在現實世界中，個人及公司廣泛使用衍生性金融商品進行避險與投機，相對金融市場上的其他參與者，在選擇權市場中交易的投資者被認為擁有更多的資訊，這些人的出現能促進市場效率。而會計品質是衡量財務報表傳達公司營運狀況的允當程度，過去文獻廣泛討論有關會計品質的大量議題，亦設計及驗證各種衡量方法，但未曾有研究探討衍生性金融商品與會計品質之間的關係。
我們選擇2000年到2015年北美所有公開發行公司，整理出16,100筆樣本，實證研究發現選擇權被交易量較大的公司，顯示較少特殊項目且營運現金流與應計項目間差異也較小，我們認為選擇權交易提高資訊效率，進而導致更佳會計品質。

In the real world, companies or individuals widely use derivatives for hedging and speculating purposes. Compared to other traders, investors dealing in derivatives market are deemed to have more information. Their appearance can improve information efficiency on market. Accounting quality is the concept to facilitate value judgments about accounting and financial information. Previous literatures have heavily discussed and various measuring methods have been testified. But none of those articles discussed the relationship between derivatives and accounting quality.
We choose a large sample of 16,100 U.S. firm-years observations from 2000 to 2015. We empirically found that firms with more options being traded exhibit less special items comparing to total assets and show less difference between cash flows from operation and total accruals. We believe that the appearance of options transaction improves information efficiency hence induces better accounting quality.

Table of contents
1. Introduction …………………………………… 2
1.1 Motivation 2
1.2 Research framework 3
2. Literature review ………………………………………………… 4
2.1 Accounting quality 4
2.2 Derivatives and information efficiency 6
2.3 Derivatives and accounting quality 7
3. Methodology ……………… 9
3.1 Data 9
3.2 Variables 9
3.2.1 Options trading volume 9
3.2.2 Control variables 10
3.2.3 Accounting quality proxies 13
3.3 OLS regression 14
4. Results ………………………… 16
4.1 Results analysis 16
4.2 Robustness checks 17
4.2.1 Two-stage instrumental variable 17
4.2.2 Alternative sample set 18
4.2.3 Further discussion 18
5. Conclusion ………………… 20
6. References …………………… 21
7. Appendix ………………… 26

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