調採用會計資料所衡量的銀行利率及匯率風險變數。 主要實證結果有：第一、非交易目的之利率及匯率衍生性金融商品 只會降低銀行利率及匯率風險，並不會提高銀行利率及匯率風險。 第二、交易目的之利率衍生性金融商品會對銀行利率風險產生提高 效果。交易目的之匯率衍生性金融商品會對銀行匯率風險產生降低 效果。第三、董事會規模較大的銀行、銀行爲公股銀行及獨立董監 事席次比率較大的銀行，較能降低交易目的之利率衍生性金融商品 對銀行利率風險的提高效果。董事會規模較大的銀行，較會減緩交 易目的之匯率衍生性金融商品對銀行匯率風險的降低效果。

The purpose of this paper is to explore the impact of derivatives on bank risks in Taiwan's banking industry from 1998 to 2011, and further to examine whether the impact of derivatives on bank risks is related to bank governance. In this paper, we focus on interest-rate derivatives and exchange-rate derivatives. In addition, we employ the derivative data for non-trading (hedging) purposes and for trading purposes. In this study, we use accounting data to measure banks' interest-rate and exchange-rate risks. The main results show that: (i) Higher interest-rate and exchange-rate derivatives for non-trading purposes only cause lower interest-rate and exchange-rate risks for banks, and can not cause higher interest-rate and exchange-rate risks. (ii) Banks with higher interest-rate derivatives for trading purposes have higher interest-rate risks. Banks with higher exchange-rate derivatives for trading purposes have lower exchange-rate risks. (iii) The increase in banks' interest rate risks caused by interest-rate derivatives for trading purposes is smaller for banks with larger board size, for state-owned banks and for banks with more independent directors and supervisors. The decreasing effect of exchange-rate derivatives for trading purposes on banks' exchange-rate risks is smaller for banks with larger board size.