跨國企業會使用財務和營運避險來規避匯率風險，但是企業在進行財務避險同時，可能也會透過衍生性金融工具的稅務擇時機會來避稅。另外企業透過海外設立工廠時作為營運避險，若設立國家的稅率較母國低，可能亦會被作為避稅的工具，而當企業在避稅天堂設立營運機構，也可能會有更好的避稅效果。因此本文將探討美國企業使用財務避險及營運避險和跨國企業有效稅率間的關連性，實證結果顯示使用財務及營運避險有助於美國跨國企業避稅，在避稅天堂營運避險效果較在非避稅天堂國家佳。

Multinational firms use financial operational hedges to hedge foreign exchange risks. Both financial and operational derivatives provide firms with opportunities to avoid taxes. While the tax savings of currency derivatives primarily result from tax timing opportunities, operational hedging enables firms to shift their profit to companies located in a country with a lower income tax rate. Moreover, more taxes can be avoided if firms establish their operations in tax havens. This paper examines the relationship between financial and operational hedges and the effective tax rates of U.S. multinational corporations. The empirical results show that financial and operational hedges help U.S. multinational firms avoid taxes. The effect of operational hedge in Tax haven countries is better than in other countries.

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