Abstract: Taking Chinese A-share listed enterprises data from 2007 to 2014 as samples, and on the basis of the Chinese Listed Companies′ foreign exchange risk hedging Database which is built by us, this paper analyzes the relationship between the usage of foreign exchange derivatives and financing efficiency from the perspective of financial risk′s intermediary effect. This paper finds that: on the whole samples, the usage of foreign exchange derivatives can enhance firms′ financing efficiency by 8.1% and reduce firms′ financial risk by 20.7%,and makes financial risk play a significant intermediary role in the usage of foreign exchange derivatives and firms′ financing efficiency; the use of foreign exchange derivatives can improve financing efficiency more for state-owned listed firms than for private listed firms; the usage of foreign exchange derivatives by perfectly competitive firms can significantly improve their financing efficiency, but the result is not significant for low and high monopoly firms; the usage of foreign exchange derivatives has positive effects on financing efficiency for the eastern firms, but produces negative effects on central firms, and has no effects on western firms.

Key words: foreign exchange derivatives, financial risk, financing efficiency, intermediary effect, industry concentration